Fidelity Includes Account Aggregation in 401(k)s
May 13, 2002
Fidelity Investments is adding an account aggregation service from Yodlee to its Web site for defined-contribution investors.
The new service will allow investors in Fidelity defined-contribution plans to use a single login at Fidelity's Web site to view their holdings, recent transactions, account balances and overall net worth from a variety of mutual fund, brokerage and bank accounts. The aggregation service consolidates information from more than 2,100 financial institutions, and is being made part of PortfolioPlanner, the online planning tool Fidelity offers at its defined-contribution Web site, NetBenefits.
Fidelity will begin offering the new aggregation service on NetBenefits this month and continue rolling it out throughout the remainder of the year to the 11.2 million 401(k), 403(b) and 457 investors it supports through more than 11,000 retirement and pension programs nationwide.
"While a workplace savings plan may be the cornerstone of their retirement savings, many people also have assets in a variety of other accounts, including IRAs, savings accounts and Keoghs," said Joseph LoRusso, president of Fidelity Institutional Retirement Services Co.
"By viewing all of their assets, participants will be able to take a more holistic approach to financial planning for retirement and other financial goals," LoRusso added.