Empower Retirement

What Empower Retirement does

Empower Retirement is the second-largest U.S. retirement plan provider and a comprehensive wealth management platform, administering approximately $2 trillion in assets for over 20 million individuals across more than 93,000 retirement plans and 69,000+ organizations. The company operates two interlocking business lines: Workplace Solutions, which provides recordkeeping, administration, and compliance services for 401(k), 403(b), 457, Taft-Hartley, and pooled employer plans sold through an enterprise field sales force; and Empower Personal Wealth, which delivers individual investing, IRAs, rollover services, and tiered advisory offerings (Personal Strategy at $100,000+ and Private Client at $1,000,000+ minimums) via a direct-to-consumer digital platform and financial-advisor distribution.

The underlying technology stack centers on a unified recordkeeping and wealth platform that integrates employer plan administration with consumer-facing financial tools. The Empower Personal Dashboard, powered by Yodlee's Fastlink aggregation, consolidates external accounts, balances, and transactions; an adjacent suite of planning tools (Retirement Planner, Net Worth, Budgeting & Cash Flow, Portfolio Analysis, Savings Planner, Debt Paydown, Emergency Fund, Transactions) is available to all users. Plan sponsors and advisors use PlanVisualizer for plan-level analytics, while the Empower Dynamic Retirement Manager supports participant decision-making. Product breadth now spans brokerage, commission-free trading, a high-yield cash account with FDIC insurance up to $5 million, and tax filing.

Empower generates revenue primarily through asset-based fees on $2 trillion of AUA, supplemented by plan administration and recordkeeping fees, advisory fees from Empower Advisory Group (a registered investment adviser), and transaction-based revenue from brokerage. The company is a wholly owned subsidiary of Great-West Lifeco Inc. (TSX: GWO) and operates from Greenwood Village, Colorado, with additional offices in New York, a technology and operations hub in Bengaluru, and a delivery center in Taguig, Philippines. Q1 2026 base earnings of $314 million were up 23% year over year, reflecting continued scale-driven momentum.

Name

Empower Retirement

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 Retirement is the second-largest U.S. retirement plan provider, administering $2 trillion+ across 20 million+ individuals and 93,000+ retirement plans. It offers workplace retirement administration for employers and individual wealth management through digital platforms and advisory services.

Ownership category

akta.pro rank

Product category

Retirement Plan Services and Wealth Management

NAICS

Portfolio Management and Investment Advice (52394), Direct Life, Health, and Medical Insurance Carriers (52411), Insurance and Employee Benefit Funds (5251), Finance and Insurance (52)

SIC

Investment Advice (6282), Insurance Agents, Brokers & Service (6411), Life Insurance (6311)

akta.pro primary industry

Employer Retirement Plan Advisory (401(k)/Pension) (FSAEABAE)

akta.pro secondary industries

Corporate & Public Pension Funds (DB/DC Sponsors) (FSAAAGAA), Workplace Wealth & Employee Investing Programs (FSAAAAAK), Retirement Plan Participant Advice & Managed Accounts (FSAEABAF), Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail) (FSAAAAAJ), Taft-Hartley / Labor Union & Public Sector Retirement Systems (FSAAAGAK), Retirement Benefits & Social Security/Medicare Planning (FSAEABAI)

Keywords

• Retirement plan services
• Wealth management solutions
• 401(k) administration
• Financial advisory services
• Defined contribution plans

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

Revenue model

1. Assets Under Administration (AUM) Fees: Empower generates revenue primarily from fees calculated on assets under administration. The company administers approximately $2 trillion in assets for over 20 million individuals, with fees typically expressed as a percentage of AUM charged to employer retirement plans.
2. Advisory Services Fees (Empower Advisory Group): EAG, a registered investment adviser subsidiary, provides discretionary and non-discretionary investment advisory services for a fee calculated based on the amount of assets under management. Personal Strategy requires $100,000 minimum; Private Client requires $1,000,000 minimum.
3. Plan Administration and Recordkeeping Fees: Empower charges employers and plan sponsors fees for retirement plan recordkeeping, administration, and compliance services across 401(k), 403(b), 457, and pooled employer plans.
4. Investment Account Trading: Empower Personal Wealth offers commission-free trading with low fees on investment accounts, mutual funds, ETFs, and equities for individual investors.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels8 records

Core offering

Empower Retirement administers workplace retirement plans (401(k), 403(b), 457, pooled employer plans, and Taft-Hartley plans) for employers and plan sponsors, while also providing individual investors with IRAs, investment accounts, advisory services (Personal Strategy, Private Client), and a free Personal Dashboard with financial planning tools. The company serves over 20 million individuals across approximately 93,000 retirement plans with about $2 trillion in assets under administration, generating revenue primarily from asset-based and advisory fees.

Product overview

Empower Retirement operates as a comprehensive wealth management and retirement services platform offering a unified ecosystem of products. The core platform combines workplace retirement solutions (401k, 457, 403b plans, pooled employer plans, Taft-Hartley) with individual wealth management products. Individual offerings include Private Client (premium advisory for $1M+), Personal Strategy (advisor-led planning for $100K+), High-yield Cash Account, IRAs, Rollover IRAs, Investment Accounts, and Tax Filing services. The Empower Personal Dashboard serves as the unified digital platform enabling account aggregation via Yodlee, financial visualizations, and integrated financial insights. Financial planning tools include Retirement Planner, Net Worth, Budgeting & Cash Flow, Portfolio Analysis, Savings Planner, Debt Paydown, Emergency Fund, and Transactions tracking. Content brands The Currency and Investment Insights provide financial education and market insights. The company serves over 20 million individuals and administers approximately $2 trillion in assets.

Differentiator

Problem solved

Functional benefit

Brands

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

Products and services

• Private Client Premium financial planning and highly personalized portfolio management services for investors with $1 million or more in investments, including private equity, tax, and legacy planning. Available to individual investors who meet the minimum investment threshold.
• Personal Strategy Advisor-led advisory service providing custom portfolio construction, tax optimization, and personalized financial planning for investors with $100,000 or more.
• High-yield Cash Account A high-interest cash account with no account fees, no minimums, direct deposit capability, and aggregate FDIC insurance up to $5 million. Offered to individual consumers for cash management.
• Rollover IRA Individual Retirement Account (IRA) for rolling over old employer-sponsored retirement accounts such as 401(k), 403(b), or 457(b) plans. Provides tax benefits and rollover guidance.
• IRAs Tax-advantaged individual retirement accounts offering various investment options and integrated retirement planning tools for individual savers.
• Investment Accounts Brokerage investment accounts offering commission-free trading, low fees, and access to managed accounts, mutual funds, ETFs, and equities for individual investors.
• Workplace Solutions Comprehensive retirement plan administration services for employers and plan sponsors covering 401(k), 457, 403(b), pooled employer plans, and Taft-Hartley plans. Serves corporate, government, and not-for-profit organizations.
• Stock Plan Services Stock plan administration services for private and public companies of all sizes, including equity award management and participant services. On track for 30% annualized growth as of October 2025 with international expansion.
• Empower Personal Dashboard Free digital financial tracking platform that aggregates financial accounts across institutions via Yodlee's Fastlink integration, provides financial visualizations and insights, and offers optional consultations with Empower Advisory Group registered investment advisors.
• Empower Personal Wealth Personal wealth division launched in 2023 with a digital-first planning experience to help Americans achieve financial freedom, encompassing IRAs, investment accounts, Personal Strategy, and Private Client. Surpassed $100 billion in assets under administration in 2025.

Quantifiable outcome

• 30% annualized growth in stock plan services business (2025)
• +4 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature5 records

Partnerships

19 partnerships are on record, tiered minor, major and core.

• Cameron Young (PGA TOUR Golfer)minorGTM or Marketing Partner · 1 January 2026PGA TOUR golfer sponsorship announced in 2026 as part of Empower's sports marketing portfolio.
• Jennifer Kupcho (LPGA Golfer)minorGTM or Marketing Partner · 1 January 2025LPGA golfer sponsorship announced in 2025 as part of Empower's golf marketing strategy.
• Lexi Thompson (LPGA Golfer)minorGTM or Marketing Partner · 1 January 2025Partnership with 11-time LPGA champion golfer Lexi Thompson announced in 2025.
• Hard Rock Stadium and Miami DolphinsmajorGTM or Marketing Partner · 1 January 2024New partnership signed in 2024 for stadium sponsorship and marketing integration with the NFL team.
• Kurt Kitayama (PGA TOUR Golfer)minorGTM or Marketing Partner · 1 January 2023PGA TOUR golfer Kurt Kitayama added to Empower's sponsorship roster in 2023.
• Wyatt Worthington II (PGA TOUR Golfer)minorGTM or Marketing Partner · 1 January 2023PGA TOUR golfer Wyatt Worthington II sponsorship announced in 2023.
• Prudential Financial Retirement BusinesscoreStrategic or Co-development Partner · 1 January 2022Acquisition closed in 2022, bringing additional retirement plan administration scale and capabilities.
• Employees Retirement System of TexasmajorStrategic or Co-development Partner · 1 January 202115-year relationship providing retirement plan administration for approximately 300,000 Texas employees with $7B in AUA. Extended partnership continues long-standing client relationship.
• MassMutual Retirement Plan BusinesscoreStrategic or Co-development Partner · 1 January 2021Acquisition closed in 2021, significantly expanding Empower's retirement plan recordkeeping business and customer base.
• Truist Retirement Plan Recordkeeping BusinessmajorStrategic or Co-development Partner · 1 January 2021Acquisition completed in 2021, adding Truist's retirement plan recordkeeping business to Empower's portfolio.
• Personal CapitalcoreStrategic or Co-development Partner · 1 January 2020Acquisition completed in 2020, bringing digital-first planning experience and additional wealth management capabilities to Empower's offerings.
• Brendan Steele (PGA TOUR Golfer)minorGTM or Marketing Partner · 1 January 2019Three-time PGA Tour champion Brendan Steele partnership began in 2019.
• Webb Simpson (PGA TOUR Golfer)minorGTM or Marketing Partner · 1 January 2018Partnership with US Open Champion Webb Simpson began in 2018.
• Denver BroncoscoreGTM or Marketing Partner · 1 January 201521-year naming rights agreement for Empower Field at Mile High stadium. Multi-faceted partnership including in-stadium branding, media collateral, television, radio, digital and social media opportunities, and sponsorship of team alumni events.
• Kansas City ChiefscoreGTM or Marketing Partner · 1 January 2015Multi-year marketing partnership including Chiefs Ambassadors program sponsorship, Alumni Game Week activities, in-stadium branding, and yearlong digital and social media advertising.
• New England PatriotscoreGTM or Marketing Partner · 1 January 2015Multi-year sponsorship including naming of Empower Field House and Empower Practice Field, in-stadium signage, television, radio, digital and social media opportunities, and participation in team events.
• Robert Streb (Professional Golfer)minorGTM or Marketing Partner · 1 January 2015Partnership with professional golfer Robert Streb began in 2015.
• J.P. Morgan Retirement Plan ServicescoreStrategic or Co-development Partner · 1 January 2014Acquisition completed in August 2014, bringing large-market recordkeeping business and establishing Empower as a major retirement services provider.
• Yodlee, Inc.Technology or IntegrationYodlee's Fastlink platform is used for financial account aggregation services, enabling users to securely connect third-party financial institutions to the Empower Personal Dashboard.

Scale indicators12 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Principal Financial Group: Direct competitor in U.S. employer-sponsored retirement plans (401(k), 403(b)) and individual wealth management. Comparable business mix across Workplace Solutions, retirement recordkeeping, and asset management.
• Voya Financial: Direct peer in workplace retirement plan administration, individual retirement, and investment advisory. Closely comparable in target employer segments and product suite.
• TIAA: Major retirement-focused financial services provider with comparable workplace plan administration and individual wealth management offerings, particularly strong in academic and not-for-profit segments similar to Empower's 403(b) business.
• Lincoln Financial Group: Competitor in employer-sponsored retirement plans, individual retirement annuities, and wealth management. Comparable product set with retirement recordkeeping at the core.
• T. Rowe Price: Retirement-focused asset manager with significant defined contribution plan presence and individual IRA/wealth offerings. Comparable in retirement plan services for both sponsors and participants.
• Fidelity Investments: One of the largest U.S. retirement plan recordkeepers and wealth managers. Directly comparable in 401(k) administration, IRAs, brokerage, and workplace-to-personal rollover dynamics.
• Vanguard: Major low-cost retirement plan provider and individual wealth manager. Competes head-to-head in 401(k) recordkeeping and rollovers, with strong brand in workplace retirement.
• Alight Solutions: Technology-led retirement and health benefits administration platform serving large employers. Directly comparable in retirement recordkeeping and benefits administration B2B focus.
• ADP Retirement Services: Retirement plan administration arm of ADP serving small and mid-market employers. Comparable in 401(k) recordkeeping and bundled payroll-retirement offerings.

Broad incumbents

• Charles Schwab: Large diversified wealth manager with IRA, brokerage, and workplace retirement offerings. Overlaps with Empower's retail wealth and self-directed investment account business but operates a much broader portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/empowertoday
• YouTubeyoutube.com/channel/UCFPLlGp16vPjBb-G7SnUWhQ
• Facebookfacebook.com/empowerretirement
• LinkedInlinkedin.com/company/empower-retirement
• Instagraminstagram.com/officialempowertoday
• TikToktiktok.com/@empowertoday?lang=en

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

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

M&A4 records

Investments

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

Frequently asked questions about Empower Retirement