Empower Review: Wealth Management Services, Fees, and Alternatives
Are you looking for a comprehensive wealth management and investing platform that offers a wide range of financial planning services, retirement planning, and advisor-managed accounts? Look no further than Empower (formerly Personal Capital). In this blog post, we will dive deep into the features, pros, and cons of Empower to help you decide if it’s the right platform for you.
Empower is known for its easy-to-use interface, free financial tools, cash management accounts, and more. You can link your bank account, credit cards, brokerage accounts, and more to Empower’s budgeting app for assistance with managing investments and retirement planning. Whether you’re an individual investor, financial professional, or plan sponsor, Empower offers a variety of financial planning services and trading tools to meet your needs.
One of the standout features of Empower is its personalized retirement planning services, tax-optimization strategies, data-driven portfolio construction, and access to a range of investable securities. You can open a self-directed or professionally managed account to access thousands of mutual funds, ETFs, individual equities, and fixed-income securities. Additionally, Empower offers retirement plans, custodial accounts, and socially responsible investing options.
However, it’s important to note that Empower does have a high $100,000 minimum for its wealth management services, along with hefty AUM fees. If you’re a newer investor looking for lower minimum requirements and fees, you may want to explore other options.
Despite its high fees, Empower is a great platform for professionally managed ETF portfolios, retirement planning, socially responsible investing, and private client services. DIY traders can also benefit from a do-it-yourself investment account with no account minimum and commission-free trading.
In conclusion, Empower is a comprehensive wealth management platform that offers a wide range of financial planning services and investment options. While it may not be the most cost-effective option for all investors, it is worth considering if you value personalized retirement planning services and access to a variety of investable securities.
If you’re interested in learning more about Empower or comparing it to other investment platforms, be sure to check out our in-depth reviews and comparisons. Happy investing!
