Financial Engines (NASDAQ:FNGN), America’s largest independent
registered investment advisor1, today announced the
appointment of Lawrence M. Raffone, age 51, as chief executive officer,
effective January 1, 2015. Raffone, who currently serves as Financial
Engines’ president, will succeed Jeffrey N. Maggioncalda, age 45, who
has served in the role since the company’s founding in 1996.
Maggioncalda will also step down from the Board of Directors on December
31, 2014, but will continue to serve as an advisor to the company under
Raffone’s direction during 2015. Raffone will join the Board of
Directors on January 1, 2015.
“On behalf of the Board of Directors, I would like to congratulate Larry
on this appointment and thank Jeff for his extraordinary contributions
building Financial Engines for the past 18 years. Jeff’s intellect,
dedication and passionate leadership has made Financial Engines what it
is today – the market leader in providing retirement help for life for
millions of American workers,” said Paul Koontz, chairman, Financial
Engines Board of Directors. “Larry is an accomplished executive with
proven strategic and operational expertise and has been the architect of
our distribution strategy that has led to our impressive growth. He has
always been a visionary and has revolutionized an industry with our
technology and services. As president, Larry has proven that he is the
right person to lead Financial Engines into the future.”
“It was a rare opportunity to work with one of my heroes, Bill Sharpe,
to build a company that has helped change the lives of millions of
people,” said Jeff Maggioncalda, chief executive officer of Financial
Engines. “What we have accomplished in the past 18 years – becoming
America’s largest independent registered investment advisor managing
over $100 billion in assets – is beyond what I expected, and I am
extremely proud of the genius in our products, the number of people we
have helped, and the extraordinary, diverse team at Financial Engines
who has made that happen. After 18 years at Financial Engines, and
seeing Larry lead as president for the past 2 years, I have complete
confidence that the company is poised for the next stage of growth.”
“It is a privilege to succeed Jeff as CEO of Financial Engines,” said
Larry Raffone, president of Financial Engines. “I strongly believe in
our purpose to provide our customers with the retirement help they
deserve and as CEO will see that we continue to fulfill it for many
years to come. Jeff’s vision and energy have helped Financial Engines
become the market leader in retirement help, providing real benefits to
millions of Americans. I’m 100% confident that we will continue to
succeed because we have the best people, the right leaders and a bold
strategy for growth in place. We will continue to expand our service
offerings to help more people and create value for our stockholders. We
are committed to customers, employees and shareholders, all of whom are
critical to the long-term success of Financial Engines.”
Raffone was appointed president of Financial Engines in 2012. He joined
Financial Engines in 2001 as executive vice president, distribution and
institutional services. Prior to joining Financial Engines, Raffone
served as the executive vice president of Fidelity Investments’
Institutional Brokerage Group, a division of Fidelity Investments, from
January 1988 to January 2001. He received a master’s in business
administration from Babson College and a bachelor’s degree in marketing
from Bryant University.
The Company will provide Q3 financial results during its upcoming
earnings announcement on November 6, 2014.
About Financial Engines: (NASDAQ: FNGN)
Financial Engines is the America’s largest independent investment advisor[1].
We help people make the most of their retirement assets by providing
professional investment management and advice.
Headquartered in Sunnyvale, CA, Financial Engines was co-founded in 1996
by Nobel Prize-winning economist Bill Sharpe. Today, we offer retirement
help to more than nine million employees across 580+ companies
nationwide (including more than 140 of the Fortune 500). Our investment
methodology, combined with powerful online services, dedicated advisor
center and personal attention allow us to help more Americans get on the
path to a secure retirement.
For more information, visit www.financialengines.com.
Advisory and sub- advisory services provided by Financial Engines
Advisors, L.L.C., a federally registered investment advisor and
wholly-owned subsidiary of Financial Engines, Inc. Financial Engines
does not guarantee future results.
Forward-Looking Statements
This press release contains forward-looking statements, including
statements regarding our growth and growth opportunities; future
success; strategy; trends impacting our business; our competitive
position; anticipated benefits, success and impact of our services;
anticipated future expansion of our products and services; long-term
objectives; and use of professional investment and financial planning
help. These forward-looking statements involve risks and uncertainties
that could cause actual results to differ materially, including risks,
uncertainties and other factors contained in our Form 10-K for the year
ended December 31, 2013, as filed with the SEC, and in other reports we
file with the SEC from time to time. You are cautioned not to unduly
rely on these forward-looking statements, which speak only as of the
date of this press release. All information in this press release and
its attachments is as of the date stated or November 6, 2014 and 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
RIA Data Center. (http://data.investmentnews.com/ria/).
Copyright Business Wire 2014