Wells Fargo has announced that they plan to make Prudentials IncomeFlex Target available to more than 3,000 defined contribution plans covering more than 3 million plan participants as a guaranteed lifetime income solution. This product offers simplicity, protection from market downturns and lifetime withdrawals with the option to rebalance the asset mix as the investor ages.
Wells Fargo sees this product a fit as more and more baby boomer’s are leaving the workplace and are seeking a stream of income that they cannot outlive. Prudential’s expertise and huge market share in the guaranteed income space helped seal the deal for Wells Fargo. They currently have more than 3.6 million participants in their retirement plans.
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