Financial Services Industry
Industry: Email Alert RSS FeedNOT SO PROFITABLE: Morningstar reduces goals for advice service; ClearFuture fails to meet revenue projections.(Brief Article)(Statistical Data Included)
Pensions & Investments, January, 2001 by Jacobius, Arleen
Chicago -- After only a year, Morningstar Inc. has jettisoned the business model for its online investment advice service for defined contribution plan participants and parted ways with the executive who was the service's biggest booster. The reason: ClearFuture was not earning what Morningstar executives thought it would, said John Rekenthaler, recently named president of Morningstar's online investment advice business unit.
He had been vice president of research, and replaced Jim Wironen, vice president of marketing, who had headed the unit until November. Although industry insiders set ClearFuture's 2000 revenue projections at between $10 million and $20 million, Mr. Rekenthaler said those numbers are too high for the service's first year of business....
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