TeamVest and Intuit Inc. (NASDAQ: INTU) today announced an agreement with Meriwest (previously Pacific IBM Credit Union) to offer the Quicken 401K Advisor by TeamVest online investment advice service to its more than 62,000 members. The online investment advice service will provide Meriwest members with tools and resources to help them save more effectively for retirement by providing them with an easy way to optimize their asset allocations mix.
In addition, Intuit and TeamVest today unveiled an "Investment Advice Affiliate Program" where financial institutions and other partners can link to the Quicken 401K Advisor by TeamVest, to make those service available to their customers. Meriwest is the first Investment Advice Affiliate through this program.
Specifically, Meriwest members will have access to the full range of services offered through the Quicken 401K Advisor by TeamVest, including the only free service on the Web which provides consumers with fund-specific advice on how to help optimally allocate their 401(k) investments among the choices available in their company s plan. It recommends an asset allocation mix that helps the consumer maximize the investment return for the level of risk the consumer is willing to take. Meriwest members also have the option, for a modest fee, of calling to speak with a live investment advisor who can help them review their retirement objectives and determine the best course of action.
"We are pleased to offer the Quicken 401K Advisor by TeamVest to our members to help them better plan for retirement," said Victoria Hutchinson, director of marketing communications for Meriwest. "We selected the Quicken 401K Advisor by TeamVest not only because it s the only Web site to offer free specific recommendations about how to optimize a consumer s 401(k) investments, but it also gives our members access to live investors who can help them develop and implement their retirement strategy."
The Quicken 401K Advisor by TeamVest is comprehensive and easy to use. Mutual fund choices and matching policies are pre-loaded for more than 1,100 of the nation s largest employers, 30 IRA providers and more than 42 state government plans, reaching over 25 million employees. This saves time and helps increase the accuracy of the advice. Individuals complete a short interview to gather information about their retirement objectives, their risk tolerance and their current financial situation. The 401K Advisor then provides them with specific recommendations.
"The Quicken 401(k) Advisor by TeamVest service helps individuals get on track and stay on track for a secure retirement," said Victor Esclamado, president of TeamVest. "We are thrilled to work with Intuit to offer this service to Meriwest members, helping them manage and maximize their retirement accounts."
Rod Cherkas, senior product manager at Intuit added, "Over 30 million Americans participate in a 401k plan, but 80 percent have never changed their allocation from the time they first opened their account. Studies have shown that 90 percent of investment performance is attributable to proper asset allocation. We are thrilled to help Meriwest members achieve a better asset allocation and to plan for retirement security through the Quicken 401(k) Advisor by TeamVest."
About Meriwest
Meriwest was previously Pacific IBM Credit Union and provided services to IBM employees in several western states in the U.S. Now membership in its credit union is open to all individuals who live, work or study in Santa Clara county as well as to all employees and retirees of International Business Machines (IBM) Corporation and subsidiaries in California, Oregon, Arizona, Washington, Alaska, Nevada, Hawaii or Guam. In addition, employees of select additional companies are also eligible for membership. Meriwest is one of Silicon Valley s largest and established full service financial institutions providing proactive, personal, convenient and innovative financial services to businesses and families.
