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Embarking on your trading journey requires selecting a platform that aligns with your goals and experience. Empower offers a range of investment services tailored to both novice and seasoned investors. This review provides an overview of Empower’s offerings, focusing on its key features, regulatory status, trading instruments, platforms, mobile app, and account types.
Empower Key Features
- Commission-Free Trading: Empower provides commission-free trading for the first 1,000 stock and ETF trades each calendar year; subsequent trades incur a $6.95 fee.
- No Account Minimums: Investors can open an Empower Investment Account without any minimum investment requirement.
- Diverse Investment Options: Access to thousands of mutual funds, ETFs, individual equities, and fixed-income securities.
- Professional Advisory Services: Clients with balances of $250,000 or more receive two dedicated financial advisors.
- User-Friendly Platform: Empower offers an intuitive interface with comprehensive financial management tools.
Empower Regulatory Status & Licenses
Empower operates under the regulatory framework governing financial advisory and investment management services in the United States. The company ensures compliance with industry standards to protect investors’ interests. While specific license numbers are not publicly disclosed, Empower’s affiliation with reputable financial institutions underscores its commitment to regulatory adherence.
Empower’s custodial services are provided by UMB Bank n.a., Member FDIC, offering clients a level of fund protection and assurance of industry-standard practices.
| Regulatory Authority | License Number | Fund Protection | Negative Balance Protection | Country |
|---|---|---|---|---|
| FDIC | N/A | Up to $5 million | Not Specified | USA |
| SEC | N/A | N/A | Not Specified | USA |
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Empower Trading Instruments
Empower offers a broad spectrum of investment options, catering to various investment strategies and risk appetites. The platform’s diverse asset classes enable investors to build well-rounded portfolios.
| Asset Class | Number of Assets | Leverage | Spreads (Typical) |
|---|---|---|---|
| Mutual Funds | Thousands | N/A | N/A |
| ETFs | Thousands | N/A | N/A |
| Individual Equities | Thousands | N/A | N/A |
| Fixed-Income Securities | Various | N/A | N/A |
Note: Empower does not offer leveraged trading; thus, leverage and spread details are not applicable.
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Empower Trading Platforms
Empower provides a user-friendly platform designed to simplify investment management. The platform integrates various financial tools, enabling investors to monitor and manage their portfolios effectively.
| Platform | Availability | Features |
|---|---|---|
| Empower Web | Web | Account management, financial planning tools, investment tracking, retirement planning |
| Empower Mobile | iOS, Android | Account management, financial planning tools, investment tracking, retirement planning |
The platform’s intuitive design ensures that both novice and experienced investors can navigate and utilize its features efficiently.
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Empower Mobile App
Empower’s mobile app extends the platform’s functionality to smartphones and tablets, allowing investors to manage their portfolios on the go. The app offers a seamless experience, mirroring the capabilities of the web platform.
| Feature | iOS Rating | Android Rating |
|---|---|---|
| Account Management | 4.7 | 4.5 |
| Financial Planning Tools | 4.7 | 4.5 |
| Investment Tracking | 4.7 | 4.5 |
| Retirement Planning | 4.7 | 4.5 |
Note: Ratings are hypothetical and for illustrative purposes.
Empower Account Types
Empower offers various account types to accommodate different investment preferences and financial goals. Each account type is structured to provide specific benefits and services.
| Account Type | Minimum Deposit | Leverage | Spreads | Commission |
|---|---|---|---|---|
| Empower Investment Account | None | N/A | N/A | Commission-free for first 1,000 trades; $6.95 thereafter |
| Empower Premier Investment Account | None | N/A | N/A | Commission-free mutual fund trading; stock and ETF trades as above |
Note: Empower does not offer leveraged trading; thus, leverage and spread details are not applicable.
The Empower Investment Account caters to self-directed investors seeking flexibility, while the Empower Premier Investment Account offers additional advisory services for those desiring professional guidance.
Empower Commissions & Fees
Understanding Empower’s fee structure is essential for informed investing. The platform offers a straightforward approach with its all-inclusive annual management fee, eliminating hidden charges and trade commissions.
| Fee Type | Details |
|---|---|
| Management Fee | Tiered structure: – Up to $1 million: 0.89% – $1 million to $3 million: 0.79% – $3 million to $5 million: 0.69% – $5 million to $10 million: 0.59% – Over $10 million: 0.49% |
| Expense Ratios | Average of 0.07% for investment funds utilized. |
| Additional Fees | No setup, administrative, closure, or transaction fees. Commission-free mutual fund trading. First 1,000 online stock and ETF trades each calendar year are commission-free; subsequent trades incur a $6.95 fee. |
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Empower Deposit & Withdrawals
Empower facilitates deposits and withdrawals through standard banking procedures, ensuring a seamless experience for investors.
| Payment Method | Deposit Fee | Withdrawal Fee | Processing Time |
|---|---|---|---|
| ACH Transfer | None | None | 1-3 business days |
| Wire Transfer | Fees may apply | Fees may apply | Same day if processed before cutoff time |
| Check | None | None | 5-7 business days |
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Empower Customer Support
Empower offers multiple channels to assist clients, ensuring their needs are addressed promptly and effectively.
| Support Channel | Availability | Response Time | Languages |
|---|---|---|---|
| Phone Support | Monday to Friday, 9:00 a.m. to 5:00 p.m. PT | Typically within 24 hours | English |
| Email Support | 24/7 availability | Typically within 24 hours | English |
| Online Resources | 24/7 availability | Immediate access | English |
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Empower Education & Research
Empower provides a suite of resources to help investors make informed decisions and enhance their financial literacy.
| Resource Type | Availability | Quality |
|---|---|---|
| Financial Planning Tools | Available to all users | Comprehensive tools for budgeting, retirement planning, and investment tracking. |
| Investment Checkup | Available to all users | Analyzes portfolio performance and suggests improvements. |
| Retirement Planner | Available to all users | Projects retirement readiness based on current savings and goals. |
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Empower Google Reviews & Reputation
Empower’s reputation is reflected in user reviews and ratings across various platforms.
| Rating Factor | Score (out of 5) | Trustpilot Rating | App Store Rating | Google Play Rating |
|---|---|---|---|---|
| User Satisfaction | 3.8 | N/A | 4.7 | 4.5 |
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Empower Bonuses & Promotions
Empower does not typically offer bonuses or promotions for new account sign-ups. Their focus remains on providing comprehensive financial planning and investment management services. Potential investors are encouraged to assess the platform based on its features and services rather than promotional incentives.
Empower Advantages & Disadvantages
| Pros | Cons |
|---|---|
| Comprehensive Financial Tools: Offers free budgeting, investment tracking, and retirement planning tools. | High Account Minimums: Requires a minimum of $100,000 for investment services. |
| Access to Financial Advisors: Clients with balances over $250,000 receive two dedicated financial advisors. | Higher Management Fees: Charges 0.89% for assets under $1 million, which is higher than some competitors. |
| Low Investment Expense Ratios: Utilizes investment funds with average expense ratios of 0.07%. | Limited Customer Support Hours: Phone support is only available during business hours. |
Final Thoughts
Empower offers a robust platform with comprehensive financial tools and personalized advisory services, making it suitable for high-net-worth investors seeking detailed financial planning. However, the high account minimums and management fees may deter some potential clients. It’s essential to weigh these factors against the platform’s offerings to determine if Empower aligns with your financial goals and needs.