MINNEAPOLIS - Applied Learning Systems, an educational and training software development company, has written an investment education program for plan participants that is easily customized with company-specific plan information.
It was developed in conjunction with Tom Fee, a financial planner with Vector Financial Network, also of Minneapolis.
The program, called Mastery Point, is unusual because it can be customized. During installation, the plan sponsor or its consultant enters specific plan details. Applied Learning then integrates the company-specific information into a generic interactive program.
An employee is guided through the need to save for retirement, to investment basics, through an individualized investment profile, and ultimately is given a suggested asset allocation matching his or her goals and risk tolerance. The suggested asset allocation breaks out the percentages an employee should direct to the actual funds offered by the plan.
Most other investment education software only suggests broad asset class allocations.
Rich Kelley, vice president of marketing at Applied Learning, said Mastery Point already is being offered by several consultants. In addition, plan sponsors can work directly with Applied Learning to license and customize the software.
The annual fee for a value-added reseller license for the software is about $1,000. Cost to a plan sponsor working directly with Applied Learning will be calculated on a per participant basis and will be dependent upon the number of sites, diskettes and workbooks needed.