According to a news media announcement, American Express participants will be able to use the Morningstar product in person, over the phone and via the Internet. ClearFuture will be offered as a component of American Express’ advice and guidance platform, American Express said.
American Express said all of its 330 plans will get Morningstar ClearFuture’s guidance component and can upgrade the service to offer full-blown advice, American Express said.
American Express said it was instituting the multi-access approach because its surveys have indicated that participants have varied preferences about where and how they receive investment recommendations. Participants will have access to American Express financial advisors and telephone-based American Express Retirement Services licensed financial consultants, the company said.
Morningstar ClearFuture gathers detailed financial information from participants to provide them with investment recommendations. Basing its analysis on both retirement and nonretirement assets, ClearFuture offers participants:
- personalized goal planning
- retirement income analysis based on enhanced simulations
- a “bear market simulator” that tests risk tolerance.