Products April 15, 2003

Morningstar Integrates Advice Components

April 15, 2003 (PLANSPONSOR.com) - Morningstar has pulled together a number of its advice services into an integrated Enterprise Advice Solution including its now up-and-running Morningstar Managed Retirement Portfolios, advice call center and advice statement tool.
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According to an announcement from the Chicago company, its integrated advice program offers services for defined contribution plan participants, plan sponsors, and financial advisors.

Morningstar said the Enterprise Advice Solution program could deliver advice through a variety of media using the same underlying research, methodology, technology platform and design.   Plan providers may choose various levels of service including online or print statements for do-it-yourself investors, tools for call center representatives and financial advisors and professionally managed portfolios for participants who wish to fully delegate their investment responsibilities.

According to Morningstar, American Express Retirement Services, ING, Nationwide Retirement Solutions, New York Life Investment Management (NYLIM) Retirement Plan Services, and Wachovia Retirement Services have agreed to provide parts of the advice program to sponsors and participants.

The program’s components include, according to the company:

  • Morningstar Managed Retirement Portfolios, a discretionary asset management service designed for plan participants who want professionals to make investment decisions for them
  • Morningstar Advice Statement, which is sent directly to participants, provides a three-step analysis of the employee’s current retirement plan, as well as recommendations that may help improve the quality of his or her investment allocation and potential retirement income
  • Morningstar Advice Call Center is a special online interface designed for use by retirement plan call center representatives when talking to plan participants over the telephone. The service provides phone representatives with a quick way to tackle both retirement-goal analysis and investment selection.

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