5 Ways to Empower Yourself and Live a More Fulfilling Life

What Is Empower?

Empower Financial is a financial services company that offers a range of products and services to help individuals and businesses achieve their financial goals. The company’s products and services include:

Empower Financial is committed to providing its customers with the tools and resources they need to make informed financial decisions. The company’s website offers a variety of educational resources, including articles, videos, and podcasts. Additionally, Empower Financial offers a variety of customer service resources, including online chat, email, and phone support.

Empower Financial is a leading provider of financial services in the United States. The company is headquartered in Green Bay, Wisconsin, and has over 10,000 employees. Empower Financial serves over 12 million customers nationwide.

Empower Features

Empower offers a diverse range of features that empower you to take control of your finances and achieve your financial goals. From effortless budgeting and smart recommendations to bill pay and goal tracking, Empower provides the tools you need to manage your money effectively.

Effortlessly Stay on Track:

• Create custom budget categories and track your spending in real-time.
• Set budgets for every aspect of your life, ensuring you stay on top of bills, groceries, and entertainment.
• Receive timely alerts for paychecks, bills, and purchases, keeping you informed and in control.

Maximize Your Finances:

• Get personalized advice and recommendations on how to save more, earn more, and improve your overall financial health.
• Uncover hidden fees and potential savings opportunities, ensuring you get the most out of your money.
• Receive valuable insights and tips based on your unique spending habits, helping you make informed financial decisions.

Simplify Bill Management:

• Pay your bills directly from the app, saving you time and effort.
• Schedule automatic payments to avoid late fees and ensure peace of mind.
• Track your bill payments and manage your history, providing a clear overview of your financial obligations.

Stay Motivated:

• Create and track financial goals, keeping you focused and on track to success.
• Set milestones and celebrate achievements, recognizing your progress and staying motivated.
• Visualize your progress with charts and graphs, providing a clear picture of your financial journey.

Plan for the Future:

• Access a range of financial planning tools, including budget calculators and retirement calculators.
• Get personalized financial advice from qualified advisors, ensuring you make informed decisions about your future.
• Create a financial plan that aligns perfectly with your goals and values, securing your financial stability.

Empower provides a comprehensive suite of features to empower you to take control of your finances and achieve your financial goals. With its intuitive interface and powerful tools, Empower makes managing your money easier, more efficient, and more rewarding.

What Does It Offer?

Empower offers a wide range of products and services to help individuals and businesses achieve their financial goals. Here’s a breakdown of what they offer:

Retirement Planning:

• 401(k)s: Employers can offer various 401(k) plans with different investment options and contribution levels.
• 403(b)s: Similar to 401(k)s, but available to employees of certain tax-exempt organizations.
• IRAs: Individual retirement accounts offer tax advantages and various investment options to help individuals save for retirement.
• Annuities: Provide a guaranteed income stream in retirement.

Investments:

• Mutual Funds: Professionally managed investment pools offering diversification and convenience.
• ETFs: Exchange-traded funds track specific indexes or benchmarks, offering low fees and liquidity.
• Stocks: Individual shares of ownership in companies, offering potential for capital appreciation and dividends.
• Bonds: Debt instruments issued by governments and corporations, providing a fixed income stream.

Financial Planning:

• Personalized financial advice: Financial advisors create customized plans based on your individual goals and risk tolerance.
• Retirement planning: Help you create a plan to save enough for a comfortable retirement.
• Estate planning: Ensure your assets are distributed according to your wishes after your death.
• Education planning: Help you save for your children’s education.

Insurance:

• Life insurance: Provides financial protection for your loved ones in case of your death.
• Disability insurance: Provides income protection if you become unable to work due to illness or injury.
• Long-term care insurance: Covers the cost of long-term care services if you need assistance with daily living activities.

The specific products and services offered by Empower may vary depending on your location and individual circumstances.

How Much Does Empower Cost?

The cost of Empower depends on the specific services you use.

Subscription Fee:

• $8 per month: This is the standard monthly subscription fee for the Empower app. It gives you access to budgeting tools, bill pay, goal tracking, financial planning tools, and more.
• $0: If you signed up before July 29, 2020, you may still be grandfathered into the original $6 per month subscription fee.
• Free trial: You can try the Empower app for free for 14 days before committing to a paid subscription.

Investment Fees:

• Mutual funds and ETFs: Most mutual funds and ETFs have expense ratios, which are annual fees expressed as a percentage of your investment. These fees typically range from 0.10% to 2.00%.
• Stocks and bonds: There are no fees to buy or sell stocks and bonds, but you may incur commissions depending on your broker.

Other Fees:

• ATM withdrawals: There may be a fee for using an ATM that is not part of the Empower network.
• Foreign transaction fees: You may be charged a fee if you use your Empower debit card to make a purchase in a foreign currency.
• Inactive account fee: If you do not use your Empower account for a certain period of time, you may be charged an inactivity fee.

It’s important to note that these are just some of the potential costs associated with using Empower. The specific fees you will incur will depend on your individual circumstances. I recommend visiting the Empower website or contacting their customer support team for more information on their fees and pricing structure.

How Does Empower Compare?

Empower stands out from other financial services companies in several ways:

Strengths:

• Comprehensive suite of features: Offers a wide range of features beyond basic budgeting and bill pay, including personalized financial advice, investment management, and retirement planning tools.
• Focus on personalized advice: Emphasizes individual needs and goals, offering services like financial planning and dedicated advisors.
• Powerful planning tools: Provides advanced tools for budgeting, goal setting, and retirement planning, with data visualizations and projections.
• User-friendly interface: Offers a clean and intuitive interface that makes managing finances easy and accessible.
• Strong customer support: Receives positive feedback for its responsive and helpful customer support team.

Weaknesses:

• Higher fees: Compared to other robo-advisors, Empower’s fees are relatively high, particularly for investment management services.
• Limited investment options: Though offering a diverse range of investment options, it may not cater to investors seeking specific niche investments.
• Limited account types: Primarily focuses on individual accounts and retirement plans, with limited options for joint accounts or business accounts.
• Less focus on automation: While offering some automation features, it primarily focuses on manual financial management and personalized guidance.

Here’s a comparison of Empower with some other popular financial services companies:

Empower is a good choice for individuals seeking a comprehensive financial management solution with personalized advice and strong planning tools. However, its higher fees may deter some users, and its limited investment options and account types might not be suitable for everyone.

How Do I Open An Account?

Opening an account with Empower is a straightforward process that can be completed online or through the Empower app. Here’s a step-by-step guide:

1. Visit the Empower website or download the app: You can either go to https://www.empower.com/ or download the Empower app from the App Store or Google Play Store.

2. Choose the type of account you want to open: Empower offers various account types, including individual accounts, retirement accounts, and accounts for businesses. Choose the account that best suits your needs.

3. Enter your personal information: You will need to provide your name, address, date of birth, Social Security number, and contact information.

4. Connect your bank account: Empower needs to connect to your bank account to transfer funds and track your spending. You can link your bank account using the app or website.

5. Fund your account: Once your account is open, you can fund it by transferring money from your bank account or depositing a check.

6. Start using Empower: Once your account is funded, you can start using the Empower app or website to manage your finances, track your spending, set goals, and invest in different financial products.

Is It Safe And Secure?

Empower is generally considered a safe and secure platform for managing your finances. Here’s why:

Security Measures:

• Multiple layers of security: Empower utilizes industry-standard security measures to protect your data, including firewalls, data encryption, and intrusion detection systems.
• Two-factor authentication: This adds an extra layer of protection by requiring a second verification factor, like a code sent to your phone, when you log in or make changes to your account.
• Regular security audits: Empower regularly undergoes independent security audits to identify and address any potential vulnerabilities.
• Data privacy: Empower does not sell your personal information to third parties and is committed to protecting your privacy.

Financial Security:

• FDIC insured: Empower’s cash accounts are insured by the FDIC up to $250,000 per depositor.
• SIPC protection: Empower is a member of the Securities Investor Protection Corporation (SIPC), which protects your securities in case of a brokerage firm failure.
• Investment management: Empower’s investment management services are provided by Empower Advisory Group, LLC, a registered investment advisor with the SEC.

Customer Reviews:

Empower generally receives positive customer reviews regarding security and privacy. However, it’s always important to be cautious online and practice good cyber hygiene, such as using strong passwords and being wary of phishing attempts.

How Do I Contact Empower?

You can contact Empower in several ways, depending on your needs:

Online:

• Empower website: You can access a variety of support options on the Empower website, including:
  • Help Center: https://support.empower.me/hc/en-us/articles/360038509733-How-do-I-contact-Empower-Support- – Browse through articles and FAQs to find answers to common questions.
  • Submit a request: https://support.empower.me/hc/en-us/articles/360038509733-How-do-I-contact-Empower-Support- – Submit a detailed request for assistance if you need further help.
  • Live chat: Chat directly with a customer service representative during business hours.
• Empower app: You can also access the Help Center and submit requests for assistance directly from the Empower app.

Phone:

• Toll-free number: 1-800-551-4114 – This number is available 24/7 for general inquiries and account assistance.
• TTY number: 1-800-349-9002 – This number is for customers who are deaf or hard of hearing.

Mail:

Empower Retirement, LLC P.O. Box 320 Green Bay, WI 54305-0320

Is It Worth It?

Whether Empower is a worthwhile investment depends on your individual needs and financial situation. Consider the following:

• Comprehensive financial management: Empower offers a wide range of features beyond basic budgeting and bill pay, including personalized financial advice, investment management, and retirement planning tools.
• Financial plan creation: Empower can help you create a personalized financial plan tailored to your goals and risk tolerance.
• Financial advisor access: Empower offers access to dedicated financial advisors who can provide personalized advice and guidance.
• User-friendly interface: Empower’s interface is clean and intuitive, making it easy to manage your finances.
• Strong customer support: Empower receives positive feedback for its responsive and helpful customer support team.

Before making a decision, compare Empower with other financial service providers and consider your individual needs. Read online reviews and consider speaking with a financial advisor to understand if Empower aligns with your financial circumstances. Ultimately, the decision of whether or not to use Empower is a personal one. By carefully considering your needs and comparing different options, you can make the best decision for your financial future.

Empower FAQs