About
Empower is an all-in-one financial planning and wealth management platform designed to help individuals achieve financial freedom at every stage of life. With over 19.5 million users, Empower provides a unified dashboard featuring a Retirement Planner, Net Worth tracker, Budgeting & Cash Flow analysis, Portfolio Analysis, Savings Planner, Emergency Fund calculator, Debt Paydown tracker, and a full Transactions view. For investors seeking personalized guidance, Empower offers tiered wealth management services. Personal Strategy pairs users 1:1 with a financial advisor backed by specialists, delivering custom portfolios and tax optimization. Private Client is a premium tier for those with $1M+ in investments, offering private equity access, tax planning, and legacy planning. Empower's product lineup also includes a High-Yield Cash Account with no fees, no minimums, direct deposit, and aggregate FDIC insurance up to $5 million. Users can open rollover IRAs, investment accounts with commission-free trading, and access mutual funds, ETFs, and equities. Tax filing assistance is also available through the dashboard. Whether you are just starting to save, planning for retirement, or managing significant wealth, Empower provides the tools, data insights, and expert human advice to help you make smarter money decisions. The platform is well-suited for individual investors, retirement savers, workplace retirement plan participants, and high-net-worth individuals seeking integrated financial planning.
Key Features
- Retirement Planner: Go beyond a simple calculator—model different retirement scenarios to visualize what your financial future could look like and adjust your savings strategy accordingly.
- Portfolio Analysis: Get actionable insights into your investment portfolio, identify fee drag, and receive guidance on how to invest your next dollar more efficiently.
- Personalized Wealth Management: Work 1:1 with a dedicated financial advisor backed by specialists for custom portfolios, tax optimization, and comprehensive financial planning.
- Budgeting & Cash Flow Dashboard: Track every transaction in one place, monitor spending patterns, and gain full visibility into your income and expenses to spend smarter.
- High-Yield Cash Account: Earn competitive interest on your cash with no account fees, no minimums, direct deposit, and aggregate FDIC insurance up to $5 million.
Use Cases
- Modeling different retirement scenarios to determine how much you need to save and when you can retire
- Tracking net worth and cash flow across all financial accounts in one unified dashboard
- Working with a dedicated human financial advisor to build a custom, tax-optimized investment portfolio
- Earning high yields on cash savings with FDIC insurance up to $5M through a no-fee cash account
- Analyzing investment portfolio fees and asset allocation to improve long-term returns
Pros
- All-in-One Financial Dashboard: Combines budgeting, investing, net worth tracking, and retirement planning into a single unified platform, eliminating the need for multiple apps.
- Human Advisor Access: Beyond automated tools, Empower offers real 1:1 advisor relationships for personalized, expert-backed guidance tailored to your unique goals.
- Scalable for All Wealth Levels: From free planning tools available to anyone to premium Private Client services for $1M+ investors, the platform scales to your financial situation.
Cons
- Premium Services Require High Minimums: Full-featured advisory services like Private Client require $1M+ in investable assets, making premium tiers inaccessible for many everyday investors.
- Primarily a Financial Services Platform: AI capabilities are embedded within the platform's tools but are not the core value proposition—users seeking a dedicated AI financial assistant may find it limited.
Frequently Asked Questions
What is Empower?
Empower is a financial wellness and wealth management platform that provides tools for retirement planning, budgeting, portfolio analysis, and personalized investment advice to over 19.5 million users.
Is Empower free to use?
Empower offers many financial planning tools for free, including the Retirement Planner, Net Worth tracker, and Budgeting tools. Premium wealth management services such as Personal Strategy and Private Client carry fees based on assets under management.
What is the difference between Personal Strategy and Private Client?
Personal Strategy pairs you 1:1 with a financial advisor for a custom portfolio and tax optimization. Private Client is a premium tier for investors with $1M+ in assets, adding private equity access, advanced tax planning, and legacy planning services.
What FDIC protection does the High-Yield Cash Account offer?
Empower's High-Yield Cash Account provides aggregate FDIC insurance coverage up to $5 million, with no fees and no minimum balance requirements.
Can I roll over my existing retirement account to Empower?
Yes, Empower supports rollover IRAs, allowing you to consolidate existing retirement savings, enjoy tax benefits, and receive guidance throughout the rollover process.
