Edelman Financial Engines losing COO John Bunch

Edelman Financial Engines chief operating officer John Bunch is leaving the firm — and the financial services industry altogether, according to an update on his LinkedIn page. Mr. Bunch recently updated his social media profile to indicate that he is the new CEO of VeriShip, a parcel shipping intelligence company that uses data to reduce costs, according the company's website. In a written statement, an Edelman spokesperson confirmed he's leaving and wished him well in his new role. "We are very grateful to John for all of his hard work and for helping us integrate Financial Engines and Edelman Financial Services. We have a strong team in place to assist in finalizing the integration and we're excited about the new opportunities ahead for our combined company," the statement said. Mr. Bunch served as president of retail distribution and head of branch offices at TD Ameritrade before becoming CEO of The Mutual Fund Store in 2012. After Financial Engines acquired The Mutual Fund Store in 2015, Mr. Bunch led the consolidation of the two companies. In April 2018, private equity firm Hellman & Friedman acquired Financial Engines for $3.02 billion to combine it with Edelman Financial Services. As COO of the new firm, one of the largest RIAs in the country, Mr. Bunch oversaw Edelman Financial Services joining TCA by E*Trade's adviser referral network. According to Mr. Bunch's LinkedIn, he was recruited to VeriShip by private equity firm Summit Partners to accelerate growth, improve the client experience, and elevate the VeriShip brand among shipping and e-commerce companies. VeriShip did not respond to a request for comment.