Empower Launches 'Digital-First' Personal Wealth Division

“We’re magnifying the power of tech-driven advisory combined with real-life, objective advice to fundamentally change the game for the better,” Murphy says.

The press release suggests Empower’s updated technology and new comprehensive financial dashboard will help create clarity and confidence. The dashboard will “bring together everything people have and owe, from credit cards and cash, to loans, investments and retirement accounts — with the power of human advice.”

Additionally, Empower’s press release spotlights the new Personal Strategy+ offering, which delivers a solution for monitoring and rebalancing accounts held at other institutions. The goal is to deliver “a truly seamless approach to managing wealth across all the places [that] clients have and wish to keep their money,” Murphy says.

The expanded product lineup also includes Empower Personal Cash, a high-yield cash account and joint account option designed to simplify family finances and budgeting.

As of Jan. 31, 2023, Empower’s retirement plan arm administered more than $1.3 trillion, a figure surpassed only by the recordkeeping behemoth Fidelity Investments, which stewards some $2.8 trillion. Vying for a distant third position are Vanguard, with $569 billion, and Alight Solutions, with $527 billion, according to an industry survey.