NU Online News Service, March 26, 2003, 3:29 p.m. EST – Wachovia Corp., Charlotte, N.C., has agreed to use a new retirement portfolio advice service from Morningstar Associates L.L.C., Chicago.
Employees of employers that adopt Wachovia’s new AdviceTrack service will get specific investment advice from Morningstar Associates. Employees and Wachovia will be responsible for acting on Morningstar’s advice.
Wachovia is billing the program as a way for employers to “boost plan contributions without increasing sponsor fiduciary responsibility.”
Morningstar Associates is a unit of Morningstar Inc., Chicago.