Who Owns Empower Personal Wealth?
Empower Personal Wealth is the wealth management brand of Empower, the second-largest retirement services provider in the United States, owned through Empower Annuity Insurance Company of America by Canadian insurer Great-West Lifeco. The brand launched in January 2023 from the merger of Empower's retail business with Personal Capital, the digital wealth pioneer Empower acquired in 2020 for up to $1 billion. It surpassed $100 billion in assets under administration in October 2025.
Empower Personal Wealth Timeline
Who Owns Empower Personal Wealth?
- Parent Company: Empower
- Ownership Type: Brand division
- Acquisition Year: 2023
- Company Type: Privately Held
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Empower Personal Wealth | Empower | Brand division |
Advertisement
History of Empower Personal Wealth
- Founded: 2023
- Founders: Empower (internal development, built on Personal Capital)
- Acquired by Empower: 2023
The brand's story splits into two tracks. The first is Personal Capital, founded in 2009 in Redwood City, California, by Bill Harris, the former CEO of PayPal and Intuit, with co-founders Rob Foregger, Louie Gasparini, and Paul Markowich. Personal Capital pioneered the combination of free digital financial tools, including its signature net worth and retirement planner dashboard, with paid human advisory services. It raised hundreds of millions in venture funding and managed more than $13 billion when Empower Retirement agreed to acquire it in 2020.
The second track is Empower itself, built by Great-West Lifeco through a decade of retirement recordkeeper acquisitions, including J.P. Morgan's retirement plan business, MassMutual's retirement business in 2021, and Prudential's retirement business in 2022. Those deals made Empower the second-largest US retirement plan provider with roughly 19 million participants.
In January 2023, Empower folded Personal Capital and its own retail wealth operations into Empower Personal Wealth. The strategy was to convert recordkeeping participants into wealth clients using Personal Capital's digital platform plus human advisors. The unit reached $65 billion in assets under administration by late 2023, crossed $100 billion in October 2025, and employed more than 1,500 advisors and specialists. As of 2026, Empower leadership has publicly discussed acquiring a national RIA to expand the division's high-net-worth reach.
Advertisement
About Empower
Is Empower publicly traded?
No. Empower is a private subsidiary of Great-West Lifeco, which trades on the Toronto Stock Exchange under ticker GWO.
Who owns Empower?
Empower Annuity Insurance Company of America, owned by Great-West Lifeco of Winnipeg, which is controlled by Power Corporation of Canada and ultimately the Desmarais family.
Is Empower the same company as Personal Capital?
Personal Capital is now part of Empower. Empower acquired it in 2020 and merged it into Empower Personal Wealth in January 2023, retiring the name.
How large is Empower?
It administers approximately $1.8 trillion for roughly 19 million participants, making it the second-largest US retirement services company by participants.
Advertisement
When was Empower founded?
The Empower brand launched in 2014 when Great-West Lifeco consolidated its US retirement businesses. Its corporate lineage traces to Great-West Life & Annuity operations dating to 1891.
Who runs Empower?
Edmund Murphy III is president and CEO, based in Greenwood Village, Colorado.
- Founded: 2014
- Headquarters: Greenwood Village, Colorado, USA
- Company Type: Privately Held
- Revenue: Approximately $1.8 trillion assets under administration (not revenue; private subsidiary)
- Employees: Approximately 10,000
Where Is Empower Personal Wealth Made / Based?
- Headquarters: Greenwood Village, Colorado, USA
Empower Personal Wealth Categories & Tags
Empower Personal Wealth Recalls & Controversies
Empower Personal Wealth itself has a clean public record. Its parent Empower has faced litigation typical of large recordkeepers, including class actions over retirement plan fees, most notably a suit involving its own 401(k) plan that produced a settlement. Personal Capital, before the acquisition, paid an SEC penalty in 2019 for failing to properly disclose conflicts related to third-party clearing arrangement payments on client assets held at a specific custodian. The disclosure issue was remediated before the Empower acquisition.
Advertisement
Empower Personal Wealth Ownership: Pros & Cons
Advantages
- +Funded by the second-largest US retirement franchise with stable cash flows
- +19 million participant pipeline gives structural client acquisition advantage
- +Hybrid digital-plus-human model covers more customer tiers than pure robo-advisors
- +Backed by Great-West Lifeco's balance sheet and the Desmarais group
- +Rapid 25 percent annual AUA growth since 2023 launch
Considerations
- -Not publicly traded, so no direct investment access for retail investors
- -Brand recognition still building after the Personal Capital name was retired
- -Past SEC disclosure finding at legacy Personal Capital is a compliance footnote
- -Faces giants: Vanguard, Fidelity, and Schwab dwarf its wealth assets
Frequently Asked Questions About Empower Personal Wealth
Advertisement
Sources & Further Reading
Competitors to Empower Personal Wealth
These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.
| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Betterment | USA | 2008 | Mass market | United states | All Genders | |
| Ameriprise | USA | 1894 | Mass market | Global | All Genders | |
| Equitable Holdings | USA | 1859 | Mass market | United states | All Genders | |
| Equitable Holdings | USA | 1999 | Mass market | United states | All Genders | |
| Lpl Financial | USA | 1989 | Mass market | United states | All Genders | |
| Wells Fargo | USA | 1852 | Premium | United states | Unisex |
Learn More About Competitors
Finance FintechBetterment
Owned by Betterment LLC
Digital investing and wealth brand of Betterment LLC, the pioneering robo-advisor founded in 2008 with more than $70 billion in assets under management.
robo-advisorinvestingwealth-management
Finance FintechAmeriprise Financial
Owned by Ameriprise Financial, Inc.
Master brand of Ameriprise Financial, Inc., the Minneapolis wealth management and financial services company with $1.7 trillion in assets.
wealth-managementfinancial-advisorsretirement
InsuranceEquitable
Owned by Equitable Holdings, Inc.
Flagship retirement, life insurance, and wealth management brand of Equitable Holdings, tracing its roots to an 1859 New York life insurer.
life-insuranceannuitiesretirement
Finance FintechEquitable Advisors
Owned by Equitable Holdings, Inc.
Equitable Holdings' affiliated broker-dealer and advisory network, fielding roughly 4,500 financial professionals and $140 billion in assets under administration.
wealth-managementbroker-dealerfinancial-advisors
Finance FintechLPL Financial
Owned by LPL Financial Holdings Inc.
Flagship brand of the largest independent broker-dealer in the US, serving more than 32,000 advisors and $2.6 trillion in client assets.
broker-dealerwealth-managementfinancial-advisors
Finance FintechWells Fargo Advisors
Owned by Wells Fargo & Company
Wealth management and brokerage business of Wells Fargo, serving clients through thousands of financial advisors and the bank's branch network.
wealth-managementfinancial-advisorbrokerage
Competitive Analysis
Market Positioning: Empower Personal Wealth competes with 6 brands in the same categories, ranging from mass market to luxury positioning.
Geographic Distribution: Competitors are headquartered across multiple regions, indicating global competition in this market segment.
Brand Heritage: Competitor brands range from established heritage brands to newer market entrants, with founding years spanning several decades.
Advertisement
Independent Alternatives to Empower Personal Wealth
Looking for brands with different ownership structures? These similar brands are not owned by Empower, giving you alternative choices that support different corporate structures.
Finance FintechBetterment
Owned by Betterment LLC
Digital investing and wealth brand of Betterment LLC, the pioneering robo-advisor founded in 2008 with more than $70 billion in assets under management.
robo-advisorinvestingwealth-management
Privately Owned
Betterment operates independently without a large parent corporation.
Finance FintechCapital One
Owned by Capital One Financial Corporation
Capital One is the flagship consumer banking and credit card brand of Capital One Financial, the largest U.S. card issuer behind Venture, Savor, Quicksilver, and Capital One Cafes.
credit-cardsbankingfintech
Publicly Traded
Capital One operates independently without a large parent corporation.
Finance FintechWilliam Blair
Owned by William Blair & Company, L.L.C.
Investment banking and wealth management brand of William Blair & Company, a 100 percent employee-owned Chicago firm founded in 1935 with $72 billion in assets under management.
investment-bankingwealth-managementasset-management
Privately Owned
William Blair operates independently without a large parent corporation.
Finance FintechAmeriprise Financial
Owned by Ameriprise Financial, Inc.
Master brand of Ameriprise Financial, Inc., the Minneapolis wealth management and financial services company with $1.7 trillion in assets.
wealth-managementfinancial-advisorsretirement
Publicly Traded
Ameriprise Financial operates independently without a large parent corporation.
Finance FintechBank of America
Owned by Bank of America Corporation
Consumer and commercial banking brand serving roughly 70 million clients through approximately 3,500 financial centers and industry-leading digital banking.
bankingconsumer-bankingretail-bank
Publicly Traded
Bank of America operates independently without a large parent corporation.
Finance FintechDeloitte
Owned by Deloitte LLP
Deloitte is the professional services brand of Deloitte LLP, the largest of the Big Four firms, generating $35.7 billion in US revenue in fiscal 2025.
accountingbig-fourconsulting
Privately Owned
Deloitte operates independently without a large parent corporation.
Jobs at Empower
Advertisement
Latest News About Empower Personal Wealth
Related Articles About Empower Personal Wealth
View more articles
Brand Ownership
20 Financial Brands and Their Parent Companies: Who Really Owns Your Money Apps
Visa, Mastercard, PayPal, Robinhood, and more. Here are 20 major financial brands, who owns them, and how they are structured as of 2026.
Who Brands StaffFeb 28, 2026
Financial BrandsFintechBrand Ownership
Health
Hospital and Clinic Brand Ownership
HCA Healthcare is the largest for-profit hospital system (190 hospitals, $75.6B revenue). Tenet has 50 hospitals ($21.3B). UHS has 346 behavioral facilities. Fresenius leads dialysis. Explore our database.
Who Brands StaffNov 14, 2026
Hca HealthcareTenet HealthUhs
Health
Eye Care Brand Ownership: Bausch & Lomb to Alcon
J&J Vision (Acuvue) leads contact lenses at 27-30%. Alcon (Novartis spin-off) holds 25-27%. CooperVision has 22-24%. Bausch + Lomb has 12-15%. EssilorLuxottica dominates lenses at 30.7%. Explore our database.
Who Brands StaffNov 13, 2026
Bausch LombAlconCoopervision
Advertisement
People Also Searched
Discover popular brands and companies in the Finance & Fintech category and related searches from other users.
Brandbanking
Adriatic Bank
Serbian commercial bank based in Belgrade, renamed from Expobank in 2023 after acquisition by Adriatic Capital, tracing roots to 1990 Centrobanka.
Brand in Finance & Fintech
serbiaretail-banking
Brandpayments
Adyen
Dutch global payments platform providing a single integrated system for online, in-store, and omnichannel payment processing for major enterprises.
Brand in Finance & Fintech
payment-processingfintech
Brandbuy-now-pay-later
Afterpay
Block's buy-now-pay-later brand, offering interest-free installment payments across a global merchant network, acquired in 2022 for $29 billion.
Brand in Finance & Fintech
bnplfintech