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TeamVest Inc. wants to make its fortune by managing the fortunes of the little guy with a simple, straightforward message: We're on your side.
The Charlotte company has targeted the "average investor" with $25,000 to $250,000 in assets who has a 401(k) plan, retirement goals and yet isn't comfortable making investments on his or her own.
TeamVest sells advice. It doesn't sell investment products.
Solomon SmithBarney consultant Greg Leekley started the company in 1993 as an advisory service for the burgeoning 401(k) market.
Through the years, Leekley has expanded the company's 401(k) advice by adding online services, telephone consulting and wireless access via handheld computers.
A year ago, TeamVest signed an agreement to offer its 401(k) advice through Quicken.com, a Web site tied to Intuit Inc.'s popular Quicken software. Through that site, 8 million visitors a year have access to TeamVest's advice for free. Additional TeamVest services, including portfolio monitoring and asset management, will be added through the site in coming months for a fee.
The Quicken connection also led to the hiring of Intuit executive Victor Esclamado, as TeamVest president in March.
While 40l(k) remains the cornerstone of TeamVest's business, the company has expanded its services to offer comprehensive investment advice to a growing - and often underserved group of investors. Rather than offering advice as a sideline to selling stocks or bonds, TeamVest sells its advice without ties to a...