Edelman Financial Engines mentioned Wednesday that its board of administrators has named Jay Shah to turn out to be the agency’s new CEO.
Shah will assume the position on Aug. 18. Present CEO Larry Raffone will turn out to be the agency’s board chairman whereas “remaining a significant shareholder,” the corporate mentioned.
Shah was most just lately with the Silicon Valley-based wealth administration agency Private Capital for 13 years and served as its CEO and president from April 2017 by means of December 2022, in line with his LinkedIn profile.
Shah has targeted his profession on constructing development corporations on the intersection of economic companies and expertise, in line with EFE. Private Capital serves shoppers by means of a mannequin that mixes impartial advisors with new digital instruments. Shah went on to information that agency’s acquisition by Empower, a retirement plan recordkeeper, EFE famous.
Raffone, who has been with EFE for over 20 years, has served as president since November 2012 and as CEO and board member since January 2015.
“He helped evolve legacy Monetary Engines from a small, venture-backed Silicon Valley startup to the biggest impartial registered funding advisor in America, with greater than $246 billion in property below administration at this time, roughly 1.3 million shoppers and key relationships with the biggest employers and retirement plan recordkeepers in America,” in line with EFE.
Raffone led the agency “by means of a few of its most transformational moments, together with the buildout of the Monetary Engines retail functionality, and the merger with Edelman Monetary Companies in 2018, leading to what’s now Edelman Monetary Engines,” the corporate mentioned.
