New England Financial (NEF) is creating a new computer-based personal money management tool to be known as the Electronic Money Management Account. All money placed in the account will be invested in a money market fund offered through New England Securities Corp., an affiliate.
The fund, the e-navigator Fund, invests all of its assets in the Cortland General Money Market Account, a money market fund managed by Reich & Tang Asset Management L.P., an affiliated money manager.
The new service, intended to help customers organize all their financial affairs, will provide software for access to the service and telephone and Internet support for a $24 annual fee. Customers will be able to write checks, pay bills and transfer funds between all their bank and brokerage accounts. They will also be able to get credit and ATM/debit cards that draw on their money market account. They will have 24-hour service through an 800 number or e-mail. The software will also help investors manage their taxes.
The software is currently being tested and is expected to be generally available next year. Financial representatives who sell the account will be able to put their personal imprimatur on the software they sell.