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Financial Engines plans to leverage its captive customer base of 10m American workers to offer advice on all aspects of their financial existence. For an additional fee of ~50bps, middle class workers will be assigned their own personal adviser at the firms newly branded Financial Engines Advisor Center.
“In a group setting, you can’t solve an individual’s problems in the same way you could if someone is sitting down across the table,” said Jason Roberts, CEO of the Pension Resource Institute, a firm that helps companies manage retirement plans. That’s why Roberts thinks “financial planning solutions” are the “next wave of benefits that plan sponsors will seek to offer to employees.” This is where Raffone wants to come in.
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