Financial Answers Network Inc., Boston, in partnership with the Institute of Financial Planners, offers defined contribution plan participants financial advice from as many as 10,000 certified financial planners.
The fee is $18 a month, for a year at a time; cost is shared by the employer.
Five sponsors use the program now, including Data Translation Inc., Marlborough, Mass., and Hastings Tapley Insurance Agency, Cambridge, Mass.
FAN surveys each participant about savings goals and risk tolerance. Acumen Financial Inc., Boston, uses the survey to identify retirement objectives and devises an investment plan. Participants then are matched with a local financial planner.
Participants get four 45-minute personal meetings per year and unlimited telephone access to the planner, access to other resources and a subscription to a financial planning newsletter.
Eric Gershman, president of FAN, said none of the CFPs in the network has ties to vendors of retirement services.
