Empower Retirement has announced plans to launch a “highly personalized digital experience” via a new website for all 12 million Empower retirement plan participants and individual investors, beginning later this year.
The new offering can integrate the elements of any individual’s financial picture to help them better understand their current situation and future needs, according to the firm. It integrates such elements as estimated retirement income, net worth, savings, spending and debt in a snapshot on the homepage.
Moreover, individuals can use the new Empower digital experience as a stand-alone retirement planning experience or link to accounts with outside financial institutions, including, for example, brokerage accounts, bank accounts, mortgages, credit cards and 529 college investment accounts. As an individual adds new information to the site, personalized “next steps” guide decision-making, with messages customized to the individual’s financial situation. Along the way, in-person financial counselors are available to help.
The new digital experience brings together, for the first time, the combined experience and technology of both Empower and Personal Capital, a registered investment adviser and hybrid wealth manager acquired by Empower in 2020. According to a press release, the new offering represents the first stage in “a more robust integration of financial technology and know-how between the firms.”
The new digital experience can render in both English and Spanish languages, and can be accessed through devices using iOS and Android mobile operating systems.
