Wachovia has set up a wealth management unit catering for retiring Americans. The retirement and investment product group will place all the...

Wachovia has set up a wealth management unit catering for retiring Americans. The retirement and investment product group will place all the firm’s retirement services and investment products under one organisation. The firm also named Robert Reid, a 27-year Wachovia veteran, who most recently has led Wachovia's retirement strategy, as president of the new group. “This new group is a natural extension of our overall retirement strategy,” Mr Reid said. “It will coordinate many of our retirement services into one cohesive, focused group so that we can continue to deliver top-notch products, services and advice to our customers.” Wachovia's most recent survey on Retirement Fitness found that consumers who do not feel prepared for retirement say professional advice would help them the most. The survey revealed that 79 per cent of consumers feel they could be doing a better job planning and saving for retirement. And of those, nearly half say they could use the help of a professional such as a financial advisor, financial planner, banker or other relationship manager.