The sale of Wells Fargo’s Institutional Retirement & Trust (IRT) business to Principal Financial Group was completed in early July. IRT is the division of Wells Fargo that provides recordkeeping and trustee services for our employee benefit plans.
For the last several months, ABC has met with many prominent vendors, including Principal, offering recordkeeping, trustee and advisory services for the plans.
As expected, plans using Wells Fargo IRT services are receiving mass marketing campaigns from firms across the country. These campaigns use the sale of IRT as the lead message to encourage a provider change. Be assured that ABC, as administrator and a fiduciary of the plans, will continue to meet with potential partners and ultimately choose a provider that the ABC Board of Directors and staff feel will deliver the best service and institutional pricing model for your participants in the plan
If you have any questions, please feel free to contact us.