San Diego based BrightScope, which launched earlier this year, helps people understand their 401k retirement plans and how to maximize the benefits.
That’s a much needed service: the company says 30% of workers don’t participate at all in their company 401k programs. 22% don’t contribute enough to maximize matching benefits from companies, and 80% of workers have no idea how much they’re paying in 401k administrative and other fees. BrightScope shines a light on all that and helps people take better advantage of these programs.
The company has raised a $2 million second round of financing, led by Steelpoint Capital Partners, to continue to build out the service.
Jim Cacavo from Steelpoint and Tim Tokarsky are joining the company’s board of directors.
Wow, great site. My previous employer was a 58.
wow thats a really nice site. They did a good job with this one.
I wonder what their plan is to monetize the site?
Monetizing is easy, the financial industry has among the highest incentives and affiliate programs out there. These programs are very profitable for all involved if you can gain traction.
Jon @ WoodMarvels.com
wow thats a really nice site. They did a good job.
nice.
information retrieval, and data mining is the science of the future.
80 and 77
the bigger a search box is on a website, the crappier the service
80% of employees ask the person in the cubicle next to them how to fill out there 401k form…
Why would anyone want to inform the sheeples about how much money they are wasting? It’s not like they can do anything about it. My company has a “Retirement Investment Review Committee” that has a bunch of “executives” but no one that understands investment finance (even the ones with MBAs – go figure). When asked why our 401k programs dont offer ETFs, their response was: A. What are these “ETF” things you speak of?, and B. Our plan advisor, ING consults with us on the selection of funds. They do this professionally, so you shouldn’t worry.
The 401K market is the next market that will enter a calamitous state and the news will run around with their hair on fire and people will demand reforms and the politicians will make a lot of sound and fury that…wait for it…amounts to nothing.
Let’s not upset the matrix, shall we? The rich don’t want their wealth extraction mechanisms disturbed.
And really, what value does one get by telling the stupid that they are in fact stupid?
Isn’t this the same thing Financial Engines does (poorly)?