Financial Engines
NORTHERN TRUST RETIREMENT CONSULTING and FINANCIAL ENGINES® ON TRACK TO PROVIDE FINANCIAL ADVICE TO APPROXIMATELY A QUARTER MILLION INVESTORS IN 2001
Chicago, IL, March 9, 2001 – Northern Trust Retirement Consulting, LLC, (NTRC), a wholly owned subsidiary of Northern Trust Corporation (NASDAQ: NTRS), and Financial Engines, a leading provider of investment advisory services started by Nobel Prize-winning economist William F. Sharpe, announced they will offer financial advice to approximately a quarter of a million 401(k) plan participants in 2001.
To date, NTRC and Financial Engines make financial advice available to more than 175,000 plan participants, and expect another 75,000 participants in the near term given the current rate of acceptance by NTRC plan sponsors. Northern Trust Retirement Consulting (NTRC) and Financial Engines began their relationship more than a year ago, and the success of this alliance has demonstrated that financial advice is a powerful way for sponsors to address the needs of participants.
"The phenomenal success this product has seen spans all types of corporations, from old economy production facilities to high tech and financial services firms, which is exactly why Northern Trust Retirement Consulting selected Financial Engines," said Serge Boccassini, Director of Product Development, NTRC. "Financial Engines provides advice that people at all levels can use and understand."
Participants have access to the Financial Engines Investment Advisor® service via a secure, sign-on through Northern Trust Retirement PassportSM, NTRC's Internet product for retirement plan participants. Retirement Passport is a part of Northern Trust Passport® portfolio, an innovative suite of industry leading web products that include Custody Passportsm, Risk and Performance Passportsm, Securities Lending Passportsm, FX Passportsm and Private Passportsm.
"NTRC was one of the earliest adopters of advice, and its decision signaled to its sponsors that it is a thought-leader," said Jeff Maggioncalda, CEO and president of Financial Engines. "We have had a very productive relationship. Most notably, our largest client, Motorola, is an NTRC plan sponsor."
"Financial Engines' senior management team and Board of Directors are among the strongest and most respected people in the investment, retirement, and securities industries. These people truly understand the need for individuals to plan and save properly and choose the right investments to reach their retirement financial goals," said Dennis Sain, CEO and President of Northern Trust Retirement Consulting.
The Advisor service enables both novice and sophisticated investors to receive professional investment advice quickly across the entire portfolio. It forecasts the likelihood of reaching targeted retirement goals, taking into account realistic variables such as fluctuations in inflation, interest rates and market returns. The Financial Engines service provides customized advice and specific investment recommendations across multiple tax-deferred investment accounts.
"Looking at the usage by all NTRC participants, more than 53% have seen their portfolio's forecasts improve by using the Advisor service," said Brian Samuels, vice president, workplace advisory services, Financial Engines. "We look forward to expanding the range of services offered to NTRC sponsors."
For more information on Retirement Passport for your corporate employees, please contact Michael Hall, Vice President and Director of Sales, NTRC at (312) 444-4610 or via email at MH9@ntrs.com.
About Northern Trust
Northern Trust Corporation (www.northerntrust.com) is a multi-bank holding company with worldwide locations and a leading provider of treasury management, master trust and custody, retirement, risk and performance, international and investment management services for corporations, large institutions, and individuals. As of December 31, 2001, Northern Trust had $1.68 trillion in assets under administration and over $338 billion in assets under management.
About Financial Engines
Financial Engines is a leading provider of investment advice services to the workplace and to financial institutions. Financial Engines enables employers, financial professionals and financial organizations such as fund companies, brokerages and banks to offer consistent, high-quality, personalized investment advice on a cross-enterprise basis. Founded by Economics Nobel Laureate William F. Sharpe, Financial Engines works with its customers to help their clients make better investment decisions to meet their financial goals. Financial Engines was founded in 1996 and is located in Palo Alto, Calif. For more information, visit Financial Engines' web site at www.financialengines.com.
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Financial Engines® is a registered trademark and Financial Engines Investment AdvisorÒ service is a registered service mark of Financial Engines, Inc. All other trademarks and service marks are the property of their respective owners. Financial Engines Advisors LLC, a federally registered investment advisor and wholly owned subsidiary of Financial Engines, Inc., provides all advisory services.