Empower Reviews & Buyer Experiences

Empower is a prominent financial services company focused on retirement plans, wealth management, and financial advisory. Serving over 19.5 million users with $2 trillion in assets under administration, it caters to personal investors, plan sponsors, and financial professionals. The company emphasizes personalized investment strategies and offers a range of advanced financial tools. Empower aims to help clients achieve their financial goals through integrated services.

Empower provides a variety of products and services, including private client advisory for individuals with $1 million or more in investable assets and a personal strategy advisory starting at $100,000. It offers a comprehensive financial dashboard that consolidates accounts and delivers real-time insights. Other features include a high-yield cash account and retirement planning tools designed to enhance financial management. Empower positions itself as a mid-to-premium tier provider with tailored advisory levels and robust digital solutions.

• Large user base and assets under management
• Tiered personalized financial advisory
• Comprehensive financial planning tools
• High-yield FDIC-insured cash account
• Advanced tax-loss harvesting and estate planning

Empower Private Client caters to high-net-worth individuals with investable assets exceeding $1 million, offering premium financial planning and tailored portfolio management. This service integrates tax, legacy, and estate planning with access to private equity and exclusive banking relationships.

Designed for affluent clients, it leverages the expertise of human advisors combined with advanced technology to adjust strategies as financial needs change. Clients receive daily portfolio monitoring and benefit from a Smart Weighting™ approach to diversification and risk management.

The fee structure is tiered, beginning at 0.79% for the first $3 million in assets under management, with reduced fees for larger asset brackets. Included services encompass comprehensive tax optimization and behavioral coaching, with no hidden charges or trading commissions.

Empower Private Client

Check Price • empower.com

START NOW

Personal Strategy offers tailored investment advice for individuals with assets starting at $100,000, providing access to a financial advisor team and customized portfolios. It emphasizes tax optimization, including strategies like tax-loss harvesting and asset location for efficiency.

This service suits clients who need more personalized support than typical robo-advisors while benefiting from integrated technology. Advisor access increases for accounts with balances exceeding $250,000, enhancing service and communication.

Management fees are tiered, ranging from 0.89% down to 0.49% based on asset levels. The pricing structure reflects the graduated level of personalized advisory and portfolio management provided, aligning fees with account size.

Empower Personal Strategy

Check Price • empower.com

START NOW

Empower's High-yield Cash Account offers a competitive 3.00% APY with no minimum balance and no account fees, combining features of both checking and savings accounts for convenient access via the Empower Dashboard.

This account provides enhanced FDIC insurance coverage up to $5 million through a network of program banks, which exceeds the standard FDIC limit. Users benefit from daily withdrawal limits of up to $100,000, allowing flexible access to their funds.

Direct deposits are supported, and the account can be linked to popular payment apps for added convenience. Empower employs multiple layers of security, including encryption and multifactor authentication, to protect account information and transactions.

Empower High-yield Cash Account

Check Price • empower.com

START NOW

Empower offers comprehensive wealth management services catering to different client segments, supported by a robust financial dashboard that consolidates accounts for a complete financial overview. It includes specialized features such as tax optimization and estate planning for high-net-worth clients and provides access to dedicated advisors with tiered services based on investment levels. Security is a priority with advanced infrastructure including encryption and multi-factor authentication, while multiple planning tools assist users in managing retirement, budgeting, and debt reduction.

While Empower provides extensive services and technology integration, it requires high account minimums for advisory and personalized offerings, which may limit accessibility for some users. Additionally, some clients have reported aggressive sales tactics related to paid advisory services. The budgeting tools, although helpful, are basic and do not support detailed manual budgeting, which may be a drawback for users seeking more granular control over their finances.

Empower is distinguished by its extensive scale and integration, offering a broad range of services including comprehensive retirement plan administration, personalized advisory for high-net-worth individuals, and an integrated financial dashboard. It holds a strong position as one of the largest retirement service providers in the U.S., providing unmatched reach and resources. Competitors may excel with lower account minimums or specialized budgeting features, but few match Empower’s combination of retirement and wealth management services.

While some alternatives may offer more competitive pricing or greater flexibility with brokerage custodians, Empower is best suited for investors who want a seamless, fully integrated experience, particularly those with significant assets who require personalized advisory and estate planning services. The platform’s strength lies in serving clients looking for coordinated financial planning and investment management in one place.

• Large-scale retirement services
• High-net-worth advisory
• Integrated financial dashboard
• Comprehensive retirement plan administration

• Lower account minimums
• Focused budgeting tools
• More competitive pricing options
• Broader broker custodian choices

Empower provides a range of financial tools to help users manage budgeting, investments, and retirement planning by consolidating linked accounts into a comprehensive financial overview. Key features include a retirement planner for modeling scenarios, portfolio analysis with risk insights, net worth tracking, savings planners, and debt paydown calculators. Most tools are accessible through the Empower Personal Dashboard, designed to support smarter financial decisions.

These tools are free to use but depend on accurate account connections to function effectively. They focus on broad financial planning rather than detailed, granular budgeting tasks. Important tools include Retirement Planner for scenario analysis, Budgeting & Cash Flow for managing expenses, Portfolio Analysis for investment insights, and calculators for Debt Paydown and Emergency Fund planning.

Empower offers advisory services through a tiered model based on client investment amounts. Clients with $100,000 or more can access Personal Strategy, which includes customized portfolios and advisory teams. Those with $1 million or more qualify for Private Client services, featuring expanded benefits such as private equity and estate planning.

Fees are tiered and decrease as assets increase, with no hidden or trading fees. The services focus on tax optimization, behavioral coaching, and tailored investment strategies aligned with individual financial goals. Clients must transfer assets to Empower’s custodian for full advisory management, with fees competitive in the mid-to-premium market segment.

There is no explicit return or refund policy for investment services. Advisory fees are charged based on assets under management and are non-refundable upon withdrawal of assets. Clients may discontinue advisory services at any time, but fees for managed assets will apply until the termination and transfer process is complete.

Traditional return or refund rights generally do not apply to financial advisory contracts, managed accounts, or investment products. Advisory agreements typically do not include provisions for refunds. Clients should consider these conditions before engaging in advisory services.

Coverage: Empower does not offer warranties on investment products or advisory services, as these involve market risks and are not guaranteed. Investment outcomes depend on market conditions, and past performance is not an indicator of future results. Advisory registrations do not indicate a specific level of skill or training.

Clients bear all risks related to investment losses. Empower complies with regulatory requirements but cannot guarantee returns or protect against loss of principal. The platform uses security measures to protect data but does not guarantee investment performance.

Empower offers several ways for users to reach their support team for assistance with various needs and inquiries. 

• Phone: +18557564738
• Social media accounts

The corporate headquarters in Greenwood Village, CO, also provide additional support as needed. Users are encouraged to use these contact methods to get assistance promptly.