Add another to the list of companies hoping to deliver investment advice to retirement plan participants through the Internet. Today
Morningstar said that it plans to offer its own Internet-advice product in the fourth quarter.
The Chicago-based firm said that the "service will help plan participants determine their financial goals for retirement, and will recommend specific investment options to meet those goals."
Don Phillips, Morningstar's chief executive, explained in a press release that the company "has the skills, technology, and the trust to answer investor appeals."
Jim Wironen, vice president of Morningstar's retirement services, added that "the Internet offers unparalleled flexibility at low cost. Morningstar has learned much about Internet-based communications in creating its award-winning Web site, Morningstar.com."
The move by Morningstar was widely rumored within the industry. Helping to fuel the speculation was an appearance by Morningstar's
John Rekenthaler at a 401(k) advice conference in New York City last Winter.
A spokesperson confirmed that the release is intended to provide basic answers to Monringstar's plans in response to questions that the firm has been receiving.
She added that there will be "distinct differences between us and others," but would not elaborate further.
Last month, Morningstar raised more than $90 million from
Softbank, a Japanese firm that has also made investments in
E*Trade and
DirectAdvice.com.
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