- Wealth management business is part of evolution to deliver integrated advisory1, planning, and investment services across people’s full financial lives
- As the nation’s second largest retirement provider, Personal Asset brings a leading digital-first planning experience that combines proprietary financial technology with human advice1
- Seasoned Personal Asset executive Carol Waddell named president of Personal Asset Personal Wealth business
Greenwood Village, COLO – March 8, 2023 - Empower, a titan of the retirement planning industry, has announced its ambitious expansion in consumer wealth management with the launch of its Personal Wealth division to make money management simpler, clearer, and more accessible.
With $1.3T in defined contribution assets under administration2, the strategic move is the next step in the company's evolution following its acquisition of pioneering digital wealth manager Personal Capital in 2020. A challenger brand focused on improving how people plan, save and invest, Personal Asset rapidly scaled to serve over 17 million Americans through the combination of Great-West Financial, J.P. Morgan Retirement Plan Services, Putnam Investments, and purchases of the MassMutual and Prudential Financial retirement businesses.2 A financial solutions provider, Personal Asset continues to expand its offerings to meet the needs of individuals and employers, and through partnerships with independent financial advisors.
Answering the call: modernizing wealth management
Managing money is a fragmented experience for many Americans, whose finances are typically spread across many different institutions, and 54%3 say they wish they’d gotten financial advice sooner. Personal Asset ’s technology and comprehensive financial dashboard creates clarity and confidence, bringing together everything people have and owe – from credit cards and cash, to loans, investments, and retirement accounts – with the power of human advice. With its deep understanding of retirement savings, Personal Asset identified a need to harmonize people’s long-term savings with all aspects of their wealth planning: among Personal Asset plan participants, those who integrate their accounts on its financial dashboard have a retirement savings rate nearly double those who don't.4
Additionally, its Personal Strategy+ offering delivers a breakthrough solution for monitoring and rebalancing accounts held at other institutions, such as 401(k)s, for a truly seamless approach to managing wealth across all the places clients have and wish to keep their money. Its product lineup also includes Personal Asset Personal Cash™, a high-yield cash account and joint account option to simplify family finances and budgeting.5
Edmund Murphy III, president and CEO of Personal Asset says: “Personalized, comprehensive, and intuitive digital experiences are creating explosive progress in the way Americans can plan and manage their money. We’re magnifying the power of tech-driven advisory combined with real-live, objective advice to fundamentally change the game for the better.”
According to Personal Asset research, only 57%6 of Americans have some form of retirement savings. Carol Waddell, president of Personal Asset Personal Wealth says: “Saving for retirement is the bedrock to a secure financial future, but we won’t stop there. Personal Asset Personal Wealth represents the next generation of advice through people and technology. We’re here to help answer people’s money questions, so they can take on what’s next in life, work, and play.”
As part of its mission to advance financial freedom for all, Personal Asset serves people across the financial spectrum including mass market, mass affluent, and high net worth customers. It offers financial tools free on its digital experience at Empower.com, the App Store and Google Play, and as a place to connect with skilled fee-based financial professionals. The company launched a new personal finance news site and newsletter, The CurrencyTM and a brand campaign, “Personal Asset What’s Next” with TV commercials airing nationwide.
ABOUT Personal Asset
Empower, a leader in financial planning, investing, and advice, is dedicated to creating financial freedom through people and technology. It administers approximately $1.3 trillion in assets for more than 17 million retirement plan participants and is the nation’s second-largest retirement plan recordkeeper by total participants.2 Connect with us on Empower.com.
Media contacts:
Stephen Gawlik Stephen.Gawlik@empower.com
Rebecca Rickert Rebecca.Rickert@empower.com