Financial Engines, the country's largest provider of managed accounts to 401(k) plan participants, has acquired The Mutual Fund Store for about $250 million in cash and 10 million shares of common stock, for a total price of $560 million.
The acquisition will allow participants in 401(k) plans provided by Financial Engines to have access to face-to-face advice at any of The Mutual Fund Store's 129 locations across the country.
Considered by some as the country's first robo-advisor, the new investment in human capital by Sunnyvale, California-based Financial Engines comes as it recently opened direct access for all participants to the company's live stable of investment advisors.
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