Originally Posted by
Jamminatrix
To OP, yes I have had this issue with those cheaper wrenches you find in tool kits. You can lightly grind some of the side of the cone down, if you don't mind the cosmetics.
No. On new and higher end Shimano hubs, particularly this Ultegra hub, the outer locknut has an outside flange. The cone wrench has to fit between the flange and the spacer.
Thanks for the correction.