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CitiStreet Rollover IRA Advice Service and CitiStreet Advisors to be Powered by Financial Engines.

Business Editors

BOSTON & PALO ALTO Palo Alto, city, California
Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries.
, Calif.--(BUSINESS WIRE)--April 23, 2001

CitiStreet Offers Investment Advice by Phone and

Online To Investors Leaving a Benefits Plan

Financial Engines, Inc. and CitiStreet today announced that CitiStreet's rollover IRA Rollover IRA

A traditional individual retirement account holding money from a qualified plan or 403(b) plan. These assets, as long as they are not mixed with other contributions, can later be rolled over to another qualified plan or 403(b) plan. Also known as a conduit IRA.
 advisory services advisory services

advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal
 will be powered by Financial Engines(R). CitiStreet will offer access to the Financial Engines advisory service through the CitiStreet Advisor Account to provide goal-based investment advice and retirement planning online or through CitiStreet financial advisors on the telephone.

The CitiStreet Advisor Account is a self-directed online brokerage account Brokerage Account

An arrangement between an investor and a licensed brokerage firm that allows the investor to deposit funds with the firm and place investment orders through the brokerage, which then carries out the transactions on the investor's behalf.
 offered through an alliance between CitiStreet and CSFBdirect. The account offers a broad array of investment options including stocks, bonds, CDs and more than 9,000 mutual funds. The service helps customers determine a rollover IRA strategy and provides advice and monitoring of investors' portfolios as they plan for retirement.

In addition to the self-directed online service offered through the CitiStreet Advisor Account, CitiStreet, in conjunction with Salomon Smith Barney, also offers a full-service, one-on-one brokerage relationship to retirement plan participants Plan participants

Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan.
. A select group of Salomon Smith Barney financial consultants, specially trained in retirement and estate planning Estate Planning

The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death.

Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the
, work directly with plan participants to help plan and execute their retirement programs, including rollovers.

"By creating a seamless and integrated rollover IRA offering that can be opened and funded in one phone call, CitiStreet continues to help individuals plan for a successful retirement even after they leave a company-sponsored 401(k) plan," said Ray Martin, president, CitiStreet Advisors LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
. "Financial Engines' forecasting and advice capabilities allow us to provide high quality, personalized advice to every employee who leaves a plan and the ability to connect individuals with a Salomon Smith Barney Financial Consultant who offers individualized in·di·vid·u·al·ize  
tr.v. in·di·vid·u·al·ized, in·di·vid·u·al·iz·ing, in·di·vid·u·al·iz·es
1. To give individuality to.

2. To consider or treat individually; particularize.

 financial planning Financial planning

Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against
, ensuring we can offer services to meet the needs of almost any individual."

Offering advisory services is critical to increasing the retention of customer assets, according to a report published in November by Cerulli Associates. Rollover IRAs allow investors who are changing jobs or retiring to transfer money from an existing defined contribution plan Defined contribution plan

A pension plan whose sponsor is responsible only for making specified contributions into the plan on behalf of qualifying participants. Related: Defined benefit plan
 without paying taxes. Nearly 9 percent of Americans' $2 trillion in 401(k) and other defined contribution assets will be rolled every year for the next 10 years, with a majority invested in rollover IRAs.

"When employees leave a company and roll over funds, they want personalized advice they can trust to help them re-invest their life savings," said Brian Samuels, vice president of workplace advisory services for Financial Engines. "Advice is a key link in building a trusted relationship across an individual's entire wealth span, and CitiStreet is a leader in providing comprehensive rollover A graphic element in an application or on a Web page that changes its color or shape when the pointer is moved (rolled) over it. See JavaScript rollover. See also n-key rollover.  services."

Customers choosing to open a CitiStreet Advisor Account will be offered a free Financial Engines Forecast on the phone through a CitiStreet financial advisor, showing them the likelihood of reaching their financial goals for retirement. Analyzing the entire portfolio, Financial Engines shows how much income a participant is likely to have in retirement. The customer can then elect to subscribe to obtain advice over the telephone through a CitiStreet financial advisor or to get advice online through Financial Engines. To enhance the Forecast, Financial Engines generates specific investment recommendations based on the universe of mutual funds in the CitiStreet Advisor Account and shows how recommendations could impact future retirement outcomes. After completing a session, customers can implement investment recommendations online or on the phone through a CitiStreet financial advisor.

CitiStreet clients who qualify for the one-on-one brokerage relationship through Salomon Smith Barney are offered the widest selection of investments within their Salomon Smith Barney self-directed IRA Self-directed IRA

An IRA that the account holder can after appointing a custodian manager to carry out investment instructions.

self-directed IRA 
, including individual stocks and bonds, mutual funds and professionally managed portfolios. All clients are offered a complimentary financial plan, which includes retirement planning, asset allocation Asset Allocation

The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio.
, education funding and estate planning.

About CitiStreet

Jointly owned (50/50) by State Street Corp. and Citigroup, CitiStreet provides a superior range of products and services for defined contribution, defined benefit and health and welfare plans. CitiStreet is recognized as the second largest retirement plan record-keeper and one of the nation's largest global benefits providers, administering approximately $200 billion in assets and serving about 6.5 million plan participants. For more information, visit the company Web site at

About Financial Engines

Financial Engines is a leading provider of investment advice services to the workplace and to financial institutions. Financial Engines enables employers, financial professionals and financial organizations such as fund companies, brokerages and banks to offer consistent, high-quality, personalized investment advice on a cross-enterprise basis. Founded by Economics Nobel Laureate William F. Sharpe, Financial Engines works with its customers to help their clients make better investment decisions to meet their financial goals. Financial Engines was founded in 1996 and is located in Palo Alto, Calif. For more information, visit Financial Engines' web site at

Financial Engines(R) is a registered trademark of Financial Engines, Inc. All other marks are the property of their respective owners. All advisory services are provided by Financial Engines Advisors LLC, a federally registered investment advisor Registered Investment Advisor (RIA) is a designation obtainable in the United States by an individual who has registered with the U.S. Securities and Exchange Commission or state regulatory agency (where the primary business is situated or multiple States in some cases) in .
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Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Apr 23, 2001
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