The Mutual Fund Store

The Mutual Fund Store was established in 1996 by Adam Bold, a former Smith Barney broker, with its first office in Overland Park, Kansas. Bold identified and targeted a significant gap in the financial services industry: the mass-affluent market, comprising individuals with $50,000 to $500,000 to invest who were often overlooked by larger investment firms. The firm operated as a fee-only registered investment adviser (RIA), providing personalized, independent investment advice centered exclusively on mutual funds, a model designed to align the company's success with its clients' best interests.

The company's business model was distinguished by its franchise structure, allowing it to scale nationally while maintaining a local, accessible presence. A key driver of its growth was a nationally syndicated radio program, "The Mutual Fund Show," hosted by Bold, which effectively generated a substantial volume of client leads. This strategy helped the firm expand to over 125 locations, serving tens of thousands of households across the United States. The core service involved creating and managing tailored portfolios of mutual funds based on individual client needs and risk tolerance. Over time, the firm broadened its offerings to include exchange-traded funds (ETFs) and expanded its financial planning services.

In 2011, private equity firm Warburg Pincus acquired a majority stake, providing the capital to fuel further expansion. This partnership supported key growth initiatives, including diversifying lead generation beyond the radio-focused model. A significant milestone occurred in November 2015, when Financial Engines announced its acquisition of The Mutual Fund Store for approximately $560 million in a cash-and-stock transaction, which was completed in early 2016. At the time of the acquisition, The Mutual Fund Store managed around $9.8 billion in assets. The strategic rationale for Financial Engines, originally a digital-focused robo-adviser, was to integrate The Mutual Fund Store's network of human advisers and physical locations, creating a hybrid model that combined technology with face-to-face financial planning. Following the acquisition, The Mutual Fund Store locations were rebranded as Financial Engines. Financial Engines later merged with Edelman Financial Services in 2018 to form Edelman Financial Engines.

Keywords: fee-only investment advisor, registered investment adviser, mass affluent clients, mutual fund portfolios, financial planning services, Adam Bold, retirement planning, asset management, franchise model, investment advisory, client acquisition, radio show marketing, Warburg Pincus, Financial Engines acquisition, hybrid advice model, wealth management, ETF portfolios, personalized financial advice, Overland Park, investor education