Independent 401(k) research and rating firm BrightScope is adding a former Fidelity Investments executive to its advisory board. David Scott, who was Fidelity Investments’ president of Workplace Investing until 2010, “will serve in an ongoing capacity as an Advisor to the company and its executives.” Scott was president of U.S. Retirement Services at Scudder Investments for Deutsche Bank, before he joined Fidelity Investments in 2003.
“Scott David’s extraordinarily successful career has made him one of the most respected names in financial services today,” said BrightScope CEO and co‐founder Mike Alfred. “His addition to BrightScope’s Advisory Board will open new doors and help the company further extend its leadership position within the industry.”
“The financial turmoil this country has seen over the past few years has brought a renewed interest in the importance of saving and planning for retirement,” David said in the announcement on Wednesday. “BrightScope has already established itself as the leader in 401k plan ratings and investment research and I’m excited to work with the company going forward to create innovative financial tools and products that will improve the financial security of American workers,” he added.
BrightScope, launched in January 2009, performs quantitative research using “200 unique data inputs per plan,” on 401(k)s and rates them, according to the release. The analytics are intended to “enhance plan performance,” of 401(k) plans and provide tools for advisors, participants and companies that sponsor the plans. The company, which gets the data it uses in its analytics “from plan sponsors, or publicly available sources,” including the Department of Labor or SEC, noted in the release that it’s “rated more than 55,000 401k plans, spanning 30 million workers and $2 trillion in assets.”