Press release
Principal® Progressing With Integration of Wells Fargo’s Institutional Retirement & Trust
Integration on track for 2021 completion DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Financial Group® today announced marked progress in the integration of
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nIntegration on track for 2021 completion\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Financial Group® today announced marked progress in the integration of the Wells Fargo Institutional Retirement & Trust (IRT) business, which it acquired in July 2019 and is on track for completion in 2021. Principal ® has advanced key decisions on people, processes, and technology, despite challenges posed by COVID-19 and related market disruption. The combined organization is already delivering new and enhanced capabilities to Principal and Wells Fargo IRT customers including a digital plan onboarding experience, the patent-pending Principal® Complete Pension Solution1, the Principal® Milestones financial wellness program, and more. \n\n\n“Despite COVID-19, our integration team has continued to make important progress in bringing these two businesses together over the past year,” said Renee Schaaf, president, Retirement and Income Solutions at Principal. “We have stayed dedicated to the integration without losing focus on supporting current customer and financial professional needs, particularly as they’re navigating rapidly evolving market conditions impacting retirement plans, investments, and businesses as a result of the pandemic.”\n\n\nOne strategy, one team\n\n\nIn the past year, Principal has announced combined leadership teams, organizational design, service models, and technology platforms. The unified retirement leadership team includes a balance of executives from Wells Fargo IRT and Principal. The company has also announced and affirmed its commitment to retaining locations in Charlotte, N.C.; Minneapolis/Roseville, MN.; Waco, TX; Winston-Salem, N.C.; and Manila, Philippines. Just last month, Principal secured an office space in downtown Minneapolis that will welcome employees in 2021. Additionally, many Wells Fargo IRT employees have received job offers to transition employment to Principal effective in 2021. Principal, now a top-three recordkeeper as a result of the acquisition,2 has also appointed a new sales leadership team, innovated its advisor and consultant service model, and expanded its sales force as a part of the company’s industry-leading customer care experience.3\n\n\n“Since we announced the acquisition, we’ve been intentional about extracting the best from both businesses to deliver unmatched capabilities,”...