Edelman Financial Engines is extending its retirement plan advisory and fiduciary capabilities to the small and mid-sized business market. While the firm has long served business owners through its workplace and wealth businesses, this service focuses on helping smaller business owners offer and manage retirement plans for their employees.

The firm has partnered with ADP for payroll, human capital management and retirement services. Edelman’s will provide investment management, 3(38) investment management, plan consulting and personalized financial advice to plan participants. That includes providing one-on-one discretionary advisory services for individual employees.

Employees also gain unlimited access to Edelman’s phone-based licensed advisors, who average 10 years of industry tenure, along with on-demand digital planning tools.

“EFE financial wellness and advisory services have been available to employees in eligible workplace retirement plans through the ADP platform since 2018,” said Chris Magno, senior vice president and general manager of ADP Retirement Services, in a statement. “The new service expands that relationship by delivering a more comprehensive retirement solution purpose-built for small and mid-sized businesses, offered in combination with the full-service recordkeeping, payroll integration and plan administration capabilities of ADP.”

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Edelman Financial Engines has become one of the country’s largest 401(k) managed account providers and wealth managers, overseeing more than $300 billion in assets. The firm has a track record in both workplace benefits and wealth planning.

The firm is the product of a merger among three separate, entrepreneurial organizations: The Mutual Fund Store and Edelman Financial Services on the mass-affluent wealth side, and Financial Engines, which leveraged financial-planning technology used by America’s leading employers and largest record keepers. They were brought together with the hope of cross-selling retail advice to plan participants.

In an interview with Wealth Management earlier this year, CEO Ralph Haberli said that thesis appears to be working; the number of clients that have converted from the workplace side to the wealth business has more than doubled over the last five years.

Last month, Edelman hired Mango as senior vice president and retirement advisory practice lead at the Santa Clara, Calif.-based RIA, from OneDigital. In the newly created role, Mango will work to strengthen the ties between Edelman’s workplace retirement benefits business and financial planning, participant engagement and personalized wealth advice.

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