First Union Corp. will offer on-line financial advice to 401(k) plan participants in August.
The service will be made available in alliance with 401(k) Forum, a San Francisco Internet investment adviser, to participants in 800 plans administered by Charlotte, N.C.-based First Union. Plan participants will be able to tap into personalized and fund-specific information and make decisions based on their financial objectives, said AnnMarie Shuler, vice president of marketing and communications for First Union's benefits services group.
First Union administers 1,592 plans, with $16.2 billion of assets. However, the 401(k) service will only be available to plan participants whose sponsors offer daily valuation, a spokeswoman said.
First Union is not the first bank to make 401(k) Forum available to customers. Last month Credit Suisse Group's investment arm, Credit Suisse Asset Management, said it would also offer customized asset allocation tools to plan participants using the adviser.