Overview

Securities-based lending has special risks and is not appropriate for everyone. If the market value of your pledged securities declines below required levels, you may be required to pay down your line of credit or pledge additional eligible securities in order to maintain it, or the lender may require the sale of some or all of your pledged securities. The sale of your pledged securities may cause you to suffer adverse tax consequences. You should discuss the tax implications of pledging securities as collateral with your tax advisor. Wells Fargo Advisors and its affiliates are not tax or legal advisors. All securities and accounts are subject to eligibility requirements. Please read all lines of credit documents carefully. The proceeds from some asset-backed lines of credit may not be used to purchase additional securities or pay down margin. Securities held in a retirement account cannot be used as collateral to obtain a loan. Securities purchased in the pledge account must meet collateral eligibility requirements.

There are risks associated with investments in private companies. Such companies are not subject to SEC reporting requirements and are not required to maintain effective internal controls over financial reporting. These companies may have limited financial resources; shorter operating histories; more asset concentration risk; narrower product lines and smaller market shares that larger companies. In addition, securities issued by private companies are typically illiquid and there may be no readily available trading market for such securities.

Wells Fargo Advisors is not a legal or tax advisor. However, we will be glad to work with you, your accountant, tax advisor and or lawyer to help you meet your financial goals.

As a Wells Fargo Advisors Financial Advisor, I can provide access to Wells Fargo affiliate products and services such as Wealth Planning, Private Banking, Trust and Fiduciary Services, and Insurance as well as various customized and more traditional lending products.

Wells Fargo Bank, N.A. offers various advisory and fiduciary products and services including discretionary portfolio management. Wells Fargo affiliates, including Financial Advisors of Wells Fargo Advisors, a separate non-bank affiliate, may be paid an ongoing or one-time referral fee in relation to clients referred to the bank. The bank is responsible for the day-to-day management of the account and for providing investment advice, investment management services and wealth management services to clients. The role of the Financial Advisor with respect to the Bank products and services is limited to referral and relationship management services. Some of The Private Bank experiences may be available to Clients without a relationship with Wells Fargo Bank, N.A.

Lending and other banking services available through the Lending & Banking Services Group of Wells Fargo Advisors (NMLS UI 2234) are offered by banking and non-banking subsidiaries of Wells Fargo & Company, including, but not limited to Wells Fargo Bank, N.A. (NMLSR ID 399801), Member FDIC, Wells Fargo Home Mortgage, and Wells Fargo Equipment Finance, Inc. All loans and lines of credit are subject to credit approval, verification, and collateral evaluation. Initial credit decision is subject to your meeting specific underwriting requirements, and final approval will be based upon your satisfying these requirements. Certain restrictions apply. Programs, rates, terms and conditions are subject to change without advance notice. Products are not available in all states. Licensed by New Hampshire banking department.

Residential Mortgages offered through Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A., Member FDIC, and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company.