Empower is a prominent financial services company based in Greenwood Village, Colorado, specializing in retirement plan recordkeeping. It is the second-largest retirement plan provider in the United States, serving over 17 million individuals and managing more than $1 trillion in assets across 71,000 organizations. The company operates as a subsidiary of Great-West Lifeco and focuses on empowering financial freedom through personalized guidance and innovative financial solutions.
Empower traces its roots back to 1891, when its parent company, Great-West Lifeco, was established as an insurance provider in Canada. The modern Empower brand emerged in 2014 following a significant merger of various retirement service providers, including Great-West Financial and JPMorgan Chase. This strategic move marked a turning point in the company's evolution, enabling it to expand its service offerings and enhance its market presence.
Empower acquired Personal Capital for $825 million in June 2020 and the retirement plan business of MassMutual for $4.4 billion later that year. These acquisitions have significantly contributed to its asset management capabilities and market share.
Retirement Plan Recordkeeping: Comprehensive management of employer-sponsored retirement plans.
Investment Management: Personalized investment strategies tailored to individual needs.
Financial Planning Tools: User-friendly platforms that provide resources for budgeting, saving, and investing.
Personal Capital (2020): Enhanced wealth management capabilities.
MassMutual's Retirement Plan Business (2020): Expanded its client base significantly.
Enhanced Digital Platforms: Upgraded user interfaces for easier navigation and access to financial tools.
Personalized Financial Insights: AI-driven recommendations based on user behavior and preferences.
People First: Prioritizing the success of employees and franchisees.
Integrity: Maintaining trust through ethical practices.
Innovation: Continuously seeking new ways to enhance service delivery.
Empower serves a diverse user base comprising individuals from various demographics seeking retirement solutions. The company has built a community focused on financial literacy, providing resources that empower users to make informed decisions about their financial futures. With over 17 million users, Empower actively engages with its community through educational initiatives and support programs aimed at enhancing financial well-being.
