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.
About Wachovia Corporation
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 21states 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.
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