mPower Appoints David Goerz Chief Investment Officer; Former Wellington Management Executive to Drive mPower Investment Practices and Policies, Expand Financial Solutions Strategy.

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--Jan. 16, 2002

mPower, a leading provider of online investment advice and solutions to consumers and financial services companies, today announced the appointment of David Goerz as chief investment officer, effective immediately. With more than 15 years experience in investment management and operations research, Goerz will lead and enhance mPower's investment policies and strategies to best serve the company's rapidly growing base of financial advice customers and expanding solutions offerings.

Goerz comes to mPower from Wellington Management Company, one of America's oldest and largest independent investment management firms, where he was vice president and director of Global Asset Allocation Research. In addition to being a portfolio manager at Wellington, Goerz led research and development of quantitative-return forecasting models and portfolio management strategies to evaluate stock, bond and currency markets in 15 developed countries worldwide.

Andrew Huddart, president and CEO of mPower, said, "David is a perfect fit for mPower, particularly at this important stage in our company's development. Not only does he have extensive, real-world experience managing money, he also possesses a deep technical expertise in developing leading-edge financial management products. It's quite a unique combination of experience and skills -- one that will surely help mPower build upon its record of consistently delivering high quality advice to individual investors as well as our growing base of financial solutions customers. Given his track record and exceptional leadership in past positions, I have no doubt he will add tremendous value for mPower, our members, our clients, and our partners."

"Expanding the reach of high-quality and affordable investment advice is among the most critical and compelling initiatives within the financial services arena," said Goerz. "mPower's been doing it successfully in the retirement market since 1997, and is uniquely positioned to service much broader markets moving forward." On joining the online advice pioneer and industry leader, Goerz added, "The cohesiveness and passion of the mPower team is impressive. I'm very pleased to be part of an organization that is dedicated to delivering such a valuable and necessary service, and I look forward to building on the success that's put mPower in a position of leadership within the online advice space."

Before joining Wellington in 1995, Goerz was senior vice president and senior investment strategist at TSA Capital Management, where he spearheaded research and development for the company's global tactical asset allocation and quantitative equity strategies, and had management responsibility for trading and research groups. Goerz also served as a senior quantitative analyst at ARCO Investment Management Company, where he developed the company's global asset allocation forecasting models and portfolio management system. He received his BS degree in Applied Mathematics from the University of California at Los Angeles, and has a Masters degree in Operations Research Engineering from Stanford University.

The addition of Goerz to mPower's senior management team adds to a growing list of strategic moves undertaken by the firm over the past several months. mPower recently launched its fifth-generation online product -- mPower Personal Advisor -- further elevating the industry standard with the most comprehensive, effective and user-friendly financial advisory service available. In demonstrating its growing market momentum, mPower also expanded its blue chip roster of customers and partners by signing up leading corporations such as Guardian Life, Securian Retirement Services, The Chicago Trust Company, Lincoln Financial Group, Ohio National Financial Services, and Public Service Enterprise Group (PSEG).

In addition, through a strategic partnership with Microsoft, mPower was named the exclusive financial advice partner for CNBC on MSN Money (http://moneycentral.msn.com/retire/planner.asp), the Internet's new personal financial "mega site."

Backed by strategic investors Reuters and Standard & Poor's, among others, the firm is currently implementing mPower Personal Advisor for several Fortune 500 clients and anticipates making formal announcements in the near future.

About mPower

Founded in 1995, mPower Advisors, L.L.C., (http://www.mpower.com), a federally registered investment advisor, was the first to offer affordable, online investment advice to defined-contribution plan participants, and remains a leading provider in this field. mPower's website also features the mPower Cafe, which offers award-winning investment education and information to help individual investors learn more about defined contribution plans, including the 401(k), 457 and 403(b) plans, and Individual Retirement Accounts (IRAs).