Former robo-advisor Personal Capital CEO Jay Shah has been named CEO of Boston-based independent investment advisory firm Edelman Financial Engines (EFE).  

Shah will take over on August 18. Current CEO Larry Raffone will become chairman of the board while remaining a “meaningful shareholder.” 

Shah had been with Personal Capital for 13 years and served as its CEO and president from April 2017 through December 2022, according to his LinkedIn profile. 

As CEO, Shah will oversee about 1,500 EFE employees across the nation, including more than 650 planners, client service associates and analysts. He will focus on growth opportunities for the firm, including through acquisitions.  

“Jay has been well-known for years among our shareholders and board members, and we were united in our selection,” added Thorpe. “He is the ideal candidate to build on our successful foundation, while complementing the capabilities of our strong, existing leadership team,” said Allen Thorpe, partner at Hellman & Friedman, majority shareholder in EFE. 

Raffone had been with Financial Engines for more than two decades, serving as president since November 2012 and CEO and board member since January 2015. He led Financial Engines through the build-out of the Financial Engines retail capability, and the merger with Edelman Financial Services in 2018, which resulted in what is now EFE. 

With its roots going back to 1986, Santa Clara, CA-based EFE, which is also backed by private equity firm Warburg Pincus, now has more than 1.3 million clients, and its advisors manage more than $246 billion in assets. 

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