Where Are We with Online Financial Advice?

September 2003
Journal of Financial Planning;Sep2003, Vol. 16 Issue 9, p12
Academic Journal
This article presents an interview with Jeff Maggioncalda, president and chief executive officer of Financial Engines, about the company's past and future, retirement and the average investor. In response to a question concerning his expectations from his job at Financial Engines, Maggioncalda stated that when he was contacted by Joe Grundfest, one of the founders of Financial Engines, he had not only already accepted a position with McKinsey but had spent his signing bonus. Apparently, the only thing he knew about financial advice was that generally he did not know anything about financial advice. According to Maggioncalda, he had never worked in the financial services business or for a brokerage, or even talked to an advisor. On the other hand, answering a question regarding his expectations from the firm as a neophyte company, he said that the firm's Bill Sharpe was a drawing card. According to Maggioncalda, for one, Sharpe was a known quantity with many relationships in the pension business. According to Maggioncalda, it is fair to say that he would not have been attracted to the offer without his name and involvement, but that he also knew that the company had demographics on its side, in addition to 401(k).


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