Financial Engines late Tuesday reported its assets under contract totaled $289 billion as of March 31, up 71% from a year earlier, and assets under management of $29.9 billion, up 86% for the same period.
The results were the first issued by Financial Engines since the provider of managed accounts and online financial advice went public on March 16.
The gain in assets indicates that “employers are realizing that the do-it-yourself 401(k) is not working,” said Jeffrey N. Maggioncalda, president and CEO, in a news release. Employers, he added, “are giving their employees the professional retirement help they need and deserve.”
Revenue climbed by 40% for the year ended March 31, to $24.3 million. Net income was $1.59 million, compared with a loss of $716,000 for the first three months of 2009.
The company also forecast full-year revenue in the range of $105 million to $110 million, the news release said.