JPMorgan Retirement Plan Services to Offer Financial Engines' Managed Account Program
KANSAS CITY, MO & PALO ALTO, CA, February 23, 2005 -- JPMorgan Retirement Plan Services (JPMorgan) today announced that it has selected Financial Engines as its managed account provider. JPMorgan will use Financial Engines to provide a highly personalized managed account program for participants. Financial Engines already provides online advice for JPMorgan clients.
JPMorgan's Audience of One(R) philosophy focuses on offering personalized services and communications to address the individual needs of participants to help them reach their personal retirement goals. The addition of Financial Engines' managed account offering is one more way JPMorgan is delivering this commitment and serving even the most reluctant participants with valuable retirement planning resources.
All participants first receive a Personal Evaluation by mail exposing the risks they are facing and offering professional account management help. Upon enrollment in the Personal Asset Manager program, a personalized portfolio is created for each participant based on their savings level, current investments and time horizon to retirement. If necessary, adjustments are made quarterly to keep individuals on track. The program is designed to reach those participants who are overwhelmed by investment decisions or who simply do not have the time to adequately manage their accounts.
"We are committed to offering our clients' participants the information and tools to help them retire when they want with how much they need. A managed account program takes care of retirement savings automatically so participants can concentrate on their more immediate priorities," says Melissa Hooker, JPMorgan managing director and chief client officer. "Offering a managed account is consistent with our Audience of One(R) philosophy."
"Managed accounts are increasingly in demand by both plan sponsors and participants who want expert help managing their accounts," said Jeff Maggioncalda, president and CEO of Financial Engines. "Our expanded relationship with JPMorgan will help both of us meet client demand with an affordable and personalized managed account solution."
The managed account program will be available to JPMorgan clients in the second quarter of 2005.
About Financial Engines
Financial Engines is a new breed of investment advisor providing personalized investment advice and portfolio management to 401(k) participants. Founded by Nobel Prize-winning economist, William F. Sharpe, Financial Engines serves the individual retirement goals of millions of employees at many of America's largest corporations. Patented advice technology and institutional-quality investment methodology allow Financial Engines to offer an array of advisory services to meet the needs of all investors. For more information, please visit www.financialengines.com.
About JPMorgan Retirement Plan Services
JPMorgan Retirement Plan Services provides bundled defined contribution services and administers investment options to 180 corporate clients, representing nearly 1 million retirement plan participants. The business unit administers plan assets of $60 billion. Through alliances with other best-in-class providers, JPMorgan Retirement Plan Services integrates services for defined contribution, defined benefit, deferred compensation and stock-based compensation plans. Its client list includes top-tier firms such as Procter & Gamble, International Paper and Newell Rubbermaid. The organization was founded in 1998 and initially operated as a strategic alliance between JPMorgan and American Century Investments. On June 1, 2003, JPMorgan acquired the firm, which employs more than 700 people and is headquartered in Kansas City, MO.
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