Empower Tops 20 Million Investors as Earnings Jump 23%
Denver-based recordkeeper Empower reported today that it has surpassed 20 million investors served and base earnings of $314 million for the first quarter of 2026 are up a record 23% from the same period in 2025.
“Reaching the milestone of 20 million investors is a powerful reflection of the trust individuals and employers place in us every day,” said Edmund F. Murphy III, president and CEO of Empower. “We are seeing meaningful momentum across our business—from plan sales to pooled employer plans to wealth management—and we remain focused on delivering the solutions, insights, and service our customers need to achieve financial confidence.”
Empower said in a press release today that the numbers highlight continued growth across workplace retirement and wealth management, increased customer engagement, and the company’s strategy to integrate retirement, advice, and investing capabilities within a single platform.
“This milestone is about more than scale—it’s about responsibility,” Murphy added. “Earning the trust of 20 million people means showing up every day with the right tools, the right advice, and a relentless focus on helping them build better financial futures. It underscores the role we play in people’s lives and the importance of continuing to innovate and invest on their behalf.”
Empower’s Workplace Solutions business generated $26 billion in gross plan sales, which the company said was supported by strong demand across plan types, including continued adoption of pooled employer plans. The company added more than 335,000 new participants in the first quarter, reflecting strong employer interest in scalable retirement solutions.
The unit continued to see elevated request-for-proposal activity during the quarter, with demand spanning corporate, government, Taft-Hartley, and not-for-profit plans. Funded sales were driven by both new client wins and plan conversions, which today’s release said reinforces the company’s competitive position across market segments.
Today’s quarterly earnings report also shows Empower Personal Wealth, the firm’s wealth management unit, realized a 65% year-over-year increase in earnings, which the company said was driven by strong net flows and demand for financial advice. “The unit continued its trajectory of strong growth fueled by a combination of organic client acquisition, deeper engagement with existing customers, and expanded advice offerings,” the release said.
The company continues to expand its presence as one of the largest retirement services providers in the United States, with total assets under administration of approximately $2 trillion as of March 31, 2026.
“Delivering for our customers will always remain our top priority, and that extends to periods of elevated market volatility like this quarter,” Murphy said. “As Empower deepens its relationships, we expect growth to emerge through several factors—greater customer engagement, more holistic advice, an expanded product and service solution set.”
Empower released results as part of a broader quarterly announcement by its parent company, Winnipeg, Canada-based Great-West Lifeco. For more information, see the company’s quarterly results on its website.
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.