A message from CEO Susan McKenna, on Sept. 21, 2023, to all employees.
eMoney Team,
This morning we carried out the difficult but necessary action to reduce 5% of our workforce. The leadership team and I do not take this lightly, but we are confident that it’s the right decision for the business. As we manage expenses against revenue, sales projections, client workstreams, and market conditions, we must ensure our resources align with investments in appropriate areas of the business.
As you know, we’ve refined our strategic focus to ensure we continue providing the industry’s best financial planning software and services for advisors, enterprises, and their clients. Last year’s shift away from Incentive helped us revise our business strategy, and we’ve made great progress evolving our technology and delivering meaningful product updates. In line with this approach, we’ve decided to sunset Collaborate, our outsourced financial planning service. Thanks to the talented Collaborate team, we’ve offered a valuable service to clients for the past two years; however, unpredictable revenue and the operational challenges of running an RIA outweigh the benefits.
Additionally, we have reorganized our Legal department to better align with business priorities. Adam Buchanan, Director, Associate General Counsel, and his team will lead all legal initiatives, reporting directly to COO Megan Murray. And John Ralph, Director, Procurement Operations, and his team will now report to Doug Lane, Controller. As a result of this reorganization, Jason Reiser and the Compliance, Risk, and Privacy teams are no longer with the organization. We thank Jason for his 10 years of service and his many contributions as head of legal and member of our core leadership team.
Informing you of workforce reductions is not a message I or any leader looks forward to sharing. The leadership team and I are mindful of the range of feelings each of you may experience as you process this news. Please know we are here to answer your questions and address concerns. Tomorrow, each CLT member will hold all-hands meetings with their respective business units. We also plan to provide more detail at our next Town Hall on Oct. 4. We welcome you to submit questions for Town Hall; and encourage you to attend CLT Office Hours on Oct. 5; or meet with your manager for additional conversation.
In the face of these changes, we remain focused on the future – doing all that we can to protect and grow our core business profitably as part of our multi-year plan. Despite slower enterprise sales in the first half of the year, a solid pipeline paired with strong advisor sales performance and prudent expense management contribute to a positive outlook for the fourth quarter and beyond.
On behalf of the leadership team, I thank each of you for your contributions to eMoney’s success and hope to move forward together with a renewed sense of ambition, collaboration, innovation, and the core values that are so integral to our culture.
Sincerely,
Susan
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