Two Firms Combine to Provide Small Plan Advice Services

May 4, 2005 ( - MyFinancialAdvice, Inc. and Decimal, Inc. have joined together to allow retirement plan sponsors to offer one-on-one financial advice to employees who participate in retirement plans provided through Decimal's The Online 401(k).

A news release said that 401(k) plan participants can use MyFinancialAdvice to receive advice for a fee. T he Online 401(k) is designed for small businesses with two to 50 employees.

“The platform enables participants to easily select prescreened financial advisors who can provide on-demand advice about investment choices within their 401(k)s, as well as many other financial concerns,”   said Chad Parks, CEO of the San Francisco-based Decimal, in the news release. “ will enhance our 401(k) solution and provide much-needed, personalized financial advice to a segment of the market that has been historically underserved.”

According to the news release, participants can, via a co-branded Internet portal:

  • find and select an online financial advisor based on that professional’s area of expertise, hourly fees, availability, and review of his or her professional resume, which has been verified by a third-party
  • contact advisors via e-mail or phone service to interview them at no charge before making a selection
  • receive a written proposal from the chosen advisor for all work to be performed, which includes a flat fee for the advice they are quoted
  • communicate with his or her advisor via phone and Web to receive specific advice and action steps for the participant to implement.

More information is .