Financial Engines
FINANCIAL ENGINES, INC. ADDS CADENCE DESIGN SYSTEMS, INC. TO ITS GROWING LIST OF CLIENTS
Demand from Employees and Desire to Increase Participation Rates Key Drivers Behind Decision to Offer Advice
PALO ALTO, Calif., May 29, 2002 – Financial Engines, Inc. today announced that Cadence Design Systems Inc. has elected to provide its nearly 4,000 employees with Financial Engines investment advice on 401(k) and other tax-deferred investments. Cadence chose to offer total retirement advice in order to provide a more complete benefit that includes advice on both 401(k) accounts and other tax-deferred investments.
Cadence found that plan participants were asking about investment advice, so the company turned to its plan provider, J.P. Morgan/American Century for a solution. Upon learning that Financial Engines was a J.P. Morgan/American Century "Best in Class" alliance provider, the Cadence 401(k) Plan Committee evaluated the Financial Engines® advisory service and made the decision to offer the benefit to employees. Cadence anticipates that in addition to answering the demand for advice, the service will also promote increased participation and contribution rates in the company's 401(k) plan.
"We were very interested when our provider told us about the alliance with Financial Engines, and we were pleased to be among the first of their clients to incorporate the service into our plans," said Cindy Conway, Cadence's director of corporate benefits. "The advice platform is customized for our unique plan offerings and all employee data is preloaded into the service, making it easy for our employees to quickly evaluate their current plans and receive personalized advice tailored to their individual goals and fund preferences."
To encourage participants to maximize their sessions with the service, the Financial Engines team has held a series of training seminars at Cadence. Additionally, the plan provider's communications team has been educating employees and promoting adoption of Financial Engines through many avenues including email announcements, nationwide meetings, surveys, paycheck inserts and a promotional contest.
"We are glad to hear that employees are asking for advice and that forward-thinking companies like Cadence are listening," said Jeff Maggioncalda, president and CEO of Financial Engines. "With individuals' financial futures resting largely on their own shoulders, investment advice is an important benefit."
About Financial Engines
Financial Engines provides advice technology to help financial institutions and employers solve real-world investor problems for their clients and employees. Financial Engines' services provide specific, actionable investment recommendations based on the outcomes an investor wants to achieve and can be delivered through the web, phone, or face-to-face. More than 20 financial institutions and 700 plan sponsors have hired Financial Engines to make advice available to over 2 million individuals. Nobel Prize winning economist Bill Sharpe founded the company with a revolutionary vision: to make institutional-quality advice available to financial institutions and employers that serve individual investors. For more information on Financial Engines, visit www.financialengines.com.
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Financial Engines is a registered trademark of Financial Engines, Inc. All other trademarks and service marks are the property of their respective owners. All advisory services are provided by Financial Engines Advisors LLC, a federally registered investment adviser.