Edelman Financial Engines has improved access to fiduciary advice for small and medium-sized companies. Edelman Financial Engines Retirement & Employee Planning Solutions have been introduced by the company.
The new retirement program for the workplace involves several services offered on an integrated platform. This retirement program is now accessible via ADP, a well-known payroll services provider. Some of the services provided include institutional-quality investment management and 3(38) investment management services. Plan consultation and customized financial advice are also provided.
According to EFE, the product reinforces its decades-old tradition of providing independent financial advice. The company has been advising on finance for four decades now. Hence, the new service builds upon the firm’s existing competencies in advising more employers and their employees.
The smaller and medium-sized organizations nowadays see financial well-being benefits as significant. Such benefits allow organizations to recruit and keep good employees. But smaller employers usually have fewer resources available.
They also do not possess the necessary competencies to manage the responsibilities of retirement plans. This solution solves the problem in one comprehensive retirement program.
Organizations get one team and one transparent fee under the solution. Employees, meanwhile, get fiduciary advice at no additional cost.
Expanded Retirement Planning and Financial Advice
“This offering is a continuation of our mission to improve financial outcomes for retirement savers and American families through personalized advice. We’re meeting people where their financial journey begins, and working with them as they build wealth through their employer sponsored retirement plan,” said Ralph Haberli, CEO and President of Edelman Financial Engines. “Together with ADP, we are bringing the full depth of what EFE does to millions of employees who have never had access to it before. That is what this firm was built for.”.
EFE has offered financial wellness and advisory services through ADP since 2018. The new service now expands that relationship with a broader retirement solution.
“EFE financial wellness and advisory services have been available to employees in eligible workplace retirement plans through the ADP platform since 2018,” said Chris Magno, Senior Vice President and General Manager of ADP Retirement Services. “The new service expands that relationship by delivering a more comprehensive retirement solution purpose-built for small and mid-sized businesses, offered in combination with the full-service recordkeeping, payroll integration, and plan administration capabilities of ADP.”.
The service is also an integration of ADP’s recordkeeping and payroll integration expertise. Plan administration and broader retirement assistance services are also included in the EFE offering.
EFE is able to take up 3(38) investment fiduciary responsibilities for the plan and individual participants. The firm has the authority to choose and monitor investments.
Plan consultations and support services are provided to participating firms. Individual consultations can be provided to the employees under the program as well.
Employees also get access to licensed telephone advisors who have an average of 10 years of experience in the industry. Planning tools can also help in getting online assistance.
Edelman Financial Engines, founded in 1986, caters to about 600 big firms. The company manages over $300 billion in assets.
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News Source: Businesswire
