Financial Engines, the nation’s largest independent registered investment advisor, is now delivering online managed account services to more than 9 million participants in more than 600 defined contribution plans, with total in-plan assets exceeding $1 trillion.
The Sunnyvale, California-based company, which began offering managed account options to plan sponsors in 2004, now has a presence in 144 of the Fortune 500’s defined contribution plans.
“Companies hire us for the retirement results we provide employees, our non-conflicted advice, and our deep integration with the nation’s leading recordkeepers,” Lawrence Raffone, president and CEO of Financial Engines, said in announcing the milestone.
Raffone replaced Jeffrey Maggioncalda as CEO last year. Maggioncalda founded the company with William Sharpe, a noble laureate.
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According to the Plan Sponsor Council of America, 36 percent of employers offered managed accounts in 2012, up from 25 percent in 2005.