|Market Downturn Drives More Employees to Seek Retirement Help From Financial Engines|
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Employer Demand for Financial Engines’ Advisory Services Grows 33% in 2008
PALO ALTO, Calif., March 25, 2009 – Financial Engines, a leading provider of retirement help, today announced increased usage of its services in 2008 as more retirement plan participants turned to their services for help during the market turbulence. New managed account enrollments increased by more than 40%, calls to the Financial Engines Advisor Center spiked more than 50% and usage of online advice increased by 52% in 2008 compared to 2007.* As of December 31, 2008, Financial Engines managed more than $15.7 billion in assets on behalf of retirement plan participants.
"One thing is clear, America's workers are scared about the current market turmoil and are looking for a helping hand," said Jeff Maggioncalda, president and CEO of Financial Engines. "The days of expecting people to go-it-alone when planning for retirement are over. As a nation, we owe it to participants to give them professional and independent retirement help."
In 2008, plan sponsors hiring Financial Engines to provide retirement help to their employees increased by 33% and represented more than a million participants. Financial Engines also continued its commitment to large plan sponsors and their employees in 2008. New employers working with the company to provide advice and professional management have an average of 13,000 plan participants.
"The current market downturn and the demand for advisory services strengthen our resolve to give everyone the retirement help they deserve," continued Maggioncalda. "Employees can expect more from us in 2009. We will be helping them with even more of their retirement planning questions, and addressing not only investing but also savings and retirement income."
About Financial Engines:
Financial Engines is a leading independent investment advisor committed to providing everyone the trusted retirement help they deserve. The company helps investors with their total retirement picture by offering personalized retirement plans for saving, investment, and retirement income. To meet the needs of different investors, Financial Engines offers both online advice and professional management. Cofounded in 1996 by Nobel Prize-winning economist Bill Sharpe, Financial Engines works with America's leading employers and retirement plan providers to make retirement help available to millions of American workers. For more information, please visit www.financialengines.com.
* Certain data provided reflects advised and subadvised services.