Vanguard and Financial Engines, a Palo Alto, Calif.-based online portfolio management systems provider, this week unveiled a new turnkey asset allocation program designed for 401(k) investors.

Mutual fund companies were roundly criticized after the Internet bubble burst in 2000 for failing to prevent Baby Boomers from putting all their eggs in risky stocks that quickly lost market value. Large retirement plan providers like Vanguard have since invested in Internet-based asset allocation programs, such as MorningstarÂ’s Clear Future, designed to help the millions of 401(k) investors who are not working with financial advisors from making the same mistake.

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