New guidelines provide greater protections for American retirement
SUNNYVALE, Calif.--(BUSINESS WIRE)--Apr. 6, 2016--
Financial Engines (NASDAQ:FNGN), America’s largest independent
registered investment advisor1, applauds the United States
Department of Labor (DOL) on its release of the “conflict of interest
The much-anticipated rule-- also commonly referred to as the fiduciary
rule-- requires investment advisors providing retirement advice to serve
as fiduciaries and place their clients’ interests ahead of their own.
The rule is expected to provide greater protections to retirement
investors and to clarify the standards advisors must follow when
providing advisory services to 401(k) participants.
Financial Engines has been a strong supporter of the conflict of
interest rule, with its chief investment officer Christopher Jones
providing formal testimony
to the U.S. Senate Committee on Health, Education, Labor & Pensions
(HELP) during public hearings on the proposal in 2015. Jones was invited
to participate on a panel for the official announcement
of the rule at the Center for American Progress in Washington, D.C. on
“The new conflict of interest rule is an important step forward in our
nation’s retirement security and has the potential to positively impact
retirement investors, regardless of their wealth or investing
experience,” said Larry Raffone, president and chief executive officer
of Financial Engines. “Financial Engines has always believed that it is
not only possible, but absolutely necessary, for retirement advisors to
provide un-conflicted advice and guidance to their clients. That’s why
we’ve made a point of operating as a fiduciary for our clients since
founding 20 years ago.”
In anticipation of the DOL’s ruling, Financial Engines recently released
results of a survey
indicating that the majority of Americans (73 percent) feel it is very
important that all financial advisors be legally required to uphold this
fiduciary standard, among other findings.
About Financial Engines
Financial Engines is America’s largest independent investment advisor.
We help people make the most of their money by providing full-service
financial planning, including professional investment management and
advice. Headquartered in Sunnyvale, CA, Financial Engines was co-founded
in 1996 by Nobel Prize-winning economist William F. Sharpe. We serve as
a comprehensive financial advisor for our workplace customers, and offer
help to more than nine million people across over 670 companies
(including 143 of the Fortune 500). Our unique approach, combined with
powerful online services, dedicated advisors and personal attention,
promotes greater financial wellness and helps more Americans to meet
their financial goals.
For more information, please visit www.financialengines.com.
All advisory services provided by our investment advisory subsidiaries,
including Financial Engines Advisors L.L.C. and a nationwide system of
registered investment advisors known as The Mutual Fund Store. Financial
Engines does not guarantee future results.
This press release contains forward-looking statements, including
statements regarding the use of professional investment and financial
planning help, which involve risks and uncertainties that could cause
actual results to differ materially. These risks and uncertainties are
outlined in our SEC filings. You are cautioned not to unduly rely on
these forward-looking statements, which speak only as of the date of
this press release. Unless required by law, Financial Engines undertakes
no obligation to publicly revise any forward-looking statement to
reflect circumstances or events after the date of this press release or
to report the occurrence of unanticipated events.
1 For independence methodology and ranking, see
InvestmentNews Center (http://data.investmentnews.com/ria/).
View source version on businesswire.com: http://www.businesswire.com/news/home/20160406006241/en/
Source: Financial Engines
Mike Jurs, 408-498-6590
Gardell Kreuter, 646-428-0618