Intuit of Mountain View, Calif. and TeamVest of Charlotte, N.C. have joined together to offer free online investment advice for 401(k) plan participants.
Called Quicken 401k Advisor for TeamVest, the online service, at www.quicken.com/401kadvisor, will provide guidance on allocating assets among options available in company plans. However, at the outset, the site will contain information on only the 430 largest plan sponsors and their 401(k) options.
The site will also offer investors the services of a registered investment advisor, available for phone consultations at 888-445-401k, for a fee of $49.95 per consultation. It is through this service that Intuit and TeamVest hope to make a profit, said an Intuit spokesperson.
"Over 30 million Americans participate in a 401(k) plan, but 80 percent have never changed their allocation from the time they first opened their account," said Rod Charles, senior product manager for Quicken, Intuit's line of online financial-management tools. "Studies have shown that over 90 percent of investment performance is attributable to proper asset allocation."