Close Close

Financial Planning > Behavioral Finance

ADP to Offer Financial Engines’ Advisory Services

Your article was successfully shared with the contacts you provided.

Financial Engines and ADP formed a new strategic relationship to offer Financial Engines’ advisory services to employers of all sizes.

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.

Financial Engines also offers income planning and Social Security claiming guidance. 

“This relationship enables us to provide unbiased financial help to employees who work for businesses of all sizes,” Bunch said in a statement. “It also enables us to build deeper relationships, especially through our Personal Advisor service.”

Financial Engines’ Personal Advisor service offers personalized professional management for all participant accounts (401(k), IRA and taxable accounts), comprehensive financial planning and a dedicated advisor.

Financial Engines’ services combined with the ADP financial wellness program may help employees more confidently manage their financial decisions and encourage employees to use best practices to better meet their retirement goals.

In addition, participants will have access to Financial Engines’ non-commission based Investment Advisor Representatives, as well as to independent online investment advice, and to ongoing financial wellness programs and education.

— Check out America’s Biggest 401(k) Advisor Has a Plan to Manage All of Your Money on ThinkAdvisor.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.