A news release from the two companies said their alliance will mean participants will have access to a personalized retirement evaluation, online investment advice, and managed accounts.
According to the announcement, Financial Engines’ retirement income forecast – which provides an estimate of income in retirement and keeps participants focused on their long-term goals – will be included on the Hewitt participant Web site. Financial Engines’ advisers can implement savings decisions on behalf of participants in Hewitt-administered plans immediately because of the arrangement.
“Hewitt believes offering investment advice and managed accounts to employees adds an important element of decision support to plan design, addressing the diverse needs and preferences within the population,” said Alison Borland, Hewitt’s Leader of Retirement Outsourcing Product Strategy, in the announcement.
“The market downturn has made it clear that American workers need retirement help more than ever. It’s encouraging to see more companies making advisory services available to their employees,” said Larry Raffone, executive vice president of Financial Engines.