Wachovia Retirement Services Receives Top Rankings in Boston Research Group's DCP 2005 Study
CHARLOTTE, NC, November 3, 2005 -- Wachovia Retirement Services ranked first or second in 11 client satisfaction categories in Boston Research Group's annual defined contribution provider (DCP) study.
Boston Research Group's DCP study on client satisfaction rated 22 defined contribution plan providers based on surveys of more than 1,500 plan sponsors.
Wachovia ranked first or second in the following categories:
No. 1
- Relationship manager's flexibility in addressing plan sponsor needs
- Relationship manager's understanding of the plan and company needs
- Overall satisfaction with telephone representatives
No. 2
- Plan sponsor loyalty
- Overall satisfaction with relationship manager
- Overall satisfaction with ERISA services
- Overall satisfaction with automated telephone system
- Relationship manager does a good job of representing company's interests
- Relationship manager stays in touch
- Relationship manager makes value-added recommendations
- Relationship manager has extensive knowledge of investments and investing in general
"The high rankings validate our ongoing commitment to listen to our clients and provide them with unsurpassed customer service," said Joseph Ready, head of Wachovia Retirement Services. "We have used client feedback over the years to build a relationship management and customer service model that has resulted in loyal clients."
Wachovia's institutional retirement plan model consists of dedicated, regionally based relationship managers who work directly with plan sponsors and are supported by risk management officers. Clients also have access to client service specialists, a continuous VRU and Internet site and comprehensive retirement education, seminars and literature.
"Our goal is to build and provide long-term, rewarding client relationships that are focused on identifying specific sponsor needs and then holding ourselves highly accountable to meeting their objectives," said Phillip Pounds, director of Client Services for Wachovia Retirement Services, adding that the average client tenure is 12 years. "We believe that our high service standards and execution provide tremendous value to our clients."
Boston Research Group, a leader in retirement industry research, is a full-service marketing research firm located in Woburn, Mass.
About Wachovia Retirement Services
With more than $68 billion in assets under administration as of Sept. 30, 2005, Wachovia Retirement Services, a business unit of Wachovia Bank, N.A., offers a wide array of retirement products. Wachovia is committed to providing fully bundled defined contribution, defined benefit and nonqualified retirement plans that exceed customer expectations. Headquartered in Charlotte, N.C., Wachovia Retirement Services has more than 5,000 plans and more than 1.3 million participants and pensioners. For more complete information about Wachovia Retirement Services please visit wachovia.com/401k or call 800-917-9343.
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