Bank of America vs Wells Fargo
Retirement plan comparison based on DOL Form 5500 data (Source: Department of Labor)
| Metric | Bank of America | Wells Fargo |
|---|---|---|
| Total Assets | $23.5B | $19.8B |
| Participants | 210,000 | 240,000 |
| Active Participants | 185,000 | 200,000 |
| Assets per Participant | $112K | $83K |
| Total Expenses | $50.0M | $46.0M |
| Expense Ratio | 0.21% | 0.23% |
| Plan Type | 401(k) | 401(k) |
| State | NC | CA |
Visual Comparison
Total Assets
Participants
Expense Ratio
Comparison Analysis
Bank of America's plan is larger by total assets ($23.5B vs $19.8B), though plan size alone does not indicate quality. Bank of America has 210,000 participants with average assets of $112K per participant, while Wells Fargo has 240,000 participants with average assets of $83K per participant (Source: DOL Form 5500). Both plans are 401(k) plans. When comparing retirement plans, key factors to consider include expense ratios, employer match structure, vesting schedules, and investment menu diversity. Form 5500 data provides a useful starting point, but individual plan documents contain more detailed information.
Key Differences
These two plans are broadly similar in their reported metrics. The most important differences for individual participants typically involve specifics not captured in Form 5500 data: the employer match formula, vesting schedule, available investment options, and individual fund expense ratios (Source: DOL Form 5500).
Data sourced from DOL Form 5500 annual filings (Source: Department of Labor, EFAST2). This comparison is for educational purposes only. RetireGrader is not a financial advisor or fiduciary.