Financial Engines has expanded its strategic relationship with T. Rowe Price so that plan participants who have T. Rowe as their record keeper will now have full access to the company's advisory services, confirmed John Bunch, executive vice president and chief operating officer at Financial Engines, in an email.
Financial Engines and T. Rowe Price first formed a relationship in 2006 where Financial Engines offered online advice and professional management to help T. Rowe's plan participants with their workplace retirement accounts.
Under the newly expanded agreement, Financial Engines offers T. Rowe's plan sponsor clients professional management for all 401(k), IRA and taxable accounts; financial planning and individual advisers; retirement income services, such as including in-plan retirement income planning service for 401(k) participants; guidance on claiming Social Security; and financial guidance and wellness education programs.
The agreement covers 1.9 million participants.
Additionally, T. Rowe Price and Financial Engines now have more integrated online services, such as enhanced single-sign-on capabilities and personalized Web messaging.
"There has been a growing interest among employers to offer financial wellness benefits to their employees," said Mr. Bunch. "Building on our longstanding relationship, we recognized a need and opportunity to provide T. Rowe Price clients with … additional resources to help them better take control of their holistic financial pictures."
A spokeswoman for T. Rowe said the firm recognized the growing number of retirees, as well as more requests from plan sponsors, and felt it was important to address this need.