Wells Fargo Advantage continues to embrace a multiboutique structure, where investment teams--many of which are separated geographically--work autonomously. A multiboutique structure can be advantageous because established teams of money managers can employ proven investment strategies without unnecessary interference or distraction from the parent company. The same structure can present challenges, too. For example, some teams may have better resources than others or pursue decidedly different investment philosophies. And, often, some teams produce better relative returns than others. While this firm has no major flaws in its stewardship profile, its execution has been far from flawless.