According to the announcement, the relationship will allow ADP to make available GuidedChoice’s GuidedSavings service to more than 20,000 ADP retirement plan recordkeeping clients and their participants nationwide. The GuidedSavings service works with the investments already available in each employer’s plan, and delivers to each plan participant investment advice based on asset allocation models and proprietary analytics.
The solution actively manages participants’ accounts according to their personal, recommended investment strategy. The application imports basic information and plan rules – critical for accurate portfolio recommendations. When participants “accept advice,” the software will send investment instructions directly to the recordkeeper or employer for implementation.
Employees will have access to the GuidedChoice Call Center and Web site for program and investment information and ADP plan sponsors benefit from fiduciary protection for those participants using the service.