BOSTON The insurer and 401(k) sponsor Manulife Financial has launched an online retirement advice service for participants small 401(k) plans through an alliance with mPower LLC, an online investment adviser.
The alliance was announced Thursday. It makes personalized investment advice available to participants in Manulife Financials 401(k), 403(b), and 457 plans as well as to holders of individual retirement accounts.
The site has interactive educational tools and programs meant to help participants understand the fundamentals of investing and managing their retirement savings. Once participants get investment advice from mPower, they can automatically carry out the recommendations.
New plan participants can use mPowers Advice@enrollment service, which gives them advice at that point.
Online investment advice from mPower also supports plan brokers and other intermediaries by referring participants to brokers if they need additional information, by making marketing materials and sales presentations available online, and by tracking sales.