Financial Engines
SCUDDER DEFINED CONTRIBUTION SERVICES TEAMS WITH FINANCIAL ENGINES TO BRING INVESTMENT ADVICE TO RETIREMENT PLAN PARTICIPANTS
BOSTON, MA and PALO ALTO, CA, August 2, 1999 – As the first retirement plan provider to bring access to investment advice to mid-market clients, Scudder Defined Contribution Services today announced it will team with Financial Engines, an Internet-based advisory firm, to deliver advice to retirement plan participants. Financial Engines, a federally registered investment advisor, will serve as the investment advisor and fiduciary.
"We're excited to be working with Financial Engines," said Lorie O'Malley, who heads Scudder Defined Contribution Services, a division of Scudder Kemper Investments, a global asset management firm. "This alliance allows mid-market defined contribution plans to access the type of premium quality investment advice only recently introduced to select large plans," she added.
"While Scudder's customized education programs have helped to raise employee participation levels and achieve strong asset allocation results, our clients are regularly asked by their employees for direction about how to invest," said Lorie O'Malley. "By facilitating access to investment advice we expand our wide array of education solutions, enabling us to continue to meet the needs of our clients."
"We look forward to working with Scudder to address the rapidly growing demand for investment advice among defined contribution plan participants," stated Jeff Maggioncalda, Financial Engines' President and CEO. "Through this alliance, Financial Engines can deliver personalized, easy-to-use investment advice, helping self-directed retirement plan participants to make better decisions about their financial future.
About Scudder Kemper Investments
Scudder Defined Contribution Services offers a full range of creative retirement plan solutions specifically designed for mid-size organizations. Working closely with Plan Sponsors, Scudder provides unrivaled client service, customized education programs, a flexible investment lineup and essential compliance and testing guidance - all designed to meet the needs of plan participants. Today, Scudder Defined Contribution Services manages $6 billion in defined contribution assets, serving more than 900 plans and 470,000 participants.
Scudder Kemper Retirement Services, encompassing Scudder Defined Contribution Services, KemStar, and Kemper Retirement Plans, offers defined contribution plan products that achieve the retirement planning goals of small- to mid-sized companies. It currently manages $13 billion in total retirement assets, serving more than 16,000 plans and 770,000 participants.
Scudder Kemper Investments, Inc., the global investment management business of Zurich Financial Services Group, is one of the largest and most experienced investment management organizations in the world, managing more than $280 billion in assets for institutional and corporate clients, retirement and pension plans, insurance companies, mutual fund investors and individuals. Scudder Kemper Investments offers a full range of investment counsel and asset management capabilities, based on a combination of proprietary research and disciplined, long-term investment strategies. Headquartered in Zurich, Switzerland, Zurich Financial Services Group is one of the global leaders in the financial services industry, providing its customers with products and solutions in the area of financial protection and asset accumulation. The Group has four core businesses: non-life and life insurance, reinsurance and asset management.
About Financial Engines
Financial Engines offers unbiased online investment advice for individual investors. As a registered investment advisor, Financial Engines assists participants in 401(k) plans to answer the most important question they have when it comes to investing: will I have enough money when I retire? What sets the service apart is powerful simulation technology that forecasts the range of possible future values of an individual's specific investments. This technology, used for decades by America's most sophisticated pension funds, helps individuals see how the decisions they make today will impact how well they will live in retirement. Financial Engines offers personalized advice to help improve an individual's forecast, provides daily ongoing monitoring and lets users know if adjustments are needed as markets change.
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Financial Engines is a registered trademark and Financial Engines Investment Advisor is a service mark of Financial Engines, Inc. All other trademarks and service marks are the property of their respective owners. All advisory services are provided by Financial Engines Advisors LLC, a federally registered investment advisor.