Products July 17, 2007

Wachovia Offering New Retirement Income Solution

Wachovia Retirement Services (WRS) said Monday that it is now offering Income Solutions, a program that allows participants to buy an annuity as part of an IRA rollover.
Reported by

A Wachovia news release said the program converts rollover assets into a guaranteed monthly income for life or a specific time period of five, 10, 15 or 20 years. In addition, Income Solutions offers participants a variety of options to customize their retirement income stream, the announcement said.

“This is a great tool that allows participants to easily compare institutionally priced immediate annuity options,” says Paul Kuhn, Investment Product director for WRS. “Income Solutions pre-screens nine well-respected insurance providers. Participants are then able to utilize the Web site for educational purposes and to request income quotes. The quotes are gathered using a competitive bidding process in which the participant has the ultimate choice of provider.”

The nine insurance providers include AIG, Genworth, Hartford, Integrity, John Hancock, Metropolitan, Mutual of Omaha, Principal and Prudential.

The Income Solutions program is provided by Hueler Companies, Inc., a Minneapolis technology and research firm.

Deals & People July 16, 2007

CAPTRUST Snaps Up Raleigh Advisory Firm

CAPTRUST didn't have to look far for its latest acquisition.
Reported by

CAPTRUST Financial Advisors, an investment research and advisory firm, headquartered in Raleigh, North Carolina, has announced the acquisition of Atlantic Capital Management – also based in Raleigh, North Carolina.

Organized in 1994, Atlantic Capital Management provides financial advisory services primarily to corporate executives, high net worth individuals, and affluent families representing over $500 million in assets. In addition to its Raleigh office, CAPTRUST has offices in Atlanta, Charlotte, Philadelphia, and Richmond. The firm provides advisory services to clients representing over $20 billion in assets.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

Expanded NC Presence

As a result of the acquisition, CAPTRUST will expand its presence in North Carolina and strengthens its service offerings to institutional investors, primarily affluent families and corporate executives that require independent and objective advice, according to a press release.

As part of the transaction, a majority of the Atlantic Capital Management staff will join CAPTRUST, including President John Pullen, who joins the company with over 28 years of industry experience.

“A key part to our growth strategy is to identify like-minded advisory firms with significant and specialized industry experience. A major competitive advantage for these firms and their clients joining CAPTRUST is that they will benefit from our research, services, and cutting edge infrastructure. Atlantic Capital represents another successful step for our national growth strategy and we are thrilled with the addition of Atlantic Capital to the CAPTRUST team,’ said Fielding Miller, CEO of CAPTRUST.

«