Mega-robo Financial Engines, founded by Nobel laureate Bill Sharpe and now a part of financial guru Ric Edelman’s empire, has teamed with benefits and payroll provider Alight Solutions to offer financial planning and investment management to employees of sponsors using Alight’s advisory services.
The deal includes access to dedicated financial planners.
“As employees’ financial lives continue to become more complex and uncertain, a growing number of employers are looking to provide more help to improve employees’ financial wellbeing,” Kelly O’Donnell, executive vice president and head of workplace at Edelman Financial Engines, said in a statement. “We are excited to broaden our relationship with Alight to bring even greater access to financial planners and investment management services in the workplace to help more employees enjoy a successful financial future.”
The relationship complements Alight’s “focus on connecting people’s financial realities and daily needs with their longer-term retirement and personal savings goals.”
The Illinois-based Alight quotes its own research to report that more than four out of five employers believe creating or expanding a financial wellbeing program enhances the overall employee experience and is the right thing to do for employees (83% and 81%, respectively).
The offering expands the existing advisory services for retirement plans delivered through Alight “by providing comprehensive, financial planning and investment management services, free of product conflict, to support employees with their personal finance decisions.”
Newly available services include:
- A dedicated financial planner who is available to work with employees as they prefer, whether in-person, over the phone or online;
- A personalized financial planning experience that establishes plans for employees to reach important goals;
- Institutional investment management for all the household’s accounts, including IRA and taxable accounts, “using a consistent investment methodology across all client assets wherever they are invested;”
- Tax optimization, including investment specific tax efficiency; and
- Onsite education and planner programs at the employer’s offices.
“Our goal is to support employees through education, guidance and advice to help them make informed decisions when it comes to their retirement and financial wellbeing,” added Cindy Shearer, vice president, financial services at Alight. “We are proud to partner with Financial Engines as we continue to provide employers with sophisticated tools and resources that help participants plan, save and invest smarter to secure their financial futures.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
