Financial Engines is replacing its CEO in the wake of a lackluster earnings report, and as it fights a lawsuit claiming the Sunnyvale, Calif.-based managed account provider built its business on pirated software.

Jeffrey Maggioncalda, 45, has served as Financial Engines CEO since the company's founding in 1996. Lawrence Raffone, who currently serves as the company's president, will replace him, effective Jan. 1, 2015.

The technology-based advisory serves 9 million participants across more than 580 plans, and oversees more than $100 billion in assets.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.