EMPower

What EMPower does

Empower is the second-largest US retirement and wealth management services provider, operating as an indirect subsidiary of Great-West Lifeco Inc. (TSX: GWO). The company serves 19.5 million-plus participants across 93,000-plus retirement plans and 69,000-plus organizations, administering approximately $2 trillion in assets under administration as of December 31, 2025. Empower delivers recordkeeping and administration for workplace defined contribution plans (401(k), 403(b), 457) targeting large corporate, government, and not-for-profit employers, alongside a growing Personal Wealth business with 2,500-plus employees including 1,500-plus financial advisors and planners serving both $100K+ and $1M+ individual investor segments.

The platform is built on a cloud-based retirement recordkeeping system combined with a digital-first planning experience for individual investors. Core technology components include account aggregation powered by Yodlee's Fastlink, the Empower Personal Dashboard, the OptionTrax equity management platform (acquired September 2024), managed account solutions with dynamic asset allocation, and an integrated consumer-directed healthcare offering (HSAs, FSAs, HRAs) developed with Alegeus Technologies. The Personal Dashboard and accompanying tools (Retirement Planner, Net Worth Tracker, Budgeting & Cash Flow, Portfolio Analysis, Savings Planner, Debt Paydown, Emergency Fund, Transactions) support a unified financial picture across workplace, personal, and external accounts. Empower is also building private market access into 401(k) plans through strategic collaborations with Blackstone and BlackRock.

Empower's revenue model is asset- and participant-based, generating recurring fees from workplace recordkeeping (per-participant and asset-based), personal wealth advisory (AUM-based with 0.10%-1.20% tiered or $500-$8,700 flat annual fees), stock plan services, and CDH administration. Distribution combines enterprise field sales for large employers and government entities, a financial advisor channel anchored by Edward Jones and others, direct-to-consumer digital acquisition, and payroll-provider partnerships (ADP, Paychex) for the small business market. The company reported record base earnings of $1.1 billion in 2025, up 11% year-over-year, with Q4 2025 base earnings up 17%.

Name

EMPower

Legal name

Empower Annuity Insurance Company of America

Website

https://empower.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Empower is the second-largest US retirement and wealth management services provider, administering approximately $2 trillion across 19.5 million participants via workplace retirement recordkeeping, personal wealth advisory, equity compensation, and consumer-directed healthcare products.

Ownership category

akta.pro rank

Product category

Retirement and Wealth Management Services

NAICS

Pension Funds (525110), Insurance and Employee Benefit Funds (5251)

SIC

Investment Advice (6282), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Workplace Wealth & Employee Investing Programs (FSAAAAAK)

akta.pro secondary industries

Benefits Administration & Total Rewards Outsourcing (BPACAKAE), Benefits Administration & Enrollment Support (BPAAAIAB)

Keywords

• Retirement plan administration
• Wealth management services
• Defined contribution plans
• Financial advisory services
• Workplace retirement solutions

Headquarters

HQ city

Greenwood Village

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Workplace Solutions Recordkeeping: Administrative and recordkeeping services for employer-sponsored retirement plans including 401(k), 457, and 403(b) plans, generating revenue through asset-based fees and per-participant charges. The segment achieved 12% average AUA growth and $23 billion in net plan flows in 2025.
2. Personal Wealth Management: Advisory services for individual investors including Personal Strategy ($100K+ minimum) and Private Client ($1M+ minimum), with fees calculated based on assets under management. Personal Wealth surpassed $100 billion in AUA with 83% year-over-year net new flow growth as of June 2025.
3. Stock Plan Services: Equity compensation administration services including option tracking, exercise processing, and participant services, on track for 30% annualized growth entering Q4 2025.
4. Consumer-Directed Healthcare: Integrated health benefit administration including HSAs, FSAs, and HRAs, developed in partnership with Alegeus Technologies for employers and individuals.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Empower provides workplace retirement plan administration (401(k), 403(b), 457) for employers and government entities, and personal wealth management services (Private Client for $1M+ and Personal Strategy for $100K+ investors). The platform combines a recordkeeping system, an aggregated Personal Dashboard, advisory services, consumer-directed healthcare (HSA/FSA/HRA), equity compensation (OptionTrax), and integrated financial planning tools for participants and individual clients.

Product overview

Empower operates as a comprehensive financial services platform offering both workplace retirement solutions and personal wealth management. The core product architecture consists of two main divisions: Workplace Retirement Solutions (401(k), 403(b), 457 plans) serving as the foundation with over $2 trillion in AUA and 19.5+ million participants, and Personal Wealth Management (Private Client for $1M+ investors and Personal Strategy for $100K+ investors) built atop this base. The platform extends through integrated tools including Retirement Planner, Net Worth Tracker, Budgeting & Cash Flow, Portfolio Analysis, Savings Planner, Debt Paydown, Emergency Fund, and Transactions. Additional offerings include HSAs, FSAs, HRAs through the Consumer-Directed Healthcare platform, Tax Filing services, Stock Plan Services via OptionTrax, Trump Accounts custody, and High-Yield Cash Accounts with FDIC insurance up to $5 million. The Personal Dashboard aggregates external accounts via Yodlee to provide a unified financial view with AI-powered personalized insights and recommendations.

Differentiator

Problem solved

Functional benefit

Brands

• Private Client: Premium financial planning and highly personalized portfolio management services for $1M+ investments, including private equity, tax and legacy planning.
• Personal Strategy
• The Currency
• Empower Institute

Products and services

• Private Client Premium wealth management service for investors with $1M+ in investments, providing personalized portfolio management, private equity, tax optimization, and legacy planning.
• Personal Strategy Advisor-led wealth management service for investors with $100K+, providing a custom portfolio, tax optimization, and personalized financial planning with a team of specialists.
• High-Yield Cash Account High-interest cash account with no account fees, no minimums, direct deposit, and aggregate FDIC insurance up to $5 million.
• Rollover IRA Rollover IRA service that simplifies moving 401(k), 403(b), and 457(b) accounts into an IRA with tax benefits and guidance.
• IRAs Tax-advantaged retirement accounts including Traditional and Roth IRAs with investment options and retirement planning tools.
• Investment Accounts Brokerage accounts offering commission-free trading, low fees, and access to managed accounts, mutual funds, ETFs, and equities.
• Tax Filing Tax filing services and tools integrated into the Empower dashboard for streamlined tax preparation.
• Workplace Retirement Solutions Defined contribution retirement plan administration for employers and plan sponsors covering 401(k), 403(b), and 457 plans, with recordkeeping, participant services, and investment management.
• Consumer-Directed Healthcare (CDH) Integrated healthcare benefits administration including HSAs, FSAs, and HRAs for individuals and employers, developed in partnership with Alegeus Technologies.
• Stock Plan Services (OptionTrax) Equity compensation management services including option tracking, exercise processing, and participant services for corporate stock plan administration.
• Trump Accounts Custody Rollover custody for the federal Trump Accounts savings vehicle, with Empower also matching the $1,000 federal contribution for eligible associates.

Quantifiable outcome

• Engaged participants save 79% more and have 160% higher account balances than unengaged participants
• +3 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability5 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Edward JonescoreChannel Partner/ Reseller/ Distributor · 15 June 2026Edward Jones expanded workplace retirement solutions adding Empower as one of eleven total product partners, bringing the total number of retirement plan product partners to eleven including J.P. Morgan Asset Management and T. Rowe Price.
• Miles for Military (MFM)minorGTM or Marketing Partner · 16 April 2026Empower joined as an early partner to support Miles for Military, a nonprofit providing free round-trip flights (up to $1,000) to active-duty junior enlisted service members in exchange for volunteer service hours.
• Department of LaborminorOthers · 30 March 2026Empower welcomed and supported the DOL's proposed regulation supporting responsible investment choices in retirement plans, emphasizing investment-neutral approach and safe harbor for fiduciaries including alternative assets.
• U.S. Treasury DepartmentminorGTM or Marketing Partner · 19 March 2026Empower announced plans to serve as a rollover custodian for Trump Accounts once final regulations are issued. Empower previously announced it would match the Treasury's $1,000 Trump Account deposit for eligible associates.
• NEPCcoreStrategic or Co-development Partner · 16 March 2026Launch of Stratum One Pooled Employer Plan (PEP) leveraging NEPC's OCIO platform for competitive investment pricing and fiduciary oversight, with Empower providing recordkeeping and administration services. Plan launched May 1, 2026.
• BlackstonecoreStrategic or Co-development Partner · 14 January 2026Strategic collaboration to add private equity, private credit, real estate, and infrastructure strategies to Empower's defined contribution platform, enabling everyday retirement savers to access institutional-style investments through 401(k) plans. Blackstone, with over $1.2 trillion in assets under management, joins Empower's private-markets investment partnership program.
• BlackRockcoreStrategic or Co-development Partner · 1 August 2025Both companies preparing target-date funds allocating 5-20% to private investments for 401(k) plans, as part of broader industry movement to expand private market access to everyday retirement savers following President Trump's executive order.
• Plan Management Corp (OptionTrax)coreTechnology or Integration · 1 September 2024Acquisition of Plan Management Corp, creator of the OptionTrax equity management platform, expanding Empower's equity compensation services and connecting equity, retirement, and health benefits through a unified platform.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Fidelity Investments: Fidelity is the largest US defined contribution recordkeeper and wealth manager, directly competing with Empower across workplace 401(k)/403(b)/457 plans, IRAs, brokerage, and personal wealth advisory. Closest direct competitor given overlapping plan-sponsor relationships and participant base.
• T. Rowe Price: T. Rowe Price is a major DC recordkeeper and retirement plan provider (also an Edward Jones product partner alongside Empower). Competes in target-date funds, managed accounts, and full-service retirement plan administration.
• Charles Schwab: Schwab competes directly with Empower in workplace retirement plans (Schwab Retirement Plan Services), IRAs, brokerage, and personal wealth. Overlap is strongest in self-directed and advisor-served retirement segments.
• MassMutual: MassMutual sold its retirement plan business to Empower in 2021 but continues to compete in retirement income/annuity products, group benefits, and wealth management. Comparable in retirement product breadth and distribution channels.
• TIAA: TIAA is a major nonprofit DC recordkeeper serving academic, healthcare, and nonprofit employers, overlapping with Empower's 403(b) and not-for-profit segments. Both compete for large institutional plan sponsors.
• Voya Financial: Voya is a top-ten US retirement plan provider serving corporate, healthcare, and government plans, directly competing with Empower in 401(k)/403(b) recordkeeping and institutional retirement services. Similar mid-market plan-sponsor positioning.
• Vanguard: Vanguard is the second-largest 401(k) recordkeeper by participant count and a major low-cost competitor in workplace retirement plans and retail wealth management. Competes head-to-head with Empower on mega-plan wins and is a primary driver of industry fee compression.
• Prudential Financial: Prudential divested its retirement business to Empower in 2022 but retains group insurance and stable value/income products that overlap with Empower's institutional retirement offerings. Comparable product set in remaining retirement-adjacent lines.
• BlackRock: BlackRock competes with Empower across workplace retirement via LifePath target-date funds, is also a strategic partner co-developing private-market 401(k) solutions. Direct competitor in DC investment management and recordkeeping-adjacent services.
• Principal Financial Group: Principal is a top-five US retirement plan provider and wealth manager, directly competing with Empower in 401(k)/403(b) recordkeeping, employer-sponsored plans, and individual wealth management. Comparable in scale and segment focus.

Market position

Strengths5 records

Weaknesses2 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/empowertoday
• YouTubeyoutube.com/channel/UCFPLlGp16vPjBb-G7SnUWhQ
• Facebookfacebook.com/officialempowertoday
• LinkedInlinkedin.com/company/empowertoday
• Instagraminstagram.com/officialempowertoday
• TikToktiktok.com/@empowertoday

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EMPower