Empower Review: A Comprehensive Look at Empower’s Financial Services

Empower, formerly known as Personal Capital, has recently completed its rebranding under the new name Empower. Despite the name change, the service and offerings remain largely the same. Empower shines in various aspects, including offering free comprehensive investment management tools and providing access to a team of advisors or two dedicated advisors based on your account balance.

However, Empower falls short in terms of high minimum account requirements and management fees compared to some competitors. Despite this, Empower is best suited for high-net-worth investors who value free financial management tools and access to human financial advisors.

Empower’s ratings reflect its strengths and weaknesses in different areas. For example, it received a 3 out of 5 stars for its account minimum requirement of $100,000, which may be a barrier for some customers. On the other hand, it scored 5 out of 5 stars for its setup or onboarding fee, as there is no additional fee for this service.

In terms of investment expense ratios, Empower received 5 out of 5 stars for offering fairly low fees averaging only 0.08%. The platform also excels in portfolio construction, offering customized portfolios based on the client’s assets and needs.

Overall, Empower is suitable for both DIY investors who can benefit from the free tools and insights provided, as well as high-net-worth investors who can access dedicated financial advisors and services. However, investors with balances between $100,000 and $250,000 may find similar services elsewhere for a lower cost.

In conclusion, Empower’s rebranding and continued focus on providing valuable financial management tools and advisor access make it a compelling option for investors looking for a comprehensive wealth management solution.