State Street Global Advisors plans to provide retirement planning to participants in defined-contribution plans.
Employees who select a SSGA Advice Account would work with a State Street financial adviser to allocate their assets among five funds. The funds invest in large- and small-capitalization stocks, foreign equities, fixed-income securities, and cash. Portfolios can be rebalanced at any time.
"A lot of people need advice when it comes to figuring out their retirement plans," a State Street spokeswoman said. "This is one way SSGA is helping people reach their retirement goals."
Financial Engines Inc., a financial software developer in Palo Alto, Calif., created the program. The account should be available by the end of the year, the spokeswoman said.
State Street, the investment management arm of State Street Corp., Boston, manages $459 billion of assets.