Press release
Principal® Completes Integration of Wells Fargo Institutional Retirement Business
Principal now serves more than 10 million eligible participants and individual account holders representing over $537 billion DES MOINES, Iowa--(BUSINESS
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nPrincipal now serves more than 10 million eligible participants and individual account holders representing over $537 billion \n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Financial Group®, a global leader in retirement plan services and investment management, recently completed the integration of the Wells Fargo Institutional Retirement business. Principal acquired the Institutional Retirement and Trust business in July 2019 to enhance its retirement and income capabilities, achieve greater scale and balance, and drive business growth.\n\nThrough the acquisition and new business wins, Principal currently serves over 10 million eligible participants and individual account holders representing more than $537 billion in total account value.1 Principal also added to and upgraded its retirement service offerings, furthering its market leadership positions in the full spectrum of retirement plans with Principal® Total Retirement Solutions and including top-tier investment, income and financial wellness offerings.\n\n“Our teams worked hard to ensure a successful integration for plan sponsors, participants, and financial professionals. Their dedication to our combined organization has positioned our business for continued growth,” said Renee Schaaf, president, Retirement and Income Solutions at Principal. “We remain committed to our customers and dedicated to advancing our services to deliver flexible, efficient, and personalized options to help more people feel secure in their retirement.”\n\nAs a result of the acquisition Principal added 4.3 million eligible participants, approximately $150 billion dollars in account value and welcomed 1,500 new employees. The company onboarded clients in a series of structured waves through the end of June 2021, resulting in the successful integration of thousands of plan sponsors.\n\nEnhanced Retirement Offerings, Improved Savings Rates\n\nThe integration of the Wells Fargo Institutional Retirement and Trust business along with strategic investment and initiatives has enhanced and expanded the retirement offerings Principal provides to both participants and plan sponsors.\n\n\nIn October of 2020 Principal started welcoming participants through Principal® Real Start, a simplified and highly personalized onboarding experience available in both English and Spanish. This platform has helped inc...