Massachusetts Secretary of the Commonwealth William Galvin on Thursday announced he was opening an investigation into the wealth management arm of Wells Fargo & Co. The securities regulator said he wanted to determine whether the company had steered investors into higher-fee accounts and made investment recommendations unsuited to their needs. Wells has been dogged by revelations that it opened accounts for customers without their knowledge or consent, as part of a push toward selling more products and services. Wells shares are down 7% in the year to date, compared to a flat showing for the Dow Jones Industrial Average .
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