Each 401(k) participant will receive a Personal Evaluation of their Alcoa Savings Plan account, which analyzes their current investment strategy and highlights areas of concern related to savings, diversification and company stock, according to a news release. Participants can then choose to enroll in the Personal Asset Manager program or use the Personal Online Advisor for help in planning their investment strategy.
In January 2005 , Mellon Financial’s Human Resources and Investor Solutions partnered with Financial Engines to offer the Personal Asset Manager product (See Mellon HR&IS and Financial Engines Launch 401(k) Personal Asset Manager ) . In the first five weeks of 2005, seven plan sponsors signed up for the Personal Asset Manager program, representing more than 146,000 participants with approximately $13 billion in plan assets combined, according to Financial Engines.
JPMorgan’s Retirement Plan Services group selected the product to provide managed account services starting in the second quarter (See Financial Engines to Provide Managed Accounts for JPMorgan Retirement Plan Services ).