Edelman Monetary Engines, the agency created from the merger of Edelman Monetary Providers and Monetary Engines, has employed Jay Shah, former president and CEO at Private Capital, as its new CEO.
He’ll succeed Larry Raffone, who will develop into chairman of the board and stay a significant shareholder. The management change is efficient Aug. 18.
Raffone, who served as CEO since January 2015, was answerable for rising Monetary Engines into the biggest RIA within the U.S., with greater than $246 billion in property at the moment. He led the agency via the buildout of Monetary Engines’ retail functionality and merger with Edelman Monetary Providers in 2018.
“Having the chance to guide EFE via such unbelievable transformation has been the spotlight of my profession,” Raffone mentioned in a press release. “I’m grateful for the efforts of my colleagues, grateful for the board’s perception in my work, and pleased with all the pieces we’ve completed collectively. As we proceed to evolve for our purchasers, I’m assured in Jay’s management and look ahead to my new function the place I can help Jay and the crew as they pursue the agency’s technique for the long run.”
In 2018, Hellman & Friedman purchased Monetary Engines and merged it with its beforehand acquired Edelman Monetary Providers, the mass-affluent-facing RIA big based by Ric Edelman.
In 2021, personal fairness agency big Warburg Pincus returned to the agency, taking a minority stake within the vary of $1 billion to $1.4 billion.
Shah spent the final 13 years of his profession constructing Private Capital, the on-line RIA acquired by Empower in 2020. He served as president of the agency following the acquisition.
Within the new function, Shah can be answerable for overseeing about 1,500 staff, together with greater than 650 planners, shopper service associates and analysts. He’ll concentrate on including extra purchasers and planners, and lead the agency’s acquisition technique going ahead. The agency has been energetic within the RIA M&An area, including three companies in 2022, together with RIA Herrmann & Cooke, Good Investor and Erman Retirement Advisory.
