Edelman Financial Engines financial advisors: what are the pros and cons?
Get a comprehensive overview of Edelman Financial Engines fees, services, pros and cons, and the technology it uses to help clients secure their financial future.
Summary
As of December 2023, Edelman Financial Engines had 1.3 million clients and total assets under management (AUM) of over $270 billion.
Edelman Financial Engines' average fee ranges from 0.5% to 1.75% annually, depending on the selected services and portfolio size.
Unbiased can help you find a qualified financial advisor for expert financial advice.
Edelman Financial Engines financial advisors: who are they?
Edelman Financial Engines is a prominent financial advisory firm in the United States.
The firm is known for its personalized approach to retirement planning and wealth management services. Ric and Jean Edelman co-founded it in 1986 when it was called Edelman Financial Services.
In 2005, they sold a majority stake of their firm to a holding company, which later merged with Financial Engines. Today, the firm is known as Edelman Financial Engines.
What does Edelman Financial Engines do?
Edelman Financial Engines comprises a team of seasoned professional advisors who provide tailored advice to help clients reach their financial goals.
Edelman Financial Engines advisors offer comprehensive financial planning, investment management, and retirement income solutions by combining technology with a personal touch to serve clients across various life stages.
What are the pros and cons of Edelman Financial Engines?
When considering the firm, it's important to consider the Edelman Financial Engines' benefits and cons.
Here are a few to consider:
Pros of Edelman Financial Engines:
Comprehensive retirement planning
Access to experienced financial advisors
Personalized investment strategies
Strong reputation and industry presence
Cons of Edelman Financial Engines:
Higher fees compared to some of its competitors
No in-person meetings at some locations.
What financial services do Edelman Financial Engines offer?
Edelman Financial Engines' financial services are designed to help clients direct their way to secure financial futures.
Their services include:
Retirement planning
Investment management
Wealth management
Financial planning
Edelman Financial Engines advisors specialize in creating personalized strategies to help clients ensure long-term financial security.
Their goal is to provide clients with peace of mind, knowing their financial future is in expert hands.
What fees do Edelman Financial Engines charge?
Edelman Financial Engines employs a wrap fee model for their services, which includes services specific to the program selected.
Edelman Financial Engines' cost model is personalized according to each client's investment criteria and goals. The wrap fee rate depends on the client's total assets under management, and the firm might negotiate these rates under special conditions.
Here's the client fee schedule for Edelman Financial Engines:
1.75% on the first $400,00 ($0 to $400,000)
1.25% if assets are between $400,000 and $750,000
1.00% if assets are between $750,000 and $1 million
0.75% on assets valued between $1 million and $3 million
0.60% on assets between $3 million and $10 million
0.50% on assets between $10 million and $25 million
Negotiable rate for over $25 million in assets
Clients might have to pay additional costs for services outside the fee model, like financial planning or personalized investment strategies. Edelman Financial Engines' costs are typically higher than those of its competitors, but clients benefit from customized service and a comprehensive service offering.
What technology do Edelman Financial Engines use?
Edelman Financial Engines leverages advanced technology to underpin its service offerings.
Its advisors use proprietary algorithms to create personalized financial plans and investment strategies tailored to each client's goals and risk tolerance.
Their online platform allows clients to track their progress, view account balances, and receive real-time updates on their investments.
Additionally, Edelman Financial Engines benefits those on the go, as it has an easy-to-access mobile app, ensuring clients can manage their finances anywhere and at any time. Edelman Financial Engines' integration of technology with human advisors helps deliver a well-rounded client experience.
Edelman Financial Engines security: is it secure?
Edelman Financial Engines takes security seriously. They employ industry-standard encryption to protect client data and ensure all transactions remain secure. Additionally, they stick to strict privacy policies and regulatory standards to safeguard personal and financial information.
The firm monitors its systems for potential threats and vulnerabilities, ensuring client accounts remain secure. With these robust security measures in place, clients can feel confident that their financial information is well-protected.
Do Edelman Financial Engines have good customer service?
Edelman Financial Engines reviews are mixed.
For instance, Barrons and Financial Times rate them highly, but Yelp reviews show clients' dissatisfaction through a low rating of 1.6/5.
The firm offers personalized support through a team of dedicated Edelman Financial Engines advisors at some of their centers. These advisors are available to answer questions and provide guidance. Clients can access support via phone, email, or through their online platform or app.
The firm is dedicated to providing timely and accurate assistance, helping clients easily navigate their financial plans. Reviews sometimes highlight their knowledgeable advisors and responsive service, making Edelman Financial Engines a reliable choice for those seeking financial and investment advice.
Get expert financial advice
Edelman Financial Engines offers personalized financial advice by leveraging technology and experienced advisors to help clients secure their financial futures.
For expert financial advice, let Unbiased help you find a financial advisor who can assist you on your journey to financial freedom.
Writers
Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.