Wachovia Securities Launches FundSource 401k Plan
CHARLOTTE, NC, February 20, 2008 -- Wachovia announced today that it will begin selling a new, proprietary Wachovia Securities FundSource 401k through its more than 15,000 Wachovia Securities Financial Advisors. The Wachovia Securities FundSource 401k product will help plan sponsors provide their employees the benefit of Wachovia Securities' money management guidance and the ability to create an investment portfolio comprising a range of investment options, including individual funds offered within FundSource and risk-based "FundSource Optimal Blend Portfolios."
The FundSource optimal blend portfolios used in the 401k plans are the product of investment advisory services from the country's second largest, full-service brokerage firm based on registered representatives as of Jan. 1, 2008. Recordkeeping and administration support services for the plans will be provided by Wachovia Retirement Services, which currently administers some 6,500 retirement plans for more than 2.3 million participants and pensioners.
"I am pleased that our financial advisors will have this exciting product to present to companies that want to help their employees realize a financially secure retirement," said Brand Meyer, president of Wachovia Securities Financial Services Group.
As part of Wachovia Securities investment advisory services, Wachovia Securities screens funds for the FundSource program and monitors the performance of those funds. Wachovia Securities acts as investment manager and fiduciary for the assets in the FundSource Optimal Blend Portfolios. Currently there are $29 billion invested in FundSource funds.
"The Wachovia Securities FundSource 401k is a terrific new product, and we are very proud to roll this out to current and future clients. Companies that choose this 401k will benefit from the support and market knowledge of two leading organizations -- Wachovia Retirement Services and Wachovia Securities. Ultimately, we want participants to maximize their potential retirement savings and we believe this plan will help people get there," said Joe Ready, director of Wachovia Retirement Services.
About Wachovia Retirement Services
Wachovia Retirement Services is part of the Retirement and Investment Products Group, a division of Wachovia's Capital Management Group. Wachovia Retirement Services provides fully bundled defined contribution, defined benefit and nonqualified retirement plans to both small and large companies, unions and municipalities. More complete information about Wachovia Retirement Services is accessible online at wachovia.com/401k.
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