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Rating:Does a New Online Service Take the 401k Cake? Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, August 20, 2009

Does a New Online Service Take the 401k Cake?

News summary by MFWire's editors

Another online advice provider is entering the 401(k) space with mutual fund suggestions. The Wall Street Journal's Walter Mossberg highlights the launch of a new Web-based service that suggest mutual-fund portfolios for investors looking towards retirement.

On Thursday Cake Financial introduced Cake Premium, a web service that reviews an investor's investment and 401(k) account information and then offers suggestions on how to reallocate investment holdings through a slew of mutual fund options. (Cake does not actually allocate the funds for investors, though.)

How does Cake Premium compare to existing online 401(k) advice programs? Cake is selling individual subscriptions to the service, along the lines of Smart401k, instead of distributing via 401(k) plan sponsors, which is favored by Financial Engines and Stadion (formerly PMFM/401k Toolbox). And Mossberg notes that Cake's offering does not take money market funds or CDs into account.

Currently, Cake Premium analyzes holdings from accounts at any of 65 major investment companies, including Fidelity and Charles Schwab. Cake Financial is also offering a free 30-day trial on its website, www.cakefinancial.com. 

Edited by: John Alzate

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