Empower apparently has decided that it needs a fresh brand identity aimed at simplifying how the organization connects with customers.
According to the firm’s Feb. 1 announcement, the name “Empower” will replace “Empower Retirement” as the company’s public-facing brand name. The change is effective immediately.
“Today we help people achieve short- and long-term financial goals on their path to a successful retirement,” said Empower president and CEO Edmund F. Murphy III. “Ultimately, our mission is about helping people achieve financial wellness, and the name Empower captures the essence of what we do.”
Empower’s expanding retirement business, which as of Sept. 30, 2021, served the needs of some 71,000 corporate, government and not-for-profit workplace retirement plans, recorded $100 billion in new organic sales last year.
Empower acquired the MassMutual retirement business in 2020 and last year announced its intention to purchase the full-service retirement business of Prudential. In 2020 the firm acquired Personal Capital, a wealth manager offering advice through both in-person and digital interfaces.
Transitioning to “Empower” and eliminating “retirement” is a strategic approach to elevate the firm’s brand as it continues to develop its offer, increase visibility to more individuals and expand its focus to include financial wellness, the announcement explains. In addition, the simplified name allows Empower to employ the “empower.com” domain, which makes it easier for customers to find and interact with the company’s web properties.
Last fall Empower began delivering the new Empower savings experience to participants in its retirement plans. The enhanced Empower participant website features a highly personalized digital experience that can integrate multiple elements of an individual’s financial picture to help them better understand their current situation and future needs, driving increased financial confidence.
Empower will be the public-facing name of the company, and the Empower Retirement, LLC name will remain the name of the underlying legal entity to maintain consistency of existing contracts and agreements.
