Wachovia to bow retirement income account

Wachovia Securities LLC is launching a pilot version of a retirement income management account, Robert Vorlop, director of investment products, told attendees of the Money Management Institute's annual meeting in Washington. The new account -- to debut in three weeks -- from the Richmond, Va.-based unit of Wachovia Corp. will aggregate an investor’s banking, securities and fund holdings whether at Wachovia or other providers. It will also automatically categorize the investor’s spending history and “give investors a simple way to understand their income needs over one, three and several months into the future,” said Mr. Vorlop, today. “Research has shown that, at retirement, clients are looking to take a fresh look at their financial services provider,” he said. “We’re making a big bet on that,” he added. Wachovia plans to introduce the account broadly in the fall, Mr. Vorlop said.