Edelman Financial Engines said Wednesday that its board of directors has named Jay Shah to become the firm’s new CEO.
Shah will assume the role on Aug. 18. Current CEO Larry Raffone will become the firm’s board chairman while “remaining a meaningful shareholder,” the company said.
Shah was most recently with the Silicon Valley-based wealth management firm Personal Capital for 13 years and served as its CEO and president from April 2017 through December 2022, according to his LinkedIn profile.
Shah has focused his career on building growth companies at the intersection of financial services and technology, according to EFE. Personal Capital serves clients through a model that combines independent advisors with new digital tools. Shah went on to guide that firm’s acquisition by Empower, a retirement plan recordkeeper, EFE noted.
Raffone, who has been with EFE for over two decades, has served as president since November 2012 and as CEO and board member since January 2015.
“He helped evolve legacy Financial Engines from a small, venture-backed Silicon Valley startup to the largest independent registered investment advisor in America, with more than $246 billion in assets under management today, approximately 1.3 million clients and key relationships with the largest employers and retirement plan recordkeepers in America,” according to EFE.
Raffone led the firm “through some of its most transformational moments, including the buildout of the Financial Engines retail capability, and the merger with Edelman Financial Services in 2018, resulting in what is now Edelman Financial Engines,” the company said.