Financial Engines
ALCOA OFFERS PLAN PARTICIPANTS FINANCIAL ENGINES' INVESTMENT ADVICE AND PORTFOLIO MANAGEMENT
Financial Engines Helps 42,000 Alcoa Plan Participants Manage Their 401(k) Assets
PALO ALTO, Calif. October 27, 2004 – Financial Engines, Inc. announced today that Alcoa will offer Financial Engines' investment advice and portfolio management to help its 42,000 plan participants manage their 401(k) plan assets. Alcoa's 401(k) retirement plan participants will benefit from investment advice, managed accounts and printed account statements, personalized to each participant. Alcoa, which has a $4 billion plan, selected Financial Engines for its independence and proven ability to serve large employers nationwide.
"America's largest companies continue to choose Financial Engines' suite of services," said Jeff Maggioncalda, president and CEO of Financial Engines. "Offering investment advice, portfolio management and paper statements gives plan participants the help they need to better plan for retirement."
Like most large companies, Alcoa has a diverse workforce with different levels of investing expertise and advice delivery preferences. Offering a choice of portfolio management and advisory services was important in order to meet the different needs of Alcoa's participants.
Beginning in October 2004, Alcoa's 42,000 plan participants will have access to Financial Engines' Personal Online Advisor service for specific savings and investment advice. Plan participants interested in delegating their investment decisions to a professional portfolio manager can enroll in Financial Engines' Personal Asset Manager program available in the first half of 2005. Also in 2005, Alcoa will mail a printed Personal Evaluations to each participant's home, giving them a practical view of the risks they are facing and suggesting changes to savings, diversification and company stock.
Alcoa's interest in offering Financial Engines' investment advice and portfolio management services to participants mirrors that of other Financial Engines' clients. A recent client survey* found the top three objectives for offering these services were:
- setting appropriate retirement expectations -- 84%
- improving diversification within company-sponsored plans -- 69%
- fiduciary risk management -- 63%
About Financial Engines
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Financial Engines® is a registered trademark of Financial Engines. 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 adviser.
* 2004 Financial Engines Client Survey conducted and analyzed by TNS Intersearch. The survey was sent to 149 plan sponsor clients with more than 1,000 participants. The results are based on a 34% response rate.
