Categories
Review 2026
BestGuide Score
4.3
out of 5
Empower earns an Expert Score of 4.3/5.0, excelling in Services with a score of 90%. Its free Personal Dashboard, a rebranded version of the popular Personal Capital software, offers some of the best retirement planning and net worth tracking tools available at no cost. However, access to its human retirement planning advisor services requires a minimum investment of $100,000.
Empower earns an Expert Score of 4.3/5.0 from BestGuide, positioning it as a strong contender in the retirement planning space, particularly for its powerful digital tools. Formerly known as Empower Retirement, the company made a significant move by acquiring Personal Capital in 2020 for a deal valued at up to $1 billion, integrating its celebrated financial dashboard. This Empower review finds the platform’s strength lies in this free software, which allows you to aggregate all your financial accounts for a complete 360-degree view of your net worth and retirement readiness.
Our analysis of Empower reviews and its service offerings reveals a dual model: a free, high-quality digital platform for DIY investors and a paid advisory service for those with over $100,000 in investable assets. While the app boasts a 4.8 out of 5-star rating in the Apple App Store, our research also uncovered recurring user complaints regarding administrative processes like withdrawals and account closures, which impacts its overall score.
Compare Empower with other top-rated retirement planning companies to see how it stacks up.
Empower operates on a freemium model, offering a powerful suite of free tools alongside paid, personalized retirement planning services. The process is designed to serve both self-directed individuals and those seeking professional guidance.
The first step for any user is to sign up for the free Empower Personal Dashboard. You can link nearly any financial account, including your 401(k), IRA, bank accounts, credit cards, and mortgages. The platform automatically syncs this data to provide a real-time calculation of your net worth and an overview of your investment allocations. This service, which formed the core of the original Personal Capital platform, is completely free to use.
Once your accounts are linked, you can use Empower’s retirement planning calculator and other analytical tools. The Retirement Planner runs Monte Carlo simulations to project the likelihood of reaching your retirement goals based on your current savings and investment strategy. The platform also includes an Investment Checkup tool to analyze your portfolio’s risk level and a Fee Analyzer to uncover hidden fees within your investment accounts, which can collectively cost savers thousands over a lifetime.
For users with a minimum of $100,000 in investable assets, Empower offers its paid advisory service. This program provides access to a dedicated team of financial advisors who create a personalized financial plan and manage your investment portfolio. Management fees for this service are based on assets under management, starting at 0.89% annually and decreasing for larger portfolios.
Empower is best for digitally-savvy investors who want a free, powerful tool to track their net worth and plan for retirement on their own. It is also an excellent fit for individuals with over $100,000 who are looking for a hybrid solution that combines sophisticated digital tools with access to a human retirement planning advisor. The platform’s ability to aggregate and analyze data from multiple sources makes it ideal for those with complex financial lives.
However, Empower is not ideal for investors seeking low-cost robo-advisory services without a high minimum investment. Additionally, individuals who anticipate needing frequent, high-touch support for administrative tasks like hardship withdrawals should consider the documented customer service challenges before committing to the platform’s paid services.
Empower’s primary distinction comes from the integration of Personal Capital’s technology. This provides several standout features that are central to its value proposition.
Empower Personal Dashboard: The centerpiece of the service is the free financial dashboard. It provides a complete, real-time picture of your finances in one place, a feature that distinguishes it from many other retirement planning services that focus only on the accounts they manage. The tool tracks your net worth, cash flow, and portfolio performance automatically.
Retirement Planning Calculator: This is more than a simple calculator. It uses your actual financial data to run thousands of simulations, forecasting your retirement success probability. You can model different scenarios, such as saving more or retiring later, to see how these changes impact your long-term financial planning outlook. This feature provides actionable retirement planning strategies based on data.
Investment and Fee Analyzer: Empower includes tools to scrutinize your investment portfolio. The Investment Checkup tool compares your current asset allocation to a target allocation based on your risk profile, suggesting adjustments. The Fee Analyzer scans your investment accounts, including 401(k)s and IRAs, to identify hidden annual fees that can erode returns over time, a critical component of long-term financial planning.
| Pros | Cons |
|---|---|
| Excellent Free Tools: The Personal Dashboard offers robust net worth tracking and retirement planning software at no cost, reflected in its 4.8/5.0 star rating in the Apple App Store. | High Advisor Minimum: Access to human financial advisors and managed portfolios requires a steep $100,000 minimum investment, excluding many new investors. |
| Holistic Financial View: By linking all accounts, the platform provides a complete 360-degree view of your finances, surpassing many competitors that only track assets they manage. | Reported Service Issues: Research uncovered user complaints regarding administrative tasks, including 60-day waiting periods for withdrawals and lost paperwork for beneficiaries. |
| Tiered Advisory Fees: For managed accounts, fees start at 0.89% and scale down to 0.49% for portfolios over $10 million, offering better value for high-net-worth clients. | Concerns Over 401(k) Fees: Some users have alleged that Empower’s employer-sponsored 401(k) plans can contain multiple layers of fees that are not always clearly disclosed. |
Yes, Empower is a legitimate and well-established financial services company. It is the second-largest retirement plan provider in the United States, administering over $2.0 trillion in assets for more than 20 million individuals as of March 31, 2026. The company was launched in 2014 and is an indirect wholly owned subsidiary of Great-West Lifeco, a major financial services conglomerate.
Empower’s legitimacy was further solidified by its high-profile acquisition of Personal Capital in June 2020 for a deal valued at up to $1 billion. This move integrated a respected consumer fintech brand and its technology into Empower’s ecosystem. On February 1, 2022, the company officially changed its public-facing brand from ‘Empower Retirement’ to ‘Empower’ to reflect its broader financial wellness offerings.
While the company has a strong institutional foundation, it’s important to acknowledge the customer complaints found during our research. Issues related to administrative delays and allegations of high fees in managed plans are significant. These reports do not question the company’s legitimacy but do highlight potential areas of concern for prospective clients, particularly those in employer-sponsored plans or needing complex account services.
Empower earns an Expert Score of 4.3 out of 5.0 in BestGuide’s analysis. This score is the result of a comprehensive evaluation across five key criteria: Reputation, Services, Transparency, Customer Satisfaction, and Scalability. Our expert panel determined this score after analyzing company data, user feedback, and its position in the retirement planning market.
The score reflects a company with significant strengths and some notable weaknesses. Empower’s highest score was in Services (90%), a direct result of its exceptional free financial dashboard and robust retirement planning software. Its lowest score was in Transparency (80%). While fees for its direct-to-consumer advisory services are published online, the score was tempered by allegations from 401(k) plan participants about a lack of clarity regarding multiple fee layers. This score places Empower above the industry average of 4.1 for retirement planning services but indicates room for improvement in customer service and fee transparency.
Empower’s pricing structure is split between its free tools and its paid advisory services. Understanding this distinction is key to evaluating its cost.
The Empower Personal Dashboard, which includes net worth tracking, budgeting tools, a retirement planner, and investment checkup features, is completely free. There are no hidden charges for using this powerful software. The company uses the free platform as a way to attract clients to its paid services.
For its paid Empower Personal Wealth management services, a minimum of $100,000 in investable assets is required. The management fee is based on a percentage of assets under management (AUM) and follows a tiered structure:
This fee structure is competitive with traditional financial advisors but is higher than many purely digital robo-advisor services. This places Empower’s cost in the mid-to-upper range for managed retirement planning services, justifiable for those who value access to a dedicated human advisor.
Empower earns an Expert Score of 4.3/5.0, making it a highly recommended platform, especially for its free financial tools. The integration of Personal Capital’s software gives anyone access to a top-tier retirement planning calculator and net worth tracker without paying a cent. For DIY investors who want to manage their own retirement planning strategies, the Empower Personal Dashboard is one of the most effective tools on the market. Our detailed look at Empower reviews confirms high user satisfaction with the digital experience.
The primary drawbacks are the high barrier to entry for its human advisory services and documented customer service issues. The $100,000 minimum investment for portfolio management will exclude many. Furthermore, reports of administrative difficulties and opaque fees within some 401(k) plans are genuine concerns that prevent a higher score. Empower is an excellent choice for confident, self-directed investors and high-net-worth individuals seeking a modern, tech-forward advisor. However, those with smaller portfolios or who prioritize seamless administrative support might find better options elsewhere.
See our full Buyers Guide for the best retirement planning companies before making your decision.
What do experts say about Empower?
Based on a comprehensive analysis, BestGuide’s expert panel gives Empower an Expert Score of 4.3 out of 5.0. Experts praise its powerful and free Personal Dashboard for financial tracking and retirement planning but note the high $100,000 minimum for its paid advisory services as a significant limitation.
Is Empower worth it in 2026?
Yes, for many users. The free Empower Personal Dashboard is absolutely worth using for its detailed financial aggregation and retirement planning software. For its paid advisory services, it is worth it for investors with over $100,000 who want a combination of digital tools and human advice and are comfortable with an annual management fee starting at 0.89%.
How does Empower compare to other retirement planning companies?
Empower’s free tools are superior to what most traditional retirement planning companies offer. Compared to robo-advisors like Betterment, Empower’s advisory fees are higher and its investment minimum is significantly larger ($100,000 vs. as low as $0). Its main advantage is the integration of human advisors with its powerful digital platform.
How is Empower free?
Empower offers its Personal Dashboard financial software for free as a primary client acquisition tool. The company generates revenue from the management fees it charges clients in its paid wealth management program (for those with over $100,000) and from administrative and advisory fees on the employer-sponsored 401(k) plans it manages.
Is Empower a legitimate company?
Yes, Empower is one of the largest and most established retirement service providers in the U.S. It is the country’s second-largest retirement plan provider, managed over $2.0 trillion in assets as of March 31, 2026, and is a subsidiary of Great-West Lifeco. Its 2020 acquisition of Personal Capital for a deal valued at up to $1 billion further cemented its market position.
What is the minimum to invest with an Empower advisor?
To enroll in Empower’s paid wealth management service and work with a financial advisor, you must have a minimum of $100,000 in investable assets. The free tools and dashboard have no minimum balance requirement.
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