WTW Launches Via Wealth Business for DC Plans

Willis Towers Watson Public Ltd. Co., commonly known as WTW, expanded its wealth business Monday launching Via Retirement, which is designed for the defined contribution plan market.

The global advisory and brokerage company’s new business venture intends to help DC plan participants make decisions on retirement timing, goals, spending and income sources and compare retirement investment and income options. Via Retirement’s services include real-time scenario modeling, access to investment model portfolios, personalized advice from investment adviser representatives and a marketplace of annuity products supported by insurance brokers.

WTW’s announcement said Via offers individuals at or near retirement the “option to convert accumulated retirement-focused investments into sustainable retirement income” and helps employers “extend the value of their retirement programs.”

WTW’s information about the new offering states “where the client’s source of investment funds is a qualified employer contribution plan or qualified employer benefit plan, [Willis Towers Watson Securities] will act as a fiduciary (as, and to the extent, defined under ERISA and Section 4975 of the [Internal Revenue Code])” and that the company will adhere to prohibited transaction exemptions “to the extent required when making a recommendation to rollover from a client’s retirement plan.”

“Via Retirement builds on WTW’s decades of success supporting individuals to improve their financial security,” said Julie Gebauer, president of health, wealth and career at WTW, in a statement. “[It] addresses the growing market need to support the transition from retirement savings to living in retirement.”

As of August 4, WTW had $178.8 billion in assets under management and more than $4.7 trillion in assets under advisement.