Jay Shah Steps Down as Edelman Financial Engines CEO

Mr. Shah is taking his leave.

After a little more than two years, Jay Shah is stepping down from his CEO position at the $308 billion mega-RIA Edelman Financial Engines. Shah will remain with the company until the end of the year in an advisory capacity. Meanwhile, Ralph Haberli, who joined Edelman as its president in June, has taken on the role of acting CEO. Haberli previously held positions at Capital Group, BlackRock and the Boston Consulting Group.

“It has been an honor to lead Edelman Financial Engines and the more than 1,600 dedicated employees,” Shah said in a statement. He previously led the robo-advisor Personal Capital before replacing Larry Raffone as Edelman’s top chief in 2023.

Steppin’ Out

During Shah’s tenure, Edelman’s AUM has grown by more than $50 billion, its client numbers have remained high at around 1.3 million, and the firm has made strategic purchases of Soundmark Wealth Management, Cahill Wealth Management and Hasenberg Financial Group. Shah also built out the firm’s C-suite, hiring Haberli and appointing Michael Liersch as the company’s first chief planning officer. Liersch had previously worked senior level positions at Wells Fargo, JPMorgan and Merrill Lynch.

The announcement of Shah’s departure came not long after the firm’s private equity backers — Hellman & Friedman and Warburg Pincus  — decided to halt the sale efforts for the Santa, Clara, California-based company, according to Citywire. 

Edelman Financial Engines is the result of a 2018 merger of Edelman Financial Services and Financial Engines, and today it has more than 140 offices across the country.

– Griffin Kelly