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View More Press Releases by Search401k

Press release:

401(k) Rating Service Releases Proprietary Rating Information

Issued by: Search401k

Date: Oct. 10, 2000

CONTACT - press only:
Anne Schneeman
(651) 405-8840 ext. 210

David Heinsch
Padilla Speer Beardsley Inc. FOR IMMEDIATE RELEASE
(612) 872-3768

MENDOTA HEIGHTS, MINN., October 10, 2000 – Today, Search401k, an online rating service of 401(k) products for financial advisers, makes public its proprietary ratings of 401(k) products. Now companies and their employees can aid in the process of finding a 401(k) plan provider by checking the Search401k rating on a 401(k) product along with other useful retirement planning information. Employers can also search for financial advisers in their area, analyze plan design and contributions (for a fee) and research retirement questions.

Since its launch in July 2000, Search401k has given financial advisers the data, tools and resources they need to improve their due diligence in searching, comparing and selecting 401(k) products. Search401k offers a completely independent rating (on a scale of one to five, with five being highest) on 401(k) products from 47 of the nation’s largest 401(k) plan providers. Search401k continues to add data from new providers to its database.

“Since 401(k) plan providers often report their product data in different ways, it’s been extremely difficult for financial advisers, employers and employees to get comparative information,” said Eric Schneeman, president and CEO of Search401k. “The Search401k rating gives consistent and comparative information on 401(k) products.”

Search401k delineates two major facets of retirement plans — services and investment offerings. The rating covers more than 120 aspects of services a company receives from its plan provider, including administration, communication and the use of technology. The rating also evaluates the process a provider follows to select funds and the resulting breadth of investment offerings for their products.

“Because 401(k) plans are often an employee’s single largest asset, this places a huge financial responsibility on employers and their financial advisers, Schneeman said. “Our ratings measure a provider’s ability to administer a plan; it is the role of a financial adviser to recommend the best product fit for a company. We improve the due diligence process to everyone’s benefit.”

To date, 35 financial adviser groups - representing over 40,000 financial advisers - have partnered with Search401k. In August 2000, Search401k signed a revenue-sharing agreement with Chicago-based Morningstar Inc. — the financial services industry’s leading provider of independent, unbiased investment information and analytic tools — making it the exclusive provider of 401(k) plan comparison and ratings information for Morningstar’s financial adviser Web site, http://www.morningstaradvisor.com

About Search401k
Search401k, based in Mendota Heights, Minn., uses the analytical power of its patent-pending data engine and the Internet to connect financial advisers with retirement plan providers, creating an economical and efficient marketplace for the 401(k) industry. For more information, visit the company’s Web site at http://www.search401k.com.

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For more information: http://www.search401k.com

View More Press Releases by Search401k

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