Edelman Financial Engines co-founder Ric Edelman is stepping down from his role as chairman of financial education and client experience at the end of 2021.
He will serve as a strategic advisor and remain on the board of directors,
Edelman launched Edelman Financial Services in 1986 with his wife, Jean. In 2018, it merged with robo advice pioneer Financial Engines, creating the largest RIA in the U.S.
The size of the deal sent
"It has proven to be highly successful, and helped to give us confidence,” Edelman tells Financial Planning of the landmark transaction.
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Two experienced private equity investors in wealth management struck a deal for a minority stake in one of the industry’s biggest names.
March 15 -
After 30 years and a monster merger with Financial Engines, the firm is doubling down on its AUM fee structure.
April 3 -
"We said, 'Even though we are drinking water in the bar, there are too many drunks, so let's not go into the bar.'"
December 7
In the statement, he said that he and Jean “have decided the time is right for us to start our next chapter. With a team of talented and dedicated planners and staff, and an experienced and capable management team, we are confident in the firm’s future. We are grateful to our friends, colleagues and, most importantly, to our clients for their faith in us. And we are excited about our new ventures.”
He told Financial Planning that the decision "was more of an evolutionary process as a result of years of conversations with many people and evaluating the environment and current circumstances and conditions.”
Edelman will focus on the RIA Digital Assets Council (RIADAC) that he established three years ago that helps advisors understand cryptocurrencies, according to
RIADAC has partnered with the Financial Planning Association to offer a certificate program on blockchain and digital assets, contribute regular content to the Journal of Financial Planning, and present sessions on cryptocurrency investing at the FPA’s annual conference.
“Ric Edelman is known and recognized throughout financial services, and his work to bring blockchain and digital assets education and awareness to the financial advisory community is commendable,” said FPA president Skip Schweiss
Timothy Welsh, the president, CEO and founder of Nexus Strategy, said Edelman’s departure will leave “a big gap in the future of the business.”
“Despite their reassurances that it is business as usual, when the founder and namesake departs, it will never be the same,” he said. “Currently, he is inextricably tied to the business through his radio show, his books, speaking, cryptocurrency fandom, and more. How can you replicate that?”
Edelman is a bestselling author of 10 personal finance books and hosted the podcast The Ric Edelman Show for 29 years. The final episode under the moniker is expected to air this fall, the company said.
“The philosophy developed by Ric, deployed across the firm’s nationwide network of locations and embraced by our 340 financial advisors is what sets Edelman Financial Engines apart in the RIA industry,” said Larry Raffone, president and CEO of Edelman Financial Engines, in the statement. “We will continue to champion Ric’s legacy as we deliver on our mission to help millions of Americans reach their financial goals.”
