CHARLOTTE, N.C., Feb. 20 /PRNewswire-FirstCall/ -- Wachovia announced
today that it will begin selling a new, proprietary Wachovia Securities
FundSource 401(k) through its more than 15,000 Wachovia Securities
Financial Advisors. The Wachovia Securities FundSource 401(k) 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 401(k) 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 401(k) is a terrific new product,
and we are very proud to roll this out to current and future clients.
Companies that choose this 401(k) 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.
About Wachovia Securities
One of the nation's largest full service retail brokerage firms with
nearly $1.2 trillion in client assets, Wachovia Securities provides
financial advisory, brokerage, asset management and other financial
services through nearly 18,000 registered representatives in over 3,700
locations nationwide.* Wachovia Securities is the trade name used by two
separate, registered broker- dealers and non-bank affiliates of Wachovia
Corporation providing certain retail securities brokerage services:
Wachovia Securities, LLC, member NYSE/SIPC, and Wachovia Securities
Financial Network, LLC, member FINRA/SIPC. *As of 12/31/2007. Assets,
registered representatives and locations include Wachovia Securities and
A.G. Edwards brokerage offices as well as selected Wachovia Bank financial
centers. A.G. Edwards is a division of Wachovia Securities.
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $782.9 billion and
market capitalization of $75.3 billion at December 31, 2007. Wachovia
provides a broad range of retail banking and brokerage, asset and wealth
management, and corporate and investment banking products and services to
customers through 3,400 retail financial centers in 21 states from
Connecticut to Florida and west to Texas and California, and nationwide
retail brokerage, mortgage lending and auto finance businesses. Globally,
clients are served in selected corporate and institutional sectors and
through more than 40 international offices.
Our retail brokerage operations under the Wachovia Securities brand
name manage more than $1.2 trillion in client assets through 14,600
registered representatives in 1,500 offices nationwide. Online banking is
available at wachovia.com; online brokerage products and services at
wachoviasec.com; and investment products and services at
evergreeninvestments.com.
SOURCE Wachovia Securities
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Related links:
http://www.wachovia.com
http://www.evergreeninvestments.com
CONTACT:
Amy Hyland Jones of Wachovia Securities,
+1-704-383-4995
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