American Express Retirement Services (AERS) said today that it will be offering investment advice to its defined contribution plans through
401k Forum.
401kForum will offer specific advice to AERS' plan participants on which funds to include in their 401(k) plan allocation. The implementation has already begun and the companies expect the service to be offered to sponsors by the end of the year.
"We think 401k Forum's quality online financial advice fills a critical need for plan participants and will add tremendous value to the services offered to plan sponsors," said
Ward Armstrong, president of American Express Retirement Services.
The company has no plans to create alliances with other advice providers,
Todd Wold, a spokesperson for AERS said. "But it does not preclude a client from using another provider if they choose to do so."
Wold said that Forum was chosen because, "they had extensive experience in the online world. They are one of the pioneers and we really liked their approach to gathering information from participants and working them through to the advice conclusion. It is almost like a holistic process."
American Express will offer 401k Forum's service through a link on its website. Wold said that AERS is doing a lot of custom web work and in the future there might be a more direct and customizable approach.
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