E*Trade, E&Y Enter Advice Arena; Mellon Units Get mPowered

May 30, 2000 (PLANSPONSOR.com) - The universe of financial advice providers expanded Tuesday with the announcement that E*trade's 2.6 million customers will get access to a new service that combines online financial planning with access to Ernst & Young's nationwide network of 1000 financial planners.

The joint venture will help prepare individual investors for events such as buying a home, tax/estate planning, funding a child’s education and preparing for retirement. E*Trade and Ernst & Young will each invest $25 million.

Mellon Opts for mPower

Meanwhile, online investment advisor mPower announced that it will become the advice engine powering both Dreyfus Retirement Services and Buck Consultant’s Administrative Services Group (ASG) of Mellon Financial Corporation. Dreyfus and Buck plan sponsor clients will gain access to those services over the next few months.

When fully implemented in the third quarter, plan participants will have 24-hour access to personalized, fund-specific recommendations. Participants will also be able to access all the plan information in the same location, with full balance and transaction integration. The combined organization serves about 1.3 million retirement plan participants.