First Union Securities will announce Wednesday that it has been renamed Wachovia Securities, Registered Rep. magazine has learned. The name change is effective May 2002.
This is the fourth name change in the past 10 years for both former Kemper Securities and Wheat First brokers. First Union is the retail brokerage arm of Wachovia Corporation, along with IJL Wachovia.
The firm, the nation's fifth largest brokerage organization, will operate under its separate, existing names pending consolidation of separate brokerage systems, which the firm expects to complete in May, 2002.
Danny Ludeman, President and CEO of Wachovia Securities Brokerage Group, said in a statement that the firm's new name "has compelling national power that will permit us to build on the sterling reputation associated with the Wachovia brand. It gives us a distinct identity among a crowded and changing field of competitors in the securities industry."
Ludeman said brokerage clients will receive information about the firm's decision to adopt the Wachovia Securities name in a series of communications over the next several months. He said the change does not affect clients' relationships with their financial advisors.
With more than 8,000 registered representatives serving clients through offices in 49 states, Wachovia's combined brokerage organization has $274 billion in client assets, the firm says.