Empower
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