Edelman Financial Engines Announces Ric Edelman’s Transition to Advisory Role

BOSTON–(BUSINESS WIRE)–Edelman Financial Engines today announced that founder Ric Edelman will transition at the end of the year from his role as Chairman, Financial Education and Client Experience. In the new year, Edelman will serve as a strategic advisor to the firm while remaining on the Board of Directors. He also continues to be the firm’s largest individual shareholder.

Since founding Edelman Financial Services with his wife Jean in 1986, Edelman has never wavered in his commitment to improving the financial futures of millions of American consumers. Edelman is a pioneer in financial education, a #1 New York Times bestselling author of ten books on personal finance, and he twice received “book of the year” awards from the Institute for Financial Literacy.¹ He has hosted The Ric Edelman Show for 29 years, reaching millions of listeners and has been named six times among the top 100 “most important radio talk show hosts in America” by TALKERS magazine.²

Along the way, Edelman has become the most highly acclaimed financial advisor in the country, having been named in 2016 among the country’s Top 10 Wealth Advisors by Forbes magazine³ and the nation’s #1 Independent Financial Advisor three times by Barron’s.⁴InvestmentNews⁵, RIABIZ and Investment Advisor magazines have all named Edelman among the most influential thought leaders in the financial planning industry and Barron’s added Edelman to its Financial Advisors Hall of Fame.⁶

In 2018, Edelman Financial Services merged with Financial Engines to create the nation’s largest independent financial planning and investment management firm. The company has completed its integration, successfully navigated the pandemic and grown to serve 1.3 million clients, managing $270 billion in client assets. In March, the firm announced a strategic investment from Warburg Pincus, who joins lead investor Hellman & Friedman to power the firm’s next stage of growth.

“Jean and I have decided the time is right for us to start our next chapter,” said Edelman. “With a team of talented and dedicated planners and staff, and an experienced and capable management team, we are confident in the firm’s future. We are grateful to our friends, colleagues and, most importantly, to our clients for their faith in us. And we are excited about our new ventures.”

“We believe every person deserves to achieve financial security, and nobody has done more to advance that mission than Ric and Jean Edelman,” said Larry Raffone, President & Chief Executive Officer of Edelman Financial Engines. “Ric and Jean have our deepest gratitude and support as they embark on this next chapter, and I look forward to Ric’s continued contributions to our clients and our industry.”

Edelman Financial Engines has begun efforts to identify a new host for its weekly radio show, continuing its decades-long commitment to financial education for the next generation of investors. The final episode under The Ric Edelman Show moniker will air this fall, and Ric will appear occasionally on the new program. He’ll also periodically write a column for the firm’s new client newsletter and attend client events.

“The philosophy developed by Ric, deployed across the firm’s nationwide network of locations and embraced by our 340 financial advisors is what sets Edelman Financial Engines apart in the RIA industry,” added Mr. Raffone. “We will continue to champion Ric’s legacy as we deliver on our mission to help millions of Americans reach their financial goals.”

About Edelman Financial Engines

Since 1986, Edelman Financial Engines has been committed to always acting in the best interest of our clients. We were founded on the belief that all investors – not just the wealthy – deserve access to personalized, comprehensive financial planning and investment advice. Today, we are America’s top independent financial planning and investment advisor, recognized by Barron’s⁷, with 150+ offices across the country and entrusted by 1.3 million clients to manage more than $270 billion in assets.⁸ Our unique approach to serving clients combines our advanced methodology and proprietary technology with the attention of a dedicated personal financial planner. Every client’s situation and goals are unique, and the powerful fusion of high-tech and high-touch allows Edelman Financial Engines to deliver the personal plan and financial confidence that everyone deserves.

¹ Excellence in Financial Literacy Education (EIFLE) Award for Lies About Money (2009) and Truth About Money (2011).

² TALKERS magazine “Heavy Hundred” ranking is based on a number of both quantitative and qualitative criteria and is determined by collective analysis of the TALKERS editorial board with input from a wide variety of industry leaders. Investor experience/returns were not considered as part of this ranking.

³ Forbes rankings are the opinion of SHOOK Research and are based on advisor interviews, client retention, industry experience, compliance record, assets under management and revenue generated for the firm. Investment performance is not considered. Advisors do not pay to be in the ranking.

⁴ Rankings for 2009, 2010 and 2012. Barron’s ranking has three major components: assets managed, revenue produced and quality of the advisor’s practice. Does not assess investment returns. Quality-of-practice component includes advisor regulatory record. Rankings based on universe of applications submitted through self-nomination to Barron’s.

⁵ The 2019 list was based on the opinions of the editors of InvestmentNews using the following definition as a guidepost: Those who have conceived new ideas and tools that have propelled the industry forward. Investor experience/returns were not considered.

⁶ 2019 Barron’s Hall of Fame advisers have been ranked for 10 or more years on the Barron’s Top 100 Financial Advisors list. Barron’s listings are based on data compiled by many of the nation’s most productive advisers, which has been submitted to and judged by Barron‘s. Key factors and criteria for each award include assets under management, revenue produce for the firm, regulatory and compliance record, and years of professional experience. This award is not indicative of this advisor‘s future performance.

⁷ The 2020 America’s Best RIA Firms Independent Advisory Firm Ranking issued by Barron’s is qualitative and quantitative, including assets managed, technology spending, staff diversity, succession planning, the size and experience of teams, and the regulatory records of the advisors and firms. Firms elect to participate but do not pay to be included in the ranking. Investor experience and returns are not considered.

⁸ Data as of 3/31/2021.

© 2021 Edelman Financial Engines, LLC. Edelman Financial Engines® is a registered trademark of Edelman Financial Engines, LLC. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed.