“Empower Personal Wealth” is the name of a new division of Empower resulting from an internal merger of Personal Capital and Empower’s Retirement Solutions Group, the Denver-based recordkeeper announced today.
With $1.3 trillion in defined contribution assets under administration, the strategic move to create Empower Personal Wealth is the next step in Empower’s evolution following its acquisition of pioneering digital wealth manager Personal Capital in June 2020.
“Personalized, comprehensive, and intuitive digital experiences are creating explosive progress in the way Americans can plan and manage their money.”
Empower President and CEO Edmund Murphy III
“Personalized, comprehensive, and intuitive digital experiences are creating explosive progress in the way Americans can plan and manage their money,” said Edmund Murphy III, president and CEO of Empower. “We’re magnifying the power of tech-driven advisory combined with real-live, objective advice to fundamentally change the game for the better.”
Empower continues to expand its offerings to meet the needs of individuals and employers, and through partnerships with independent financial advisors. In recent years, 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.
The same comprehensive financial dashboard that shows people everything they own and owe in one place is now called “Empower Personal Dashboard,” and is available online, in the App Store and Google Play.
A press release announcing the news says the company identified a need to harmonize people’s long-term savings with all aspects of their wealth planning: Research found that among Empower retirement plan participants, those who integrate their accounts on its financial dashboard have a retirement savings rate nearly double those who don’t.
“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,” said Carol Waddell, newly named president of Empower Personal Wealth.
In addition to its Personal Strategy+ solution for monitoring and rebalancing accounts held at other institutions, such as 401(k)s, the product lineup also includes Empower Personal Cash, a high-yield cash account and joint account option to simplify family finances and budgeting.
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