PITTSBURGH -- Invesmart added defined contribution participant investment advice services from Morningstar Associates LLC to its web-based retirement platforms for plan sponsors.
Invesmart, Pittsburgh, is the first service provider or plan sponsor to use Morningstar's ClearFuture on a website, said Jim Wironen, president of Morningstar Retirement Services, Chicago.
Invesmart is a year-old company that has developed a line of web-based retirement platforms for plan sponsors with between $2 million and $10 million in assets, said company President Mark Gensheimer. The advice service went live May 1, he added.
Invesmart offers three online 401(k) plan platforms with different levels of service: advice, a 15-fund menu designed by Morningstar in which Invesmart shares fiduciary responsibility with the plan sponsor and the only platform that includes Morningstar's advice; choice, with about 200 funds; and flexible, with about 800 funds.