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.
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.
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with banking operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $532.4 billion, market capitalization of $73.9 billion and stockholders’ equity of $46.8 billion at September 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,138 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 702 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through wachovia.com.
