Empower Review

High-balance hybrid advisory clients

SEC FINRA SIPC

Founded 2009 · United States · Great-West Lifeco

Why investors choose this broker

Comprehensive free financial dashboard with net worth, retirement planner and fee analyzer
Hybrid model gives access to human advisors alongside automated portfolio management
Tax-loss harvesting and tax location strategy included in advisory fee
Tiered fees decrease as assets grow, reaching 0.49% above $10 million

Review summary

Empower is a US hybrid robo-advisor combining automated portfolio management with access to human financial advisors, built on the foundation of Personal Capital.

Pros

Comprehensive free financial dashboard with net worth, retirement planner and fee analyzer
Hybrid model gives access to human advisors alongside automated portfolio management
Tax-loss harvesting and tax location strategy included in advisory fee
Tiered fees decrease as assets grow, reaching 0.49% above $10 million
Client assets held at established independent custodians with SIPC protection
High-yield cash account with FDIC insurance up to $5 million
Dedicated advisors and estate planning access at higher asset tiers
Commission-free trading on investment accounts

Cons

$100,000 minimum investment required to access any managed advisory services
Advisory fee of 0.89% on the first $1 million is high relative to robo-only competitors
No direct-to-consumer trading platform for active self-directed trading
No demo account available
No support for forex, CFDs, futures or options trading
Tax and estate planning features restricted to higher asset tiers
Free tools may prompt upsells for users approaching the $100,000 threshold

Company background

Empower is a US-based hybrid robo-advisor and wealth management platform. Its retail roots trace to Personal Capital, founded in 2009 by Bill Harris as one of the first platforms to combine automated portfolio management with human financial advisors. Personal Capital was acquired by Empower Retirement in 2020 and rebranded as Empower Personal Wealth in 2023. The parent company is ultimately owned by Great-West Lifeco and administers over $2 trillion in retirement assets across more than 93,000 plans. The retail wealth division offers free financial tools to all users alongside paid advisory services for clients with $100,000 or more.

Fees and pricing

Empower Personal Strategy charges a tiered annual advisory fee. The first $1 million is charged at 0.89%, stepping down to 0.79% on $1M-$3M, 0.69% on $3M-$5M, 0.59% on $5M-$10M and 0.49% above $10 million. The fee covers portfolio management, rebalancing, tax optimization and advisor access. Underlying fund costs average approximately 0.07%. There is no deposit fee, no inactivity fee and no separate custody charge. The Empower Personal Cash high-yield account carries no account fee and no minimum balance.

The free financial dashboard, which includes the retirement planner, net worth tracker, cash flow monitor, investment checkup and fee analyzer, is available at no charge to all registered users. Managed clients do not pay trading commissions on portfolio transactions.

Regulation and safety

Empower Advisory Group, LLC is a registered investment adviser with the SEC and is held to a fiduciary standard. Securities are offered through Empower Financial Services, Inc., a member of FINRA and SIPC. Client assets are held at independent custodians including Pershing LLC and carry SIPC protection up to $500,000. Cash in the Empower Personal Cash account is FDIC-insured up to $5 million through a network of program banks.

Platform experience

The Empower Personal Dashboard is available on web and through iOS and Android mobile apps. It aggregates data from linked accounts and provides portfolio analysis, retirement scenario modeling, fee analysis and cash flow tracking. Managed account clients access Smart Weighting, tax-loss harvesting, tax location strategy and automated rebalancing. Clients with $250,000 or more receive a dedicated financial advisor. Clients with $1 million or more unlock Private Client services including private equity and estate planning. Tax optimization is available from the $250,000 tier.

Pros and cons

Empower's main advantages are its free financial dashboard, the hybrid advisory model, tax optimization included in the fee and a no-fee high-yield cash account. Its main drawbacks are the $100,000 minimum, an advisory fee starting at 0.89% that is higher than robo-only platforms, no active self-directed trading tools, and estate and tax planning restricted to higher asset tiers.

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Trading fees & commissions

Empower Personal Strategy charges a tiered annual advisory fee starting at 0.89% on the first $1 million and declining to 0.49% on assets over $10 million, with a $100,000 minimum to access managed services. The free financial dashboard and cash account carry no fees.

Fees

Item	Fee
Account	Free for dashboard tools and cash account; $100,000 minimum for managed advisory services
Custody	No custody fee stated separately; included in advisory fee
Deposit	No deposit fee
Inactivity	No inactivity fee stated
Management	0.89% annually on first $1M; 0.79% on $1M-$3M; 0.69% on $3M-$5M; 0.59% on $5M-$10M; 0.49% over $10M
Withdrawal	No withdrawal fee stated
Cash Account	No account fee; high-yield cash account (Empower Personal Cash) carries no minimum balance requirement

Trading platform & features

Platforms

Empower Personal Dashboard
Web app
iOS app
Android app

Regulation and investor protection

Empower Advisory Group, LLC is a registered investment adviser with the SEC, and Empower Financial Services, Inc. is a FINRA and SIPC member broker-dealer. Client assets are held at independent custodians including Pershing LLC, and brokerage accounts carry SIPC protection up to $500,000.

Broker FAQs

Is Empower safe?

Empower Advisory Group, LLC is a registered investment adviser with the SEC. Client assets are held at independent custodians including Pershing LLC and carry SIPC protection up to $500,000.

Is Empower a scam?

No. Empower Advisory Group, LLC is registered with the SEC as an investment adviser and is held to a fiduciary standard. Securities are distributed by Empower Financial Services, Inc., a FINRA and SIPC member.

Is Empower regulated and by whom?

Yes. Empower Advisory Group, LLC is registered with the SEC as a registered investment adviser. Empower Financial Services, Inc. is a member of FINRA and SIPC.

Does Empower keep client funds in segregated accounts?

Empower says client assets are held at independent custodians including Pershing LLC, separate from company assets. Brokerage accounts carry SIPC protection up to $500,000.

What happens to my money if Empower goes bankrupt?

Client assets are held at independent custodians and carry SIPC protection up to $500,000, including $250,000 for cash. Cash in the Empower Personal Cash account is FDIC-insured up to $5 million through a network of program banks.

What products does Empower offer?

Empower offers managed investment portfolios containing ETFs and individual stocks, traditional and Roth IRAs, rollover IRAs, SEP IRAs, individual and joint brokerage accounts, trust accounts and a high-yield cash management account. The platform also provides a free financial dashboard with planning tools.

Does Empower offer ETFs?

Yes. Empower managed portfolios use ETFs as a core building block alongside individual stocks. Underlying fund costs average approximately 0.07%.

Does Empower offer individual stocks?

Yes. Managed portfolios include individual stocks in addition to ETFs, and commission-free trading is available on investment accounts.

Does Empower offer retirement accounts?

Yes. Empower offers traditional IRAs, Roth IRAs, SEP IRAs and rollover IRAs. Advisors can also help plan for 401(k)s and 529s, though those account types are not directly administered through the retail platform.

Does Empower have a minimum investment?

Yes. The managed advisory service (Personal Strategy) requires a minimum of $100,000 in investable assets. The free financial dashboard and cash account have no minimum requirement.

What does Empower charge for managed accounts?

Empower charges a tiered annual advisory fee: 0.89% on the first $1 million, declining to 0.79% on $1M-$3M, 0.69% on $3M-$5M, 0.59% on $5M-$10M and 0.49% above $10 million. The fee covers portfolio management, rebalancing, tax optimization and advisor access.

Does Empower charge a withdrawal fee?

Empower does not list a withdrawal fee for its managed accounts or cash account.

Does Empower charge an inactivity fee?

Empower does not list an inactivity fee.

Does Empower offer tax-loss harvesting?

Yes. Tax-loss harvesting and tax location strategy are included in the Personal Strategy advisory service at no additional charge.

Does Empower have a demo account?

No. Empower does not offer a demo or paper trading account. The free financial dashboard is available to all registered users and can be used to explore planning tools without funding a managed account.

Does Empower have a mobile app?

Yes. Empower provides apps for iOS and Android that give access to the Personal Dashboard, portfolio analysis tools and account management features.

Is Empower good for beginners?

The free financial tools are accessible to all users, but the managed advisory service requires a $100,000 minimum, which makes it less suitable for investors who are just starting out. Beginners with smaller balances may find robo-advisors with lower minimums more accessible.

Is Empower good for long-term investing?

Empower is designed for long-term wealth management. It offers diversified portfolios, tax optimization, retirement planning tools and access to human advisors, making it well suited to investors focused on long-term financial goals.

Bottom line

Empower suits users who have at least $100,000 in investable assets and want a hybrid advisory service that combines automated portfolio management with human advisor access, tax optimization and comprehensive financial planning tools. It may not suit users who prefer low-fee robo-only platforms, need a lower entry threshold, or want an active self-directed trading experience with access to forex, options or CFDs.

Empower

High-balance hybrid advisory clients

Open Account

Your capital is at risk. Other fees apply.