Wealth management business is part of evolution to deliver integrated advisory1, planning, and investment services across people’s full financial lives
Empower, a titan of the retirement planning industry, has announced its ambitious expansion in consumer wealth management with the launch of its Personal Wealth division to make money management simpler, clearer, and more accessible.
“Saving for retirement is the bedrock to a secure financial future, but we won’t stop there. Empower Personal Wealth represents the next generation of advice through people and technology. We’re here to help answer people’s money questions, so they can take on what’s next in life, work, and play.”
With $1.3T in defined contribution assets under administration2, the strategic move is the next step in the company’s evolution following its acquisition of pioneering digital wealth manager Personal Capital in 2020. A challenger brand focused on improving how people plan, save and invest, Empower rapidly scaled to serve over 17 million Americans through the combination of Great-West Financial, J.P. Morgan Retirement Plan Services, Putnam Investments, and purchases of the MassMutual and Prudential Financial retirement businesses.2 A financial solutions provider, Empower continues to expand its offerings to meet the needs of individuals and employers, and through partnerships with independent financial advisors.
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Answering the call: modernizing wealth management
Managing money is a fragmented experience for many Americans, whose finances are typically spread across many different institutions, and 54%3 say they wish they’d gotten financial advice sooner. Empower’s technology and comprehensive financial dashboard creates clarity and confidence, bringing together everything people have and owe – from credit cards and cash, to loans, investments, and retirement accounts – with the power of human advice. With its deep understanding of retirement savings, Empower identified a need to harmonize people’s long-term savings with all aspects of their wealth planning: among Empower plan participants, those who integrate their accounts on its financial dashboard have a retirement savings rate nearly double those who don’t.4
Additionally, its Personal Strategy+ offering delivers a breakthrough solution for monitoring and rebalancing accounts held at other institutions, such as 401(k)s, for a truly seamless approach to managing wealth across all the places clients have and wish to keep their money. Its product lineup also includes Empower Personal Cash™, a high-yield cash account and joint account option to simplify family finances and budgeting.5
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Edmund Murphy III, president and CEO of Empower says: “Personalized, comprehensive, and intuitive digital experiences are creating explosive progress in the way Americans can plan and manage their money. We’re magnifying the power of tech-driven advisory combined with real-live, objective advice to fundamentally change the game for the better.”
According to Empower research, only 57%6 of Americans have some form of retirement savings. Carol Waddell, president of Empower Personal Wealth says: “Saving for retirement is the bedrock to a secure financial future, but we won’t stop there. Empower Personal Wealth represents the next generation of advice through people and technology. We’re here to help answer people’s money questions, so they can take on what’s next in life, work, and play.”
As part of its mission to advance financial freedom for all, Empower serves people across the financial spectrum including mass market, mass affluent, and high net worth customers. It offers financial tools free on its digital experience at Empower.com, the App Store and Google Play, and as a place to connect with skilled fee-based financial professionals. The company launched a new personal finance news site and newsletter, The Currency™, and a brand campaign, “Empower What’s Next” with TV commercials airing nationwide.
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