My 90 year old father had been with Collins Investment Group (which is part of the Wells Fargo Advisor Group), for many years and he really did not analyze his statements due to his advanced age. When I finally was able to analyze his statements, I saw that the Collins Group had invested about $30k of his money in Puerto Rico bonds years ago and they were now worth around $17k; so he had lost about $13k when the rest of stock market was going up.
He entrusted the Collins Group to manage his money but they never called him or made him aware that Puerto Rico was going down the tank. I canceled his account with the Collins Group and moved all of the funds to another brokerage company. I would not recommend Collins Group as they were not looking out for his best interest, if so they would have alerted him to the dire situation of Puerto Rico and advised him sell off these worthless bonds.
I think they didn't want to alert him to anything less he might make a change to another brokerage firm and felt best just to let everything ride while they earned their management fee; while the valuation of his portfolio was going down the tube. And the worst thing was there was no reason for my father to invest in these tax free bonds; my father was retired and on social security, which is not taxed anyway. I think that Collins Group earned a higher than normal management fee on these bonds and was the reason they talked him into investing in them.
3-1-18 Update: Just read on CNBC online that the Justice Dept has started an investigation into the Wells Fargo Advisers Group for mismanagement of client's money.