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Empower Advisory Group is an SEC-registered investment adviser that reported about $195 billion under management at the end of 2025, and its parent administers more than $2.1 trillion in retirement assets. Personal Strategy suits people with $100,000 or more who want a dedicated advisor, individual-stock portfolios with tax-loss harvesting and planning help in one fee. The tradeoff is cost: 0.89% a year below $1 million is roughly three times what robo advisors charge, and the free dashboard is used to find sales leads, so expect advisor calls. In August 2025 Empower paid the SEC about $6 million over undisclosed advisor incentives, so ask how your advisor is paid.
- Who gives the advice
- Empower Advisory Group, LLC, SEC-registered investment adviser (CRD 112058); indirect subsidiary of Empower Annuity Insurance Company of America1
- Advisory fee
- 0.89% a year from $100,000 to $999,999; Private Client tiers of 0.79%, 0.69%, 0.59% and 0.49% above $1 million2
- Minimum
- $100,000 to start; service ends if household assets fall below $25,0002
- Advisor access
- Advisor team from $100,000; two dedicated advisors from $250,000; Private Client from $1 million1
- Portfolio
- At least 70 individual U.S. stocks plus ETFs (average ETF expense ratio 0.08%); held at Pershing1
- Assets managed
- About $195.4 billion in discretionary and non-discretionary assets as of December 31, 20252
- Free tools
- Personal Dashboard: account aggregation, net worth and retirement planning, no cost1
- Regulatory history
- SEC order, August 29, 2025: $5.99 million over undisclosed advisor incentives tied to its managed account service3
Pros
- Free dashboard with strong net worth and retirement planning tools
- One fee covers management, trading and custody
- Individual-stock portfolios allow tax-loss harvesting
- Two dedicated advisors from $250,000
- Fees step down above $1 million
Cons
- 0.89% a year below $1 million is high next to robo advisors
- $100,000 minimum
- Persistent sales outreach to dashboard users with large balances
- 2025 SEC settlement over undisclosed advisor incentives
- Fee is charged on uninvested cash too
Best for: Investors with $250,000 or more who want two dedicated advisors, tax-aware stock portfolios and planning for one all-in fee.
Skip it if: You have under $100,000, are comfortable with a low-cost index fund or robo advisor, or don't want to pay close to 0.9% a year.
Empower vs. competitors
| Company | Advisory fee | Minimum | Human advisor |
|---|---|---|---|
| Empower Personal Strategy | 0.89% up to $1 million | $100,000 | Advisor team; two dedicated advisors at $250,000+ |
| Vanguard | Digital Advisor up to 0.20%; Personal Advisor Select 0.30% | $100 (Digital); $500,000 (Select) | Dedicated advisor at $500,000 |
| Betterment | 0.25% a year or $5 a month; Premium 0.65% | $0; Premium at $100,000 | CFP access with Premium |
| Fidelity Go | $0 under $25,000, then 0.35% | $0 to open | Coaching calls at $25,000+ |
Empower pricing at a glance
Empower Personal Strategy advisory fees, from its Form ADV dated May 18, 20262
| Assets with Empower | Service level | Annual fee |
|---|---|---|
| $100,000 to $249,999 | Investment Services (advisor team) | 0.89% |
| $250,000 to $999,999 | Wealth Management (two dedicated advisors) | 0.89% |
| First $3 million (Private Client, $1 million+) | Private Client | 0.79% |
| Next $2 million | Private Client | 0.69% |
| Next $5 million | Private Client | 0.59% |
| Over $10 million | Private Client | 0.49% |
| Employer plan assets (Personal Strategy+) | Advice on your 401(k) held elsewhere | 0.49% |
The fee covers management, trading and custody and is deducted monthly in arrears, including on uninvested cash. It does not include ETF expense ratios (average 0.08%). At $100,000, 0.89% is about $890 a year; at $500,000, about $4,450. Private equity offerings carry much higher extra fees.
Empower, step by step
Link accounts to the free dashboard
Sign up for the Personal Dashboard and connect bank, investment, retirement and loan accounts to see your net worth and retirement projection.
Intake call
If you have $100,000 or more, an Empower advisor will usually reach out. You answer questions about goals, risk and taxes.
Proposal
The advisor and investment committee review your current holdings and propose a Personal Strategy portfolio and plan.
Open and fund accounts
Accounts are opened in your name at Pershing, a BNY company, and funded with cash or transferred securities.
Ongoing management
Empower rebalances, harvests tax losses where it can and bills monthly. You can cancel in writing at any time.
Empower legitimacy and licensing
Yes. Advice is provided by Empower Advisory Group, LLC, an SEC-registered investment adviser (CRD 112058) and an indirect subsidiary of Empower Annuity Insurance Company of America. Empower is headquartered in Greenwood Village, Colorado, says it serves more than 20 million people, and was created in 2014 by Great-West Lifeco. It bought Personal Capital in 2020, which is where Personal Strategy and the free dashboard come from. Your investments are held in your name at Pershing, a BNY company, not by Empower.
Its record has a notable mark. In August 2025 the SEC found that Empower’s affiliates did not properly disclose that retirement plan advisors were paid incentives to enroll people in its managed account service, and they paid $5.99 million without admitting or denying the findings. The BBB rates Empower Retirement A+ but it is not accredited and logged 515 complaints in three years.
Empower advisory fees explained
Empower charges one annual fee as a percentage of the assets it manages, deducted monthly in arrears. Under its Form ADV dated May 18, 2026:
- $100,000 to $999,999: 0.89%
- $1 million and up (Private Client): 0.79% on the first $3 million, 0.69% on the next $2 million, 0.59% on the next $5 million, 0.49% above $10 million
That covers portfolio management, trading and custody, but not ETF expenses (average 0.08%). On $300,000 you would pay about $2,670 a year, compared with about $750 at a 0.25% robo advisor. The fee also applies to cash sitting in your managed account. Personal Strategy+, which advises on 401(k) money held at your employer’s plan, costs 0.49% of those assets and requires a $25,000 managed account.
What you get with Personal Strategy
Empower’s investment committee builds the portfolios; your advisor connects them to your goals and handles communication. U.S. stocks are held as a sample of at least 70 individual companies using its Smart Weighting approach, with ETFs for bonds and alternatives. Holding individual stocks lets Empower harvest losses and place assets in the most tax-efficient accounts.
Service grows with your balance. From $100,000 you work with an advisor team. From $250,000 you get two dedicated advisors. From $1 million, Private Client adds estate and legacy planning and access to private equity funds, which carry much higher fees. Socially responsible and market-cap weighted portfolios are also offered.
What customers say about Empower
Recurring themes across the review sites and complaint records listed above, not individual quotes.
Common praise
- The free dashboard's net worth, fee and retirement tools
- A highly rated mobile app
- Access to a named advisor for planning questions
Common complaints
- Repeated sales calls after linking large balances
- Fees that are high next to robo advisors and index funds
- Slow withdrawals, transfers and paperwork on retirement accounts
- Dashboard sync problems since the Personal Capital rebrand
The free Personal Dashboard
Anyone can link accounts to Empower’s free dashboard to track net worth, cash flow, investment fees and retirement readiness. It is useful even if you never pay for advice. The catch is that the dashboard feeds Empower’s sales pipeline: if your linked investments pass about $100,000, expect calls and emails offering a free consultation. You can decline, and you can unlink accounts at any time.
Complaints and how to avoid problems
Common complaints involve persistent sales outreach, the cost of advice compared with low-cost alternatives, slow withdrawals and transfers on retirement accounts, and dashboard sync issues. Most of the 515 BBB complaints relate to Empower’s much larger 401(k) business rather than Personal Strategy.
- Ask your advisor, in writing, how they are paid and whether they earn more if you enroll in a managed service or roll over a 401(k).
- Compare the all-in cost (advisory fee plus fund expenses) with a robo advisor and with your current plan.
- Check for capital gains before Empower sells holdings you transfer in.
- Read the Form ADV and look up your advisor on the SEC’s adviser search.
Canceling Empower advice
You can end advisory services at any time with written notice, by email, through your advisor or by calling Empower. Fees are billed monthly in arrears, so you pay for the time already managed. Your accounts stay at Pershing in your name, so you can transfer them in kind to another broker. Selling to move as cash can trigger taxes in a taxable account. Empower also ends the relationship if household assets fall below $25,000.
Alternatives to Empower
- Vanguard Personal Advisor A much lower fee for a dedicated advisor once you have $500,000, or a cheap robo below that. Read review
- Betterment Better if you want automated investing with tax-loss harvesting for 0.25% and optional advisor access. Read review
- A flat-fee or hourly fiduciary planner Better if you want a plan but will invest on your own; you pay for advice once instead of a percentage every year.
- Empower's free dashboard on its own You can keep using the net worth and retirement tools without paying for advice and decline the sales calls.
Empower reviews
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Frequently asked questions
Is Empower a fiduciary?
Empower Advisory Group is an SEC-registered investment adviser, and registered advisers owe clients a fiduciary duty on the advice they give. Ask your advisor to confirm this in writing and how they are compensated.
How much does Empower charge for financial advice?
0.89% a year on assets from $100,000 to $999,999. Above $1 million, tiered rates of 0.79% down to 0.49% apply, and ETF expenses (average 0.08%) are extra.
What is the minimum to use an Empower advisor?
$100,000 invested with Empower. Two dedicated advisors start at $250,000 and Private Client at $1 million.
Is Empower the same as Personal Capital?
Yes. Empower bought Personal Capital in 2020 and later renamed its products; Personal Capital's advice service is now Personal Strategy and its free tools are the Empower Personal Dashboard.
Is the Empower dashboard really free?
Yes, the dashboard costs nothing. Empower uses it to find clients for paid advice, so if you link larger balances you will likely get calls from advisors.
How do I stop Empower advisor calls?
Tell the advisor you are not interested and ask to be placed on Empower's do-not-call list. You can keep using the free tools.
Where does Empower hold my money?
Personal Strategy accounts are opened in your name at Pershing, a BNY company. Empower does not take direct custody of client assets.
What was the Empower SEC settlement?
In August 2025 the SEC found Empower affiliates failed to properly disclose incentives paid to retirement plan advisors for enrolling people in its managed account service. They paid $5.99 million without admitting or denying the findings.
Is Empower worth 0.89%?
It can be if you will use the planning, tax-loss harvesting and two dedicated advisors at $250,000 or more. If you mainly want a diversified portfolio, a robo advisor at about 0.25% or index funds cost far less.
Does Empower do tax-loss harvesting?
Yes. Because it holds individual U.S. stocks, Empower says it can realize losses to offset gains and also places assets in the most tax-efficient accounts.
Sources (8)
Facts on this page come from company websites, government agencies and regulators, checked on the dates shown. Editorial standards
- Empower: Wealth management and Personal Strategy (accessed October 12, 2026)
- Empower Advisory Group: Form ADV Part 2A, Personal Strategies (May 18, 2026) (accessed October 12, 2026)
- SEC: Order in the Matter of Empower Advisory Group, LLC and Empower Financial Services, Inc. (August 29, 2025) (accessed October 12, 2026)
- Empower: About us (accessed October 12, 2026)
- SEC Investment Adviser Public Disclosure: Empower Advisory Group, LLC (accessed October 12, 2026)
- BBB: Empower Retirement business profile (accessed October 12, 2026)
- FINRA BrokerCheck: Empower Financial Services, Inc. (CRD 13109) (accessed October 12, 2026)
- Apple App Store: Empower (accessed October 12, 2026)
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