Edelman Financial Engines has announced a significant leadership change, naming Ralph Haberli as acting chief executive officer following the decision by Jay Shah to step down after two years at the helm.
Shah, who will remain with the firm in an advisory role until the end of the year, is credited with repositioning the business for growth and modernizing its operations.
Haberli, who joined Edelman as president in June, brings a background in both institutional and retail financial services. Before his arrival at Edelman, he served as president of the Institutional and Retirement Client Group at Capital Group and held senior roles at BlackRock, including leading the US defined contribution distribution business and serving as chief operating officer of its global client group. He began his career at Boston Consulting Group.
The board of directors expressed confidence in Haberli’s leadership, noting his track record as a leader in retirement and wealth management.
“Ralph has already proven himself a strong leader at Edelman Financial Engines, using his vast retirement and industry leadership experience to deliver even more value to our clients,” the board said in a statement Tuesday.
“His expertise will be invaluable as we aim to continue to unlock growth at scale, making advice more accessible through our unique market position and capabilities. Ralph is fully empowered to lead EFE forward as the board evaluates the company’s long-term needs for the CEO role.”
Haberli’s appointment comes at a time when Edelman is seeking to expand its reach across both workplace and wealth planning channels. The firm manages more than $287 billion in client assets, serves over 1.3 million individuals, and partners with more than 600 large employers. Its retirement services platform provides 401(k) advice to more than 10 million employees nationwide.
In a statement, Haberli said he is “excited to build upon Edelman Financial Engines’ entrepreneurial legacy and innovative spirit to fuel growth and momentum across our workplace, retirement account advice, and wealth planning businesses.”
He added that the firm’s strength lies in serving clients “at every stage of life – from their first paycheck through retirement – with advice that is both holistic and human-centered.”
Shah’s tenure as CEO was marked by efforts to modernize Edelman’s business operations and improve client experience, resulting in high client satisfaction scores. He assembled a collaborative executive team – including Haberli and Michael Liersch, who joined as chief planning officer in June – and implemented a new business and growth strategy.
Reflecting on his time at the firm, Shah said: “It has been an honor to lead Edelman Financial Engines and the more than 1,600 dedicated employees who are united in our noble mission.”
He added that he feels “incredibly confident in Ralph and the expert leadership team we’ve assembled that will carry our strategy and unwavering service to our clients into the next era.”
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