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NEWS - Financial Engines Announces CEO Succession

November 6, 2014 – Sunnyvale, CA – Financial Engines, America’s largest independent registered investment advisor, today announced the appointment of Lawrence M. Raffone, age 51, as chief executive officer, effective January 1, 2015. Raffone, who currently serves as Financial Engines’ president, will succeed Jeffrey N. Maggioncalda, age 45, who has served in the role since the company’s founding in 1996. Maggioncalda will also step down from the Board of Directors on December 31, 2014, but will continue to serve as an advisor to the company under Raffone’s direction during 2015. Raffone will join the Board of Directors on January 1, 2015.

“On behalf of the Board of Directors, I would like to congratulate Larry on this appointment and thank Jeff for his extraordinary contributions building Financial Engines for the past 18 years. Jeff’s intellect, dedication and passionate leadership has made Financial Engines what it is today – the market leader in providing retirement help for life for millions of American workers,” said Paul Koontz, chairman, Financial Engines Board of Directors. “Larry is an accomplished executive with proven strategic and operational expertise and has been the architect of our distribution strategy that has led to our impressive growth. He has always been a visionary and has revolutionized an industry with our technology and services. As president, Larry has proven that he is the right person to lead Financial Engines into the future.”

“It was a rare opportunity to work with one of my heroes, Bill Sharpe, to build a company that has helped change the lives of millions of people,” said Jeff Maggioncalda, chief executive officer of Financial Engines. “What we have accomplished in the past 18 years – becoming America’s largest independent registered investment advisor managing over $100 billion in assets – is beyond what I expected, and I am extremely proud of the genius in our products, the number of people we have helped, and the extraordinary, diverse team at Financial Engines who has made that happen. After 18 years at Financial Engines, and seeing Larry lead as president for the past 2 years, I have complete confidence that the company is poised for the next stage of growth.”

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