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Financial Planning > Behavioral Finance

Mellon Adds 401(k) Account Management Services

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NU Online News Service, Jan. 12, 2005, 3:01 p.m. EST

A Pittsburgh bank is expanding its relationship with Financial Engines Inc., Palo Alto, Calif.[@@]

The Human Resources & Investor Solutions unit at Mellon Financial Corp. has agreed to market the personalized 401(k) portfolio management services developed by Financial Engines’ Financial Engines Advisors L.L.C. unit.

Mellon HR&IS already markets a Web-based Financial Engines advice service aimed at do-it-yourself investors.

Retirement plan members who choose the new portfolio management option can talk to investment advisors on the telephone and get personalized investment recommendations based on factors such as age, investment goals and target retirement age.

Mellon will deduct fees for the Financial Engines service from participants’ 401(k) accounts.