Smart401k has hired Impact Communications to promote its 401(k) advice services for plan participants.

“These are challenging times for investors,” said Scott Revare, chief executive officer and co-founder of Smart401k. “Thousands of people contribute regularly to their 401(k)-type plans, but few are engaged in actually managing the portfolio.”

Currently, Smart401k is offered in 4,500 employer plans and advises individuals with more than $1 billion in plan assets.

“We are on a mission to let consumers know that there is a simple, affordable solution to help them manage their accounts with confidence,” said firm President Scott Holsopple. “We feel this is essential in today’s environment.”

Smart401k charges $200 a year to analyze fund choices in an individual’s plan, and then, based on the investor’s time horizon and risk tolerance, the firm’s financial advisers recommend which funds to invest in and what percentage of their 401(k) to allocate to each. Investors can interact with the advisers via phone, e-mail or live chat.

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