I'm new to financial planning. I am interested in utilizing the Financial Engines services, but have a question about security. In the process of setting up an online account with Financial Engines, they want access to any additional retirement accounts I have outside of the company in order to have a more comprehensive picture. In order to do that, they are asking me to enter my username and password for each online account. Everything I've ever been taught to this point says that I am not suppose give out this information. They also say that they would only have read-only access (despite my giving them my username and password).
For anyone experienced with financial planners, is giving the above information normal/acceptable from a security perspective? How will they have read-only access when they have the ability to login as if they were me?
Sorry to sound paranoid, but this is a new area for me, and I don't care to have my retirement security compromised.
Thanks in advance.
For anyone experienced with financial planners, is giving the above information normal/acceptable from a security perspective? How will they have read-only access when they have the ability to login as if they were me?
Sorry to sound paranoid, but this is a new area for me, and I don't care to have my retirement security compromised.
Thanks in advance.