In this guide

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  • Details
    • Features
  • Your reviews
  • Ask a question
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Our verdict

Empower is a 3-in-1 platform for free money management tools, a cash savings account or using a wealth manager.

Consider Empower if you’re looking for free financial tools, a cash savings account or a wealth management program if your investment assets are worth more than $100,000. Look elsewhere if you want a platform to trade traditional assets like stocks and ETFs.


  • Free financial tools.
  • Financial advisers provide a plan to help you reach your retirement goals.
  • Tax optimization and tax harvesting for the wealth management program.


  • Not a trading platform.
  • High portfolio account minimum of $100,000 for wealth management.
  • Investment management fee of 0.89% for the first $1 million.

In this guide

  • Our verdict
  • Details
    • Features
  • Your reviews
  • Ask a question

Wealth management firm Empower offers a collection of services designed to help you manage and grow your money. But customer support is limited and its portfolio management minimum is steep.

  • Consider Empower if you’re seeking financial tools or professional portfolio management.
  • Look elsewhere if you’re an active investor seeking a stock trading platform.



Annual fee 0.89% on balances up to $1,000,000
Available asset types Stocks, ETFs

How we rated Empower‘s features



Free financial tools but investment management fee is high.
Customer support


You can reach out to customer support via email or phone.
Mobile app


Mobile app users love the app’s simplicity but don’t like some minor bugs.
Research and tools


A variety of budgeting and financial tools.


No major outages have been reported.

To learn how our star ratings are calculated, read our methodology at the bottom of the page.

Empower is best for those who need money management tools

Even though Empower offers a wealth management program and a cash savings account, it’s most-utilized feature is the financial tools you get for free. Of course, if you have investment assets of $100,000 or more, you can combine these tools with the wealth management program.

Account types available with Empower

  • Retirement
  • Joint
  • 401k

Where Empower shines

The personalized financial planning is one of the best features for everyone who uses Empower regardless of net worth. The money management software gives you overview of your net worth, cash flow, budgeting and retirement planning.

Where Empower falls short

To get the full investment benefits either for your retirement or for reaching your investment goals, you need to have at least $100,000 in investment assets. Also, the wealth management program, which is a combination of personal financial advisers and a robo-advisor that trades and rebalances your portfolio, isn’t cheap. The 0.89% annual fee is higher than competitor robo-advisors like Betterment where you pay 0.25% annually.

Empower‘s fees

Minimum deposit$100,000
First $1 million0.89%
First $3 million0.79%
Next $2 million0.69%
Next $5 million0.59%
$10 million or more0.49%

Is Empower legit?

Yes. Founded in 2009, Empower is a wealth management company based in San Carlos, California. In 2020, Denver-based Empower Retirement purchased Personal Capital. The company boasts more than 3.4 million users and $23.5 billion in assets under management. Empower is a registered investment advisor with the Securities and Exchange Commission (SEC). Deposits in Empower Cash savings accounts are spread across multiple institutions, allowing FDIC insurance for up to $2 million.

Empower‘s platform is easy to use

Here are some of the tools you can use on Empower‘s website after you log in:

  • Net worth viewer
  • Savings planner
  • Budgeting
  • Cash flow
  • Retirement planner
  • Education planner
  • Financial roadmap
  • Personal strategy

Empower‘s app

Access Empower‘s management tools via iOS or an Android app. It’s user friendly and you can use it as a budgeting app, to monitor your retirement investments and finances, and it’s completely free.
Empower introduction

Empower‘s app store reviews

Google Play app reviews4.3/5 stars, over 500k+ downloads
Apple App Store app reviews4.7/5 stars based on 37.5k ratings

Empower‘s desktop tools

Empower doesn’t have a desktop tool that you can install on your computer but rather a web-based tool that you can access from your browser. Access the following financial tools via your browser:
  • Net worth. Connect all your external accounts including credit cards, loans and investment accounts to get a view of your net worth.
  • Savings planner. This tool shows you how much you need to save each year to reach your retirement goals. You can also generate your savings plan or track your debt payments.
  • Budgeting. Organize your spending and savings and set a monthly spending target. This is designed to help you see if you’re following your retirement plan.
  • Retirement planner. Use the retirement calculator to see how much you need to save to reach your retirement goals. Run different scenarios and add big expenses events like college or buying a house. There’s also a recession simulator to help you see how your portfolio would fare during times of uncertainty.

Empower‘s customer support

Empower provides two ways to reach out to customer support:
  • Email
  • Phone

How to open an account with Empower

  1. Click the “Sign up now” button below and click “Get started”.
  2. Enter your name, email and password and provide your phone number.
  3. Verify your account.
  4. Complete your profile by selecting the services you want to use.

Eligibility and required information for wealth management

  • At least 18 years old
  • Valid phone number and residential and email address
  • Valid Social Security number
  • $100,000 minimum in investable assets

Sign up now

How safe is Empower?

If you’re using the wealth management program or the cash savings account, know that Empower is a registered investment advisor with the SEC, and your deposits in the savings account are spread across multiple institutions. This allows an FDIC insurance for up to $2 million.

Compare Empower to other platforms

Empower logo



Finder rating 4.1 / 5

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SoFi Invest® logo

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Finder rating 4.1 / 5

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Stocks, Mutual funds, ETFs, Alternatives

Stock trade fee


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Get up to $1,000 in stock when you fund a new account within 30 days.

Tastytrade logo



Finder rating 4.6 / 5

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Available asset types

Stocks, Options, ETFs, Cryptocurrency, Futures, Treasury Bills

Stock trade fee


Minimum deposit


Complete signup bonus

Get $100-$5,000 when you open and fund an account with $5,000 to $1,000,000+

How we rate trading platforms

★★★★★ 5/5 — Excellent

★★★★★ 4/5 — Good

★★★★★ 3/5 — Average

★★★★★ 2/5 — Subpar

★★★★★ 1/5 — Poor

We analyze top online trading platforms and rate them one to five stars based on factors that are most important to you. These factors include fees, securities available for trade, customer support, customer feedback, platform resources and overall reliability.

For a complete breakdown of how we score each category, read the full methodology of how we rate trading platforms.

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