SaveDaily Selected as Recordkeeping Platform by Black Wealth Network
SEAL BEACH, CA, November 2, 2006 -- SaveDaily.com Incorporated today announced that they have been selected to serve as the recordkeeping platform for a new 401k savings program being offered by Black Wealth Network. SaveDaily created a customized web site and will host the internet portal as part of their services for the new retirement savings program.
"We believe this is the first and only African American sponsored 401k program in the country in terms of monitoring of the plan and managing the assets of the program;" according to Steve Washington, founder and managing director of Black Wealth Network.
Cleveland, OH based Black Wealth Network (www.bwnonline.com) is an online investment service for African Americans. The arrangement with SaveDaily will provide African American owned enterprises and individuals with a cost-effective, comprehensive 401k solution utilizing African American money managers.
The mission of Black Wealth Network is to make investment opportunities and wealth creation affordable and accessible to African Americans throughout the world. According to the latest Minority Retirement Confidence Survey conducted by the Employee Benefit Research Institute (www.ebri.org) 58 percent of African-Americans report they are offered a retirement savings plan by their employer, such as a 401k, making them less likely to have one than are workers overall (73 percent).
"The purpose of the 401k program is to create a way to encourage African Americans to start saving for retirement. In a time when defined contribution plans are taking over for defined benefit plans, it is up to the individual to establish a retirement savings plan and they must have easy access to education as well as the savings vehicle," stated Mr. Washington of Black Wealth Network.
Low costs and synergy with the Black Wealth Network all electronic platform were sited as the primary reasons SaveDaily was awarded the business, according to Steve Washington, of Black Wealth Network. "SaveDaily is a pioneer in reducing the cost of financial services to make investing simple and affordable to all. SaveDaily's innovative all-electronic investing platform enables investors to easily open an account, define their core financial goals, select a suitable investment, and invest automatically from their bank accounts on an ongoing basis;" Mr. Washington elaborated.
With the new internet portal created by SaveDaily, once African Americans individuals establish their 401k plan, they can access 401k and investment education, select their investments, and manage their 401k accounts from the convenience of their computer.
Commenting on being selected by Black Wealth Network, SaveDaily chief marketing officer James Nickles stated; "Being selected by Black Wealth Network validates our commitment and efforts to provide customized, cost effective solutions for the retirement plan industry." SaveDaily is a full-service open-architecture record keeping technology company providing the HSA, defined contribution and asset management markets with a feature rich, ultra-low cost, easy to use, and easy to deploy investment platform.
About SaveDaily
SaveDaily's LiquidFinance(sm) Platform is a full-service open-architecture record keeping technology providing the HSA, defined contribution and asset management markets with a feature rich, ultra-low cost, easy to use, and easy to deploy investment platform. The platform can be private labeled and provides participants with 'no minimum' investment opportunities, daily valuations, full-featured web access, and a customized list of preferred mutual funds and mutual fund models actively managed by third party money managers. For more information, visit http://www.savedaily.com.
About Black Wealth Network
Black Wealth Network (www.bwnonline.com) is an online investment service for African Americans. It empowers Blacks of all income levels to create individual and collective wealth for current and future generations. Members invest in leading African American-managed mutual funds for ultra-low fees with no minimum investment requirements. The company`s business model promotes and facilitates a circular income flow within the African American sub-economy and thereby strengthens the Black community. Black Wealth Network is a joint initiative of SBK-Brooks Investment Corporation and SaveDaily.com, Inc., and is headquartered in Cleveland.
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