Asset manager Chicago Trust has selected mPower to provide online investment advice for the firm's defined contribution (DC) pension fund clients.
Presently, Chicago Trust provides defined contribution plan services to more than 300 clients and serves approximately 150,000 plan participants. mPower will offer investment advice and educational materials through Chicago Trust's website.
Through the Chicago Trust internet site, mPower will provide individually tailored allocation recommendations on participants' retirement portfolios, including 401(k) plans and other defined contribution plans.
The firm also provides advice on traditional pension plans, Individual Retirement Accounts (IRA), brokerage accounts, individual securities and cash savings. With the addition of Chicago Trust's clients, mPower now offers online investment advice to 19 million Americans.
Founded in 1887, Chicago Trust is an independent fund manager with over $11bn in assets under management. San Francisco-based mPower was founded in 1995, and started life as an internet-based 401(K) forum.
By Geoffrey Ho
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