Exhibit 99.1

FOR IMMEDIATE RELEASE

Financial Engines Reports First Quarter 2016 Financial Results

Professional Management Revenue Grows 24% Year Over Year

Non-GAAP Adjusted EBITDA Grows 23% Year Over Year

SUNNYVALE, Calif. – May 10, 2016 – Financial Engines (NASDAQ: FNGN), America’s largest independent investment advisorⁱ, today reported financial results for its first quarter ended March 31, 2016.

Financial results for the first quarter of 2016 compared to the first quarter of 2015:ⁱⁱ

Key operating metrics as of March 31, 2016:ⁱⁱⁱ

“Financial Engines was founded 20 years ago this week on the core principle of the U.S. Department of Labor’s recently released Conflict of Interest rule and has grown to be the largest independent RIA in America,” said Larry Raffone, president and chief executive officer of Financial Engines. “We believe we can help millions of Americans in ways others cannot and are committed to building more comprehensive financial planning services along with a more compelling experience for our clients that will improve their financial situation and help them achieve their dreams. We believe the recent acquisition and integration of The Mutual Fund Store will enhance our leadership position and accelerate growth.”

Review of Financial Results for the First Quarter of 2016

Revenue increased 23% to $92.1 million for the first quarter of 2016 from $74.9 million for the first quarter of 2015. The increase in revenue was driven by $17.1 million of revenue related to the acquisition of The Mutual Fund Store on February 1, 2016. Professional management revenue increased 24% to $82.8 million for the first quarter of 2016 from $66.6 million for the first quarter of 2015, driven primarily by $15.4 million of professional management revenue related to the acquisition.

Costs and expenses increased 35% to $84.7 million for the first quarter of 2016 from $62.8 million for the first quarter of 2015. This was due primarily to increases in consulting and professional service fees related to the acquisition, employee-related costs, including wages, and cash incentive compensation expense due primarily to the addition of approximately 300 newly acquired employees, advisor variable cash compensation expense related to ongoing asset servicing activities and increased facilities-related costs.

As a percentage of revenue, cost of revenue was 43% for the first quarter of 2016 compared to 41% for the first quarter of 2015.

Income from operations was $7.4 million for the first quarter of 2016, which included $8.1 million of acquisition related expenses and $1.7 million of additional amortization of intangible assets attributable to the acquisition, compared to $12.2 million for the first quarter of 2015. As a percentage of revenue, income from operations was 8% for the first quarter of 2016 compared to 16% for the first quarter of 2015, driven primarily by one-time acquisition related costs.

Net income was $3.3 million, or $0.06 per diluted share, for the first quarter of 2016 compared to net income of $7.9 million, or $0.15 per diluted share, for the first quarter of 2015.  

On a non-GAAP basis, Adjusted Net Incomeⁱⁱ was $14.4 million and Adjusted Earnings Per Shareⁱⁱ were $0.24 for the first quarter of 2016 compared to Adjusted Net Income of $11.9 million and Adjusted Earnings Per Share of $0.22 for the first quarter of 2015.  

“We believe completing the acquisition of The Mutual Fund Store will help us expand our service offering and strengthen our client relationships,” said Ray Sims, chief financial officer of Financial Engines. “Our growth over the long term should benefit by better meeting the financial needs of our clients in their communities.”

Assets Under Contract and Assets Under Management

AUC decreased by 3% year-over-year to $975 billion as of March 31, 2016, from $1.003 trillion as of March 31, 2015, due primarily to a decline in market performance, offset by contributions and new employers making our services available. AUC for plans in which the Income+ service has been made available was $348 billion as of March 31, 2016, which increased 37% from $254 billion as of March 31, 2015.

AUM increased by 12% year-over-year to $122.0 billion as of March 31, 2016, from $109.2 billion as of March 31, 2015. The increase in AUM was driven primarily by new AUM of $9.8 billion acquired through acquisition, new assets from new and existing clients, partially offset by cancellations and market performance.

For quarters presented prior to Q1’16, new assets were measured as of the time of enrollment and cancellations were measured at the time of cancellation.  Effective Q1’16, new assets were measured at or near the end of the quarter and cancellations were measured at or near the beginning of the quarter. Differences resulting from this definitional change are considered to be immaterial for the periods presented.

For further information on the AUM data above, please refer to our Form 10-Q to be filed for the period ended March 31, 2016. 

Aggregate Investment Style Exposure for Portfolios Under Management

As of March 31, 2016, the approximate aggregate investment style exposure of the portfolios we managed was as follows:

(1) Uncategorized assets may include CDs, options, warrants and other vehicles not currently categorized.

Quarterly Dividend

On May 2, 2016, Financial Engines’ Board of Directors declared a regular quarterly cash dividend of $0.07 per share of the Company’s common stock. The cash dividend will be paid on July 5, 2016 to stockholders of record as of the close of business on June 15, 2016.  

Outlook

Financial Engines’ growth strategy includes focusing on increasing penetration within existing professional management plan sponsors, enhancing and extending services to individuals entering and in retirement, and expanding the number of plan sponsors.

Based on financial markets remaining at May 6, 2016 levels, the Company estimates that its 2016 revenue will be in the range of $407 million and $414 million and 2016 non-GAAP adjusted EBITDA will be in the range of $121 million to $126 million.

With the acquisition of The Mutual Fund Store, the Company is currently estimating the remaining non-recurring closing and integration related expenses in the second through fourth quarters of 2016 to be approximately $7 million to $9 million, excluding non-cash stock-based compensation expense, in addition to the $8.1 million incurred in the first quarter of 2016, mainly related to closing the transaction. 

Integration costs in 2016 will be treated as an adjustment to GAAP in arriving at Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings Per Share and shown in the table which reconciles GAAP to non-GAAP operating results.

Conference Call

The Company will host a conference call to discuss its first quarter 2016 financial results as well as its 2016 outlook on Tuesday, May 10, 2016 at 5:00 p.m. ET.  The live webcast and presentation can be accessed from the Company's investor relations website at www.financialengines.com. The conference call can also be accessed live over the phone by dialing (888) 348-6435, or (412) 902-4238 for international callers. A replay will be available beginning approximately one hour after the call and can be accessed from the Company’s investor relations website, or by dialing (877) 870-5176, or (858) 384-5517 for international callers; the conference ID is 10084491. The conference call replay will be available until May 17, 2016.  

About Non-GAAP Financial Measures

This press release and its attachments include certain non-GAAP financial measures. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include non-GAAP Adjusted Net Income, non-GAAP Adjusted Earnings Per Share and non-GAAP Adjusted EBITDA. Non-GAAP Adjusted Net Income represents net income before non-cash stock-based compensation expense, amortization of intangible assets primarily related to customer relationships, trade names and trademarks, expenses related to the closing and integration of acquisitions, all of which are presented net of tax effects, as well as certain other items such as the income tax benefit from the release of valuation allowances, if applicable for the period. Non-GAAP Adjusted Earnings Per Share is defined as non-GAAP Adjusted Net Income divided by the weighted-average of dilutive common share equivalents outstanding. Non-GAAP Adjusted EBITDA represents net income before net interest expense (income), income tax expense (benefit), depreciation, amortization of intangible assets, including internal use software, amortization and impairment of direct response advertising, amortization of deferred sales commissions, non-cash stock-based compensation expense and expenses related to the closing and integration of acquisitions, if applicable for the period. Further information regarding the non-GAAP financial measures included in this press release, including a reconciliation of Non-GAAP financial measures to the most directly comparable GAAP measures, is contained in the attachments.

To supplement the Company’s consolidated financial statements presented on a GAAP basis, management believes that these non-GAAP measures provide useful information about the Company’s core operating results and thus are appropriate to enhance the overall understanding of the Company’s past financial performance and its prospects for the future. These adjustments to the Company’s GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company’s underlying operational results, trends and performance.

About Financial Engines

Financial Engines is America’s largest independent investment advisor¹. We help people make the most of their money by providing full-service financial planning, including professional investment management and advice. Headquartered in Sunnyvale, CA, Financial Engines was co-founded in 1996 by Nobel Prize-winning economist William F. Sharpe. We serve as a comprehensive financial advisor for our workplace customers, and offer help to more than nine million people across over 670 companies (including 143 of the Fortune 500). Our unique approach, combined with powerful online services, dedicated advisors and personal attention, promotes greater financial wellness and helps more Americans to meet their financial goals.

For more information, visit www.financialengines.com.

All advisory services provided by our investment advisory subsidiaries, including Financial Engines Advisors L.L.C. and a nationwide system of registered investment advisors known as The Mutual Fund Store. Financial Engines does not guarantee future results.

Forward-Looking Statements

This press release and its attachments contain forward-looking statements that involve risks and uncertainties. These forward-looking statements may be identified by terms such as “plan to,” “designed to,” “will,” “can,” “expect,” “estimates,” “believes,” “intends,” “may,” “continues,” “to be” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding:  our ability to help millions of Americans in ways others cannot; our commitment to building more comprehensive financial planning services and the anticipated benefits thereof; the anticipated impact and benefits of the acquisition and integration of The Mutual Fund Store, including our belief that it will enhance our leadership position and accelerate growth, help to expand our service offerings and strengthen our client relationships, and that our growth over the long term will benefit by better meeting the financial needs of clients in their communities; Financial Engines’ expected financial performance and outlook, including factors which may impact our outlook; our estimate regarding non-recurring integration related expenses in 2016, including with respect to the amount, timing and treatment thereof,  in connection with our acquisition of The Mutual Fund Store; benefits of our services; and growth strategy, including our focus on increasing penetration within existing professional management plan sponsors, enhancing and extending services to individuals in retirement and expanding the number of plan sponsors; and the benefits of our non-GAAP financial measures. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to, risks related to the acquisition of The Mutual Fund Store, including our ability to  fully realize the anticipated benefits of the transaction and to successfully integrate The Mutual Fund Store’s business with Financial Engines in a timely manner or at all, unanticipated costs or complexities related to the acquisition and integration of The Mutual Fund Store, and the potential impact of  the transaction, or reaction thereto, on our business, operating results and financial condition, our reliance on fees earned on the value of assets we manage for a substantial portion of our revenue, the impact of the financial markets on our revenue and earnings, unanticipated delays in rollouts of our services, our ability to increase enrollment, our ability to correctly identify and invest appropriately in growth opportunities, our ability to introduce new services and accurately estimate the impact of any future services on our business, the risk that the anticipated benefits of our investments in these services or in growth opportunities may not outweigh the resources and costs associated with these investments or the liabilities associated with the operation of these services, our relationships with plan providers and plan sponsors, the fees we can charge for our Professional Management service, our reliance on accurate and timely data from plan providers and plan sponsors, system failures, errors or unsatisfactory performance of our services, our reputation, our ability to protect the confidentiality of plan provider, plan sponsor and plan participant data and other privacy concerns, acquisition activity involving plan providers or plan sponsors, our ability to compete, our regulatory environment, and risks associated with our fiduciary obligations.  More information regarding these and other risks, uncertainties and factors is contained in the Company’s Form 10-Q for the quarter ended March 31, 2016, as filed with the SEC, and in other reports filed by the Company with the SEC from time to time, including the Company’s 10-K filed for the year ended December 31, 2015. You are cautioned not to unduly rely on these forward-looking statements, which speak only as of the date of this press release. All information in this press release and its attachments is as of the date stated or May 10, 2016 and unless required by law, Financial Engines undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to report the occurrence of unanticipated events.

All advisory services provided by our investment advisory subsidiaries, including Financial Engines Advisors L.L.C., a federally registered investment advisor, and a nationwide system of registered investment advisors known as The Mutual Fund Store. References in this press release to “Financial Engines,” “our company,” “the Company,” “we,” “us” and “our” refer to Financial Engines, Inc. and its consolidated subsidiaries during the periods presented unless the context requires otherwise.

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Financial Tables

FINANCIAL ENGINES, INC. AND SUBSIDIARIES

Unaudited Consolidated Balance Sheets

FINANCIAL ENGINES, INC. AND SUBSIDIARIES

Unaudited Consolidated Statements of Income

FINANCIAL ENGINES, INC. AND SUBSIDIARIES

Unaudited Consolidated Statements of Cash Flows

FINANCIAL ENGINES, INC. AND SUBSIDIARIES

Reconciliation of GAAP to Non-GAAP Operating Results

The table below sets forth a reconciliation of net income to non-GAAP Adjusted EBITDA based on our historical results:

The table below sets forth a reconciliation of net income to non-GAAP Adjusted Net Income and non-GAAP Adjusted Earnings Per Share based on our historical results: