Wells Fargo & Company has announced that it has reached an agreement with Financial Engines to offer the latter’s suite of institutional retirement planning solutions to companies with 401(k) plans for which Wells Fargo is recordkeeper.

The release date is expected around the middle of 2016, at which time retirement plan sponsors on the Wells Fargo recordkeeping platform will have the option to add the full suite of Financial Engines advisory services to their 401(k) plans. Those services include the following:

  • professional account management, for participants who want to hand off or get help with managing their accounts

  • personalized online savings and investment advice and retirement projections for participants with a hands-on approach

  • Income+, a retirement income solution that provides a stream of income in retirement

  • income planning and Social Security claiming guidance through Financial Engine’s Social Security Planner

Under the agreement, Financial Engines will serve as the advisor and plan fiduciary for the advisory services.

All participants will have access to noncommissioned investment advisor representatives, as well as ongoing personalized communication and education that assess their current retirement outlook and make suggestions for improvement.

The Wells Fargo/Gallup Investor and Retirement Confidence Index for the first quarter of 2015 found that one out of three investors in a 401(k) says he needs advice from others.

When asked which of five aspects of investing they most need advice on, 32 percent of 401(k) investors want help knowing which funds to invest in, and 29 percent want help knowing whether to reallocate their investments according to changing conditions.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Investment Instruments