Wachovia Corporation has announced it will create a Retirement and Investment Products Group, placing many of the company’s retirement services and investment products under one organization. The firm also named Robert L. Reid, a 27-year Wachovia veteran, who most recently has led Wachovia’s Retirement Strategy, as president of the new group.
The Retirement and Investment Products Group will be part of Wachovia’s Capital Management Group, one of four Wachovia business lines that also includes Wachovia Securities, the retail brokerage company; Evergreen Investments, Wachovia’s asset management arm; and Corporate and Institutional Trust.
“We now have reached the point where it makes sense to combine many of the retirement services we provide for our customers into one, integrated unit that will put the talent, resources, and responsibilities in one place and give greater clarity and transparency to our customers,” said David M. Carroll, president of the Capital Management Group.
Wachovia’s most recent survey on Retirement Fitness discovered that consumers who do not feel prepared for retirement say professional advice would help them the most. The survey revealed that 79% of consumers feel they could be doing a better job planning and saving for retirement. And of those, nearly half say they could use the help of a professional such as a financial adviser, financial planner, banker or other relationship manager.
“We are uniquely positioned to help consumers plan and prepare for retirement,” Reid added. “We can provide them with the advice and guidance they need through several different channels. Customers can do business with us through the bank, through a financial adviser or through their company, as a participant in an employer-sponsored plan. “