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Great-West Life and New England Financial Announce a New Alliance with Financial Engines |
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DENVER, Jan. 17 /PR Newswire/ -- Great-West Life & Annuity Insurance Company today announced a new alliance with Financial Engines of Palo Alto, Calif. This alliance will make online investment information available to 401(k) participants whose plans elect to have Great-West or New England Financial provide such access. In the past, this type of sophisticated information has been available only to the largest pension funds and investment firms. Financial Engines was created by Nobel Prize-winning economist William F. Sharpe, who for years served as a consultant on investment risk and return for major pension funds and investment firms. Sharpe developed software programs that provide 401(k) customers with the most sophisticated forecasting information and financial planning data available on the Internet, according to Jim Motz, executive vice president of the Great-West Employee Benefits Division. "Up to 500,000 401(k) participants throughout the
nation soon will be able to access the Financial Engines Web site through
the Great-West and New England Financial 401(k) sites," Motz
explained. "We expect a hyperlink to the Financial Engines Web site
to be available on our Web sites by the end of the first quarter. When a
participant chooses to use this service, the Financial Engines advisor
will have all participant account balances, fund allocations and available
demographic information pre-loaded for ease of use and greater accuracy
for the participants."
Motz noted that Financial Engines' programs are considered by industry
experts to be among the most consumer-friendly on the Internet. By using the Financial Engines models, Great-West and New England
Financial 401(k) customers will be able to obtain advice on a variety of
personalized financial information, such as how much money they may need
to retire, options concerning how to allocate investments, and other
information. "For example, 401(k) participants can use the system to estimate
how much they should save and what might happen in the future by using
Financial Engines' forecasting data," Motz added. Motz noted that Sharpe won the Nobel Prize in 1990 for his work on
assessing and controlling investment risks. Subsequently, he developed the
software that combines portfolio analysis with computer software to
provide individuals with the same quality of investment analysis routinely
enjoyed by large institutional investors. "Large institutional investment firms have relied on this type of
forecasting for decades, and now Great-West's and New England Financial's
401(k) participants can have the same advantage when it comes to their
personal investment package," Motz said. To use the advisor, 401(k) participants will pay a small annual fee, by
credit card to Financial Engines. Great-West Life and New England
Financial have had a joint venture marketing agreement for over 10 years. Great-West Life & Annuity Insurance Company of Englewood, Colo., is
part of the $75 billion Great-West family of companies and is licensed to
do business in all 50 states, and the District of Columbia. Great-West is
an indirect subsidiary of the Great-West Lifeco, Inc., a member of the
Power Financial Corporation group of companies. New England Financial of Boston is one of the nation's premier
financial services companies, with a 160-year tradition of integrity and
sound performance. NEF is affiliated with Metropolitan Life Insurance
Company, America's second-largest insurer, and the company is licensed to
do business in all 50 states and the District of Columbia. SOURCE: Great-West Life & Annuity Insurance Company ST: Colorado |
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| Posted January 17, 2000. |