E*Trade and
Ernst & Young have selected
Financial Engines to provide the advice technology for their eAdvisor joint venture. The venture, which was formed in May, targets the online brokers three million account holders and businesses. The service, which is scheduled for a launch by the end of the year, will provide online and "real world" advice to individuals on which specific mutual funds they should invest in.
eAdvisor will use Financial Engines Advice Server platform has been selected to provide the technology behind its electronic advisory service. The service is will address financial planning needs and life events, such as funding a child's education, providing for elder-care, preparing for retirement, buying a house, and tax, estate and insurance planning, according to E*Trade. It will use the Financial Engines Advice Server to provide customers with specific, personalized mutual fund recommendations for both tax-deferred accounts, such as 401(k)s and IRAs, and taxable accounts.
"eAdvisor is committed to giving customers the unique opportunity to access personalized, online financial advice and to work directly with Ernst & Young financial counselors over the phone and in person," said Amy Errett, acting CEO of eAdvisor and president of E*Trades Asset Gathering unit. "Financial Engines' technology will be a fundamental building block in eAdvisor's effort to deliver high quality advice to its customers."  
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