Carol Waddell is taking on broader responsibilities as president of a newly created organization within Empower that will deliver consumer wealth management services for individual investors, according to an announcement by the firm.
In this new role, which became effective Jan. 1, 2023, Waddell will assume business leadership of all phases of the unit’s outreach and engagement with individuals and their advisors who wish to work with Empower on any aspect of their financial picture. She will be managing a dedicated unit of 1,500 associates serving more than 260,000 investors.
Waddell will continue to have responsibility for the existing Empower consumer division as well as Personal Capital, a wealth manager and registered investment adviser Empower acquired in 2020. The new combined division will be called “Empower Personal Wealth.” She takes the reins of the combined unit from her role as executive vice president over the firm’s Retirement Solutions Group (RSG), a division established upon the creation of Empower in 2014.
Waddell is based at Empower’s headquarters in Greenwood Village, CO, and will continue to report to Empower President and CEO Edmund F. Murphy III.
“Our vision is to transform the financial lives of those we serve through the delivery of world-class personal wealth management products and services, advice, and education,” Murphy said in a statement. “Under Carol’s leadership Empower will continue its legacy of being a respected and valued provider of services to people who need financial advice, education, and investment expertise across the income spectrum.”
“Our new organization is built upon two incredibly successful teams supported by well-established capabilities that can help more people on the path to building financial freedom,” added Waddell. “Everyone has questions about their money, and we stand ready to help them get the answers they need.”
Waddell previously served as managing director and head of marketing and products at J.P. Morgan Retirement Plan Services, which Empower acquired in 2014. Waddell joined J.P. Morgan after 18 years with T. Rowe Price in product management and development. Previously she served at Citibank.
The announcement also notes that Jay Shah, president of Personal Capital, who has led the company since 2017, departed Empower on Dec. 31.
