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Edelman Financial Engines Unveils Latest Report on 20 Years of 401(k) Managed Account Data, Innovation, and Trends in the National Business Sector

Edelman Financial Engines Releases Groundbreaking Report on Retirement Savings Trends

Edelman Financial Engines Releases Groundbreaking Report on Retirement Savings Trends

In a groundbreaking report released today, Edelman Financial Engines (EFE) has revealed insights gained from 20 years of helping employees save for retirement through its managed account program. The report, titled “Igniting Growth Through Innovation,” showcases data from over a million program members across different ages and career stages, highlighting the impact of personalized financial planning within the workplace.

EFE, America’s top independent wealth planning and workplace investment advisory firm, has been a pioneer in providing managed account services to employer-sponsored retirement plans. The program offers employees professional support and personalized investment strategies, along with unconflicted financial planning and advice from independent advisors.

Key findings from the report include:
– Managed account members contribute an average of 9.1% of their income to their retirement account, compared to 7.8% for non-members.
– Nearly half of managed account members are 50 years of age or older, emphasizing the need for customized planning as retirement nears.
– 74% of program users increased their savings rate within a year of enrollment, with 41% saving over 10% of their income.
– Managed account members feel more confident in their investment strategy and retirement goals compared to non-users.

The report also highlights the value of human advice in financial planning, with nearly all managed account members finding unlimited access to licensed advisors beneficial. The ability to speak with an advisor during market volatility moments has prevented rash decisions for 85% of members.

Looking ahead, EFE aims to continue innovating its managed account services to meet the evolving needs of employees and employers. By leveraging technologies like AI and expanding plan designs, the firm seeks to provide more personalized and comprehensive financial planning solutions in the workplace.

With over $221 billion in assets under management and a 45% market share, EFE remains the largest provider of managed accounts in the industry, serving 1.2 million program members across nearly 700 employers. The firm’s commitment to empowering employees of all ages and wealth to save more and invest with confidence underscores its dedication to improving financial wellness programs.

For more information on EFE’s 20-year history and data-driven trends, visit their website.


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