Ric Edelman, founder of the $270 billion Edelman Financial Engines, will step down from his role as chairman of financial education and client experience, and transition to a new role as strategic advisor to the firm, beginning in January, the company said in a news release.

Edelman will remain on the board of directors, and he continues to be the firm’s largest individual shareholder, the release said. It also noted that he will leave The Ric Edelman Show, the weekly radio program he has hosted for 29 years.

“Jean and I have decided the time is right for us to start our next chapter,” Edelman said in a statement. The couple founded the firm in 1986. “With a team of talented and dedicated planners and staff, and an experienced and capable management team, we are confident in the firm’s future. We are grateful to our friends, colleagues and, most importantly, to our clients for their faith in us. And we are excited about our new ventures.”

Edelman did not specify what new ventures he and his wife will embark upon. But in recent months, he has been on sort of a mission to educate the advisory community on cryptocurrency. In 2019, he founded RIA Digital Assets Council (RIDAC), which is dedicated to advancing the awareness, knowledge and understanding of blockchain and digital assets by RIAs.

RIDAC acquired JV Events Group, which owned the Digital Asset Strategy Summit, in October. The company’s inaugural conference RIADAC VISION, was held in March. It attracted more than 1,200 attendees, mostly advisors, according to a news release RIADAC issued.

Also in March, the Financial Planning Association (FPA) and RIADAC announced a strategic partnership to provide education to financial planners interested in understanding and using blockchain and digital assets. Edelman is scheduled to lead a session on blockchain and digital assets at the FPA conference in Columbus, Ohio, Sept. 22-24.

Edelman, the release noted, has never wavered in his commitment to improving the financial futures of millions of American consumers ever since he and his wife started the firm. It pointed out that he is a pioneer in financial education, and a New York Times bestselling author of 10 books on personal finance. He twice received “book of the year” awards from the Institute for Financial Literacy. Additionally, his radio show has reached millions of listeners and has been named six times among the top 100 “most important radio talk show hosts in America” by TALKERS magazine, the release said.

Edelman Financial Services merged with Financial Engines in 2018 to create the nation’s largest independent financial planning and investment management firm. “The company has completed its integration, successfully navigated the pandemic and grown to serve 1.3 million clients, managing $270 billion in client assets,” the release said.

In March, private equity firm Warburg Pincus acquired a minority stake in Edelman Financial Engines. Hellman & Friedman, which acquired Financial Engines in 2018 and merged it with Edelman Financial Services, remains the company's majority shareholder.

Larry Raffone, president and CEO of Edelman Financial Engines, said what sets Edelman Financial Engines apart in the RIA industry is the philosophy Edelman developed and deployed across the firm’s nationwide network, which is embraced by the firm’s 340 financial advisors.

“We will continue to champion Ric’s legacy as we deliver on our mission to help millions of Americans reach their financial goals,” Raffone said. “Ric and Jean have our deepest gratitude and support as they embark on this next chapter, and I look forward to Ric’s continued contributions to our clients and our industry."

The release said the firm has begun its search for a new host for its weekly radio show. The final episode under The Ric Edelman Show moniker will air this fall, and Edelman will appear occasionally on the new program. He also will periodically write a column for the firm’s new client newsletter and attend client events.