Edelman Financial Engines Introduces Comprehensive Retirement Solution for Small and Mid-Sized Businesses
Edelman Financial Engines (EFE), one of the nation’s leading independent registered investment advisors, has launched a new integrated workplace retirement offering designed specifically for small and mid-sized businesses and their employees. The new solution, Edelman Financial Engines Retirement & Employee Planning Solutions, combines retirement plan services, institutional-quality investment management, fiduciary oversight, plan consulting and personalized financial advice within a single coordinated platform.
The offering is now available through ADP, a major provider of payroll, human capital management and retirement services. By combining EFE’s investment and financial planning capabilities with ADP’s established workplace infrastructure, the companies aim to make sophisticated retirement planning and fiduciary advice more accessible to employees of businesses that may not have historically had the resources to provide comprehensive financial benefits.
The launch represents an expansion of EFE’s long-standing mission to make high-quality, independent financial advice available to a broader population. For decades, the firm has focused on helping individuals make informed financial decisions throughout their working lives and into retirement. The new offering extends that approach to employees whose primary connection to financial planning may be through an employer-sponsored retirement plan.
Expanding Access to Independent Financial Advice
Access to professional financial advice has traditionally varied significantly depending on the size of an employer and the resources available to its retirement benefits program. Larger companies often have the scale to provide employees with investment management, retirement planning, financial wellness programs and personalized advisory services. Smaller employers, however, may face greater challenges when attempting to provide similar benefits.
EFE’s new solution is designed to address that gap by bringing together multiple retirement and financial planning services under one coordinated offering. Business owners can receive support for investment management, fiduciary responsibilities and plan consulting while their employees gain access to personalized financial guidance.
The solution includes EFE’s institutional-grade investment management capabilities, 3(38) investment management services, plan consulting and individualized financial advice for retirement plan participants. The combination is intended to simplify retirement plan management for employers while improving the financial planning resources available to employees.
The initiative is also designed to reduce complexity for business owners. Rather than coordinating multiple providers for investment oversight, retirement planning and employee financial advice, employers can work with one integrated team through the EFE and ADP relationship.
Addressing the Needs of Small and Mid-Sized Employers
Small and mid-sized businesses employ a substantial portion of the American workforce, making them an important segment of the retirement savings market. Many employers in this category recognize that competitive retirement and financial wellness benefits can play a significant role in recruiting and retaining employees.
At the same time, operating a retirement plan can require significant administrative attention and fiduciary oversight. Business owners may not have dedicated internal teams responsible for evaluating investments, monitoring plan performance, understanding fiduciary obligations or providing employees with financial education and advice.
EFE’s new solution is intended to help address those challenges by providing employers with a coordinated retirement offering. The company says the solution gives business owners one team, a transparent fee structure and an integrated approach to retirement plan management.
For employees, the offering is intended to provide access to fiduciary advice and financial planning capabilities that have historically been more common among larger workplace retirement programs. Employees can receive personalized support as they make decisions about retirement savings, investments and broader financial planning.
According to EFE, the employee-facing advisory services are available at no additional direct cost to participating employees.
Fiduciary Investment Management and Plan Support
One of the central components of the new offering is EFE’s ability to assume 3(38) investment fiduciary responsibility. Under this arrangement, EFE can take responsibility for selecting and monitoring investments for a retirement plan, helping employers address one of the more complex elements of plan management.
The service extends beyond investment selection. EFE can also provide plan consulting and assistance, allowing employers to receive guidance as they manage their workplace retirement programs.
At the participant level, employees can receive one-on-one discretionary advisory services designed around their individual financial circumstances. This creates a more personalized approach than simply providing employees with access to a standard menu of retirement investments.
The combination of plan-level fiduciary investment management and participant-level advice is intended to create a more connected experience. Employers receive professional investment oversight, while employees receive support designed to help them make more informed decisions about their own financial futures.
Personalized Support Through Licensed Advisors
Another key element of the offering is direct access to EFE’s financial advisors. Employees will have unlimited access to phone-based licensed advisors who, according to the company, average approximately 10 years of industry experience.
This human support is complemented by digital financial planning tools that employees can access on demand. The combination of live advisor assistance and digital planning resources is designed to accommodate different preferences and financial planning needs.
For employees who may be uncertain about how much to save, how to allocate retirement contributions or how their workplace retirement account fits into their broader financial situation, access to professional guidance can provide an additional layer of support.
EFE’s approach is based on the idea that retirement planning should not be treated as an isolated investment decision. Instead, retirement savings can be considered as part of a broader financial journey that includes building wealth, managing competing financial priorities and preparing for long-term financial security.
Building on a Long-Standing ADP Relationship
The launch also expands an existing relationship between EFE and ADP. According to ADP, EFE’s financial wellness and advisory services have been available to employees participating in eligible workplace retirement plans through the ADP platform since 2018.
The new offering broadens that relationship by providing a more comprehensive retirement solution specifically designed for small and mid-sized businesses.
Chris Magno, Senior Vice President and General Manager of ADP Retirement Services, said the expanded relationship combines EFE’s financial wellness and advisory capabilities with ADP’s recordkeeping, payroll integration and plan administration services.
The integration is intended to create a more streamlined experience for employers. Payroll and retirement plan administration can be connected through ADP, while EFE provides investment management, fiduciary support and financial advice.
For businesses with limited internal resources, the ability to combine these capabilities could help reduce the operational burden associated with managing retirement benefits while providing employees with broader financial support.
Making the Workplace a Gateway to Financial Planning
EFE has spent decades developing workplace retirement and financial planning services. Founded in 1986, the firm has established a significant presence in employer-sponsored retirement programs and has positioned the workplace as an important entry point for employees seeking financial guidance.
The company currently serves nearly 600 of the largest employers in the United States and manages more than $300 billion in assets across its workplace and direct wealth management businesses.
The new small and mid-sized business offering extends this workplace strategy to a broader employer segment. Instead of limiting sophisticated financial planning capabilities to organizations with large retirement plans, EFE is seeking to make those services available to businesses with different levels of scale.
The approach reflects a broader evolution in employer-sponsored financial benefits. Retirement plans are increasingly viewed not simply as savings vehicles but as part of a broader employee financial wellness strategy.
Helping Employees Navigate Their Financial Journeys
For employees, the value of an integrated retirement solution extends beyond selecting investments. Workers face a range of financial decisions throughout their careers, from determining how much to contribute to a retirement account to managing other financial priorities.
Personalized financial advice can help employees understand how their retirement savings fit into their overall financial plans. Access to advisors can also provide an opportunity for workers to ask questions and receive guidance based on their individual circumstances.
EFE’s model combines these personalized interactions with digital tools, allowing employees to access financial planning resources when they need them.
The company’s leadership has emphasized that expanding access to this type of advice is central to its mission. Ralph Haberli, CEO and President of Edelman Financial Engines, said the new offering is intended to improve financial outcomes for retirement savers and American families by providing personalized advice at the point where many people begin building long-term wealth: the workplace.
A Broader Approach to Workplace Retirement Benefits
The introduction of Edelman Financial Engines Retirement & Employee Planning Solutions comes at a time when employers are placing greater emphasis on the overall financial well-being of their workforces.
For many companies, retirement benefits remain an important part of employee compensation. However, the effectiveness of a retirement plan can depend not only on the investments available but also on whether employees understand how to use the plan effectively.
By combining investment management, fiduciary services, plan consulting and individualized advice, EFE is positioning its new solution as a comprehensive alternative to fragmented retirement services.
The partnership with ADP further strengthens that approach by combining financial advice and investment capabilities with payroll, recordkeeping and retirement administration services.
EFE’s latest initiative reflects its broader effort to expand access to professional financial advice. Small and mid-sized businesses frequently face resource constraints that can make it difficult to offer the same depth of retirement and financial wellness services available at larger companies.
The new integrated solution is designed to address that challenge by bringing together employer and employee services through a single coordinated framework.
For employers, the offering can provide investment oversight, fiduciary support, consulting and retirement plan administration through an integrated relationship. For employees, it provides access to personalized advice, licensed financial professionals and digital planning tools.
By extending its capabilities to a broader segment of employers, Edelman Financial Engines is seeking to make workplace retirement planning more comprehensive and accessible. The collaboration with ADP provides the infrastructure to deliver these services alongside established payroll and retirement administration capabilities.
Ultimately, the new offering reinforces EFE’s long-term focus on connecting workplace retirement savings with broader financial planning. As employees increasingly seek greater support in managing their financial futures, integrated retirement solutions that combine professional investment management with personalized advice could play an increasingly important role in helping workers prepare for retirement and build long-term financial security.
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