Press Release
Associated Financial Group Joins 401Konnect Marketplace
Online 401k marketplace signs with leading West Coast broker-dealer
Palo Alto, Calif., August 21, 2002, 401Konnect ™, the first online marketplace designed to automate the marketing and sales of retirement products for 401k brokers and vendors, today announced that Associated Financial Group, has contracted to participate in 401Konnect's online marketplace, 401konnect.com. Associated Financial Group is the parent to a unique group of multi-faceted financial services firms, and is headquartered in Los Angeles. AFG is owned by Pacific Life Company, one of the largest insurance companies in the United States. Under the terms of the agreement, AFG's extensive network of nearly 250 investment professionals located throughout the country will be granted direct online access to 401Konnect's analysis tools and extensive database of 401k plan offerings.
"Associated Securities Corp is committed to providing sales and analytical support to our registered representatives. To support the selection and sales of retirement products we have chosen 401Konnect. 401Konnect's total focus on aiding investment professionals, and the extensive information on 401k products and selection tools provided by 401Konnect, were major considerations in our decision to choose to work with them," said Bill Barnard, Senior Vice President, Insurance Services at Associated Securities.
"We are very pleased to welcome Associated Financial Group to the 401Konnect marketplace. The company's focus on providing excellent support and service to their many professionals through their group of financial services firms will be a welcome addition to the growing list of brokers, financial advisors and plan vendors who are making 401Konnect the leading net marketplace for the 401k and defined contributions market. We expect to provide their personnel with the same high quality of service and support experienced by our existing clients and we are committed to providing their investment professionals with a comprehensive approach to 401k plan selection," said David Gilbert, CEO of 401Konnect.
The ever growing market acceptance of 401Konnect's approach to business, including exclusive focus on leveraging brokers and fee-based consultants in their sale and selection of products, has resulted in more than 55 contracts with securities brokers and insurance agencies throughout the United States. The company expects to have agreements with firms representing over 100,000 brokers and agents completed in the next few months. "We believe that the acceptance of 401Konnect's approach in many of the leading financial-distribution companies in this country demonstrates the validity of our company's approach. Our users receive multiple benefits including comprehensive analysis and reporting capabilities for due diligence, expedited receipt of proposals, complete tracking of firm activity and the benefit of research revealing developing market trends as included for example in a recent market study, What Do Brokers Want in 401k Plans. 401Konnect's carefully developed process allows brokers and advisors to tailor requests based on client preferences, and a rapidly changing environment, which we think will be even more important in the future," said Gilbert.
About 401Konnect
401Konnect, Inc. is a privately held firm headquartered in Palo Alto, CA, dedicated to providing a frictionless 401k supply chain through a Web-based marketplace for brokers and benefits consultants. 401Konnect is led and managed by a senior team that includes the leading 401k researchers and advisors, as well as veterans of the financial industry and Internet development world. Through the 401konnect.com site, brokers and consultants can match and compare retirement plans in detail to meet their clients' preferences, and the site automates the RFP process, saving time and money for brokers and plan vendors. For more information on 401Konnect, please visit the company information section of www.401konnect.com.
About Associated Securities
Originally founded as a securities broker/dealer in 1982, AFG is comprised of seasoned financial professionals who have established a network of branch offices dedicated to helping clients meet their financial objectives. Through AFG's various subsidiaries, independent advisors in the field have the capability of offering a wide array of quality products, investment opportunities and financial planning services.
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