Schwab, GuidedChoice Implement Advice Services in 100 Plans

August 19, 2004 (PLANSPONSOR.com) - Charles Schwab & Co., Inc. and financial advice provider GuidedChoice have implemented free advice for participants in more than 100 retirement plans.

In addition to the 100 plans serviced by Schwab Retirement Plan Services, Inc (SRPS) that are now running GuidedChoice’s advice program, another 80 plans are currently in the implementation process, the two firms said in a news release.

Announcement of implementation comes after the news last fall that Schwab would make the advice service available to participants in defined contribution plans at no additional cost.   Schwab said the reason for the availability of the advice was to help plan participants reach a comfortable retirement (See  Schwab Offers Participants Free Advice ).  If approved by the plan sponsor, participants in plans serviced by SRPS will now have access to customized advice either online, by phone, or in person – including specific recommendations among the core investment fund choices available in a retirement plan – courtesy of an arrangement with San Jose, California-based GuidedChoice.  In addition, participants will also have the option to elect automatic account rebalancing.

“As expected, demand for advice services among our clients is very high. GuidedChoice has helped us meet and exceed those expectations, which is one of the reasons we selected the firm. GuidedChoice has clearly demonstrated its ability to scale up rapidly and work with us to implement advice for a large number of plans in a short time,” said Trish Cox, vice president, education and advice, Charles Schwab Corporate Services.

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