ComplaintsforEdelman Financial Engines

• Initial Complaint

  01/05/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Edelman Financial Engines and its subsidiary, Alright, is the advisor for my pension, *************************************. The dashboard of my 401k/457 always flashes red, indicating immediate reaction to use their advisory services (with a fee) while in reality, I have way more than enough (a six digit pension, SSN, several times of average national retirement balance). I am a certified financial analyst (CFA) with roughly 20 years of professional training including investment, stock trading, and equity research. Because of my financial background, I know the dashboard is hugely misleading to all the coworkers in the *************. I am not sure how wide spread the misinformation is and how many innocent people fall victims of this issue.

  

  Business response

  01/12/2023

  Thank you for your inquiry. Edelman Financial Engines,through its SEC-registered investment advisor subsidiary Financial Engines Advisors L.L.C. (FEA), provides investment advisory services primarily to participants in US-based defined contributions plans. We offer these services in two capacities. First, as a direct provider, where we offer advice and asset management directly to plan participants through an agreement between FEA and the plan sponsor/employer who has hired us to do so. And second, in a subadvisory capacity, where we provide investment methodology and certain operations capabilities to certain recordkeeper and affiliate partners. In the case of the *************************************, Alight (as recordkeeper) and its affiliate Alight Financial Advisors (as advisor) provide investment advisory services to participants in the ************************************* plan. Here, Edelman Financial Engines and FEA provide subadvisory services to AFA. However, and importantly, FEA does not provide any services directly to participants in the ************************************* plan, nor do we have an agreement with this plan or any of its participants. Alight and Edelman Financial Engines/FEA are independent entities, Alight is not a subsidiary of Edelman Financial Engines.
  
  Any questions or concerns related to advice,education, or analysis should be directed to Alight, which serves as the Teachers Retirement System of Georgias recordkeeper, and is the advisor this plan has appointed to offer these services, rather than to Edelman Financial Engines.

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