Press Releases

As part of its ongoing commitment to helping consumers become better educated about retirement planning, Wachovia has released three ads to run in national newspapers and magazines through the remainder of the year. Publications include USA Today, Wall Street Journal, Newsweek and Kiplingers.

Wachovia is running the ads because many consumers today are worried about saving for retirement and yet only a small number have detailed retirement plans. As a result, "The ads focus on accumulating funds and increasing income for retirement," said Rob Elfner, the recently named director of retirement marketing for Wachovia's Retirement and Investment Products Group.

One of the ads features a photo of a woman contemplating her future. The copy reads: "80. Not the time to discover what it'll cost to live until you're 90."  The ad provides a phone number consumers can call for a free retirement consultation and the address for a retirement fitness quiz featured on Wachovia.com.

The compelling need for professional guidance is obvious. Results from Wachovia's Retirement Fitness Survey in 2005 revealed that 89 percent of consumers surveyed look at saving for retirement as extremely or very important, yet only 12 percent have detailed retirement plans. In addition, more than half feel uncertainty (58 percent), worry (55 percent) or fear of making a mistake (50 percent) when preparing for retirement.

"Retirement planning is a huge issue for consumers and companies, and Wachovia is committed to meeting their needs," said Elfner, who is responsible for marketing Wachovia's retail and institutional retirement products and services. He recently joined Wachovia after 18 years in marketing and product management with Ameriprise Financial, Inc., in Minneapolis.

Over the past two years, Wachovia has introduced many new programs and initiatives aimed at helping consumers shape up for retirement. "Wachovia is uniquely positioned to meet people where they are and empower them to plan for retirement in their own way," Elfner said.

The Retirement and Investment Products Group, a division of Wachovia's Capital Management Group, consists of retirement products and services for retail and institutional customers. Wachovia's Capital Management Group includes the Retirement and Investment Products Group, Wachovia Securities retail brokerage business and Evergreen Investments asset management business. 

About Wachovia Corporation

Wachovia Corporation is one of the nation's largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 16 states with 3,109 offices from Connecticut to Florida and west to Texas and California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Wachovia had assets of $553.6 billion, market capitalization of $86.0 billion and stockholders' equity of $48.9 billion at June 30, 2006.

The proposed merger with Golden West Financial Corporation (NYSE: GDW), parent of World Savings Bank, is expected to close in the fourth quarter of 2006, pending shareholder and regulatory approval. With this proposed merger, Wachovia would strengthen its position in California, Texas, Florida, New Jersey and New York, and enter attractive metropolitan areas in five additional states: Arizona, Colorado, Illinois, Kansas and Nevada. The combined company would serve banking customers through 3,400 offices in 21 states and Washington, D.C. In addition, Wachovia would gain mortgage lending operations under the World Savings Bank name in 39 states.