Fresh off the heels of a similar announcement involving ADP, Financial Engines said Thursday it has “significantly expanded” its relationship with investment giant T. Rowe Price. T. Rowe will now offer Financial Engines’ suite of advisory services and “deliver an improved user experience to plan participants who have T. Rowe Price as their recordkeeper.”
Robo advisor Financial Engines, the brainchild of Nobel laureate Bill Sharpe of Sharpe Ratio fame, claims to be the nation’s largest RIA.
“As the demand for independent advisory services grows, we are excited to offer a best-in-class integration enabling us to deliver a broader set of services to participants and take our longstanding relationship to the next level,” John Bunch, executive vice president and chief operating officer at Financial Engines, said in a statement. “Together, we’re bringing high-quality, independent financial help and an elevated user experience to more of T. Rowe Price’s recordkeeping clients, allowing us to help more people reach their financial goals.”
Under the expanded agreement, Financial Engines can deliver its full suite of advisory services to T. Rowe Price plan sponsor clients. In addition to Online Advice and Professional Management, the expanded services now include:
- Personal Advisor—personalized professional management for all accounts (401(k), IRA and taxable accounts), comprehensive financial planning and a dedicated advisor, available by phone or in-person at 140-plus advisor centers nationwide;
- Retirement income—including Income+, Financial Engines’ leading in-plan retirement income planning solution designed for 401(k) participants and Social Security claiming guidance through Financial Engines’ well-regarded Social Security Planner; and
- Financial Guidance and Wellness—education and digital content to complement programs offered by T. Rowe Price, including Financial Engines’ new college and healthcare expense planners.
The companies note the expanded relationship is already helping companies, such as KLM Royal Dutch Airlines, broaden the financial help and services available to their plan participants.
“T. Rowe Price is committed to providing excellence to our growing list of plan sponsor clients and to all of their plan participants,” added Andy Heiges, group manager for retirement income and advice for T. Rowe Price. “Our expanded relationship with Financial Engines strengthens the help we can deliver to our participants by combining independent, comprehensive advisory services, a powerful online client experience, and the personal attention of a dedicated advisor.”
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.
