The Empower platform blends no-cost financial tracking with optional paid advisory services, creating a single place to see your full financial picture. Founded in 2010 and later acquired by Empower Retirement in July 2026, the business formally rebranded in 2026. At its core is a robust, free dashboard that connects to bank accounts, credit cards, loans, and investment accounts so users can monitor net worth, analyze spending, and run retirement projections.
For people who want a centralized view without paying, the free tools are the main attraction; for wealthier investors seeking hands-on advice, the platform funnels select clients into its fee-based management offerings.
In short, Empower serves two groups: those who need a powerful financial tracking hub, and those who want professional wealth management. The company offers a high-yield cash product currently paying 3.00% APY, and a suite of planning tools such as budgeting, debt payoff, and retirement modeling. On the other hand, full-service advice requires a minimum investment and carries an asset-based fee. This review explains what each component does, how fees work, and who will likely benefit most.
Table of Contents:
Core products and account types
Empower’s product lineup spans a free dashboard, a consumer-facing cash account, managed portfolios, and deeper advisory services. The Empower Personal Cash account functions as a deposit vehicle with a market-competitive APY and no required minimum balance; deposits are protected via FDIC insurance through partner banks, aggregated up to $5M. Investment options include managed portfolios that require no minimum investment and charge advisory fees starting around 0.50% for some managed accounts, as well as a self-directed platform that provides access to mutual funds, ETFs, stocks and options with up to 1,000 free trades per year for active users. Retirement accounts such as traditional and Roth IRAs are integrated with the planning tools, so you can model contributions and expected outcomes.
Wealth management tiers
For clients with at least $100,000 in investible assets, Empower offers tiered advisory services. The baseline managed offering, called Personal Strategy, builds portfolios using low-cost ETFs and some individual securities tailored to your goals, risk profile, and time horizon. Advisory pricing is charged as a percentage of AUM (that is, assets under management), with published tiers that typically range from about 0.89% at lower balances down toward 0.49% as assets grow. High-net-worth clients can access Private Client Services, which include dedicated advisors and more bespoke planning, making Empower a hybrid between automated platforms and traditional advisory firms.
Tools, fees, and security
One of Empower’s distinguishing features is the free suite of planning and analytics tools. The platform includes net worth tracking, a retirement planner, portfolio analysis, budgeting, savings goals, a debt payoff planner, and transaction monitoring—each accessible at no cost once you link accounts. Fees only apply if you enroll in paid advisory services. Managed accounts avoid per-trade fees, but underlying funds will have their own expense ratios. There are no monthly maintenance charges for the cash account. Security measures are standard for the industry: bank-level encryption, multi-factor authentication, and read-only access to external accounts. Investment accounts carry SIPC protection and cash deposits are FDIC-insured via partner banks.
How Empower compares to rivals
Empower sits between pure robo-advisors and traditional broker-advisors. Compared with a typical robo service, Empower’s fees for personalized wealth management are generally higher, but you gain access to human advisors and a wider set of planning tools. Against low-cost firms like Vanguard, Empower wins on the strength of its free analytics and holistic dashboard, while Vanguard may offer lower fund costs for pure index investors. If low fees are your overriding priority, a fee-minimizing platform may be preferable. If you value integrated financial visibility plus the option of dedicated advice, Empower is compelling.
How to start and customer support
Getting started is straightforward: create a free profile, link your accounts, and explore the dashboard within minutes. Enrolling in advisory services involves an onboarding consultation to discuss goals and risk tolerance. Customers can contact Empower by phone at 877-630-4015, or by logging into their account to reach support. The corporate headquarters are listed at 8515 E. Orchard Road, Greenwood Village, CO 80111, which is useful to know if you need formal communications or regulatory correspondence.
Is Empower right for you?
Empower offers an excellent, no-cost way to consolidate and analyze your finances, and its financial planning tools are among the most feature-rich available for free. The advisory side makes sense for investors who want tailored planning and are willing to pay a percentage of AUM for access to advisors. If your primary goal is ultra-low-cost, passive investing, other providers may beat Empower on price. For those seeking a single hub to track spending, plan retirement, and optionally upgrade to personalized investment management, Empower is a strong candidate.
