Top perks
Retirement and investment planning
The retirement and investment planning tools that Empower offers are excellent, especially considering they're available free of charge. In its retirement planner, you can set up different scenarios, plug in big expenses to see how they'll affect your retirement plan, and check how much income you'll have per month. It even lets you simulate the impact of a recession. Its investment tools evaluate your portfolio, provide an asset allocation strategy for your goals, and uncover hidden fees.
While Empower works very well as a budgeting app, retirement and investment planning are where it shines. It will show you whether you're on track to retire when you want and recommend ways you can grow your money more efficiently.
SEE MORE: Best Budgeting Apps
Monitor all your financial accounts
You can connect practically any type of account to this financial tool. On the Empower dashboard, you'll be able to conveniently view your linked accounts. From there, you can explore your monthly earnings and expenses, create a budget, set up savings goals, and much more.
When you have all your accounts in one place, it's much simpler to get a clear picture of your personal finances. Instead of logging in to separate sites to view your brokerage accounts, bank accounts, and credit card bills, you just open the Empower app. Several budgeting apps offer this, but the Empower Personal Dashboard stands out because of its easy-to-use design.
Free app
Empower doesn't charge a fee for its app and all the features it offers. If you decide to use its wealth management services, there is a fee for that. But everything else is available for free.
Offers wealth management services
Clients who have at least $100,000 in investment assets can schedule a free financial analysis, and they're eligible for a wealth management plan with Empower. There are multiple plans available depending on your investment assets. Features include a financial advisory team or your own dedicated financial advisors, tax optimization, and portfolio monitoring and rebalancing. Fees start at 0.89% for the first $1 million in investment assets and decrease for private clients with over $1 million.
Keep in mind that if you have $100,000 or more in investment assets connected to your account, Empower may contact you about its wealth management services. If you're not interested, you can opt out of future contact.