SUNNYVALE, Calif.--(BUSINESS WIRE)--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 rule.”
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 Wednesday.
“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/).