Selling it as a more personal touch, Fidelitys new service is called firstPERSON, designed "to help financial advisers more effectively service the communication and educational needs of plan sponsors and their employees."
The service also uses print-on-demand and segmentation technology to improve Fidelitys adviser-sold 401(k) programs, Premium and Primium 100, which had more than 300,000 participants and $10 billion assets as of March 31.
Said Donald Holborn, executive vice president of Fidelity's institutional business, the key to firstPERSON is that it is "designed to help make it easier for employees to take action by providing them with information that is relevant to their situation."
The programs "annual checkup" will provide each plan entrant with a checklist of personal financial health and progress, as well as projections for how altering his or her plan will change improve that prognosis. Fidelity calls the annual checkup "the centerpiece of the program."
