The new relationship will bring Financial Engines’ full suite of investment advisory services to ADP retirement plan clients.
It will also broaden ADP’s financial wellness capabilities that aim to help 401(k) participants better prepare for day-to-day expenses and for broader financial challenges.
As of Dec. 31, ADP had almost $70 billion in recordkept assets, more than 75,000 retirement plans and 1.8 million participants.
The Financial Engines offering on the ADP platform will launch in the summer.
According to John Bunch, executive vice president and chief operating officer at Financial Engines, the new partnership allows Financial Engines to expand its “ability to deliver financial help through the workplace and introduce directly a suite of financial wellness capabilities — including advisory services — to millions of employees.”
Included in Financial Engines’ direct advisory services for participants: personalized online savings and investment advice and retirement income services for employees who want to manage their retirement themselves, as well as a discretionary personalized management service for those who want to partner with and delegate the management of their retirement accounts to a professional.