Empower Free
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Account Minimums & Management Fees
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Customer Service
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Ease of Use
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Tools & Resources
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Investment Accounts
Bottom Line
Empower is a comprehensive financial management app designed to help individuals take control of their finances and achieve their financial goals.
Pros
- Individual securities available
- Free, comprehensive investment management tools
- Dedicated financial advisors
- Advanced tax optimization strategy
- Amazing User Experience
Cons
- $100,000 account minimum
- High management fee
- Sales calls if you link larger investment accounts
- No joint budgeting features for couples
- Mobile app can feel cluttered for free-tool users
We are huge advocates of investing for your future, and if you are serious about starting, Empower is one of the best for helping you with this.
Empower is an online tool that can help you get financial planning- for free! They have changed the way we do financial planning, and think they could do wonders for you, too.
We pulled together this Empower Review using publicly available info and our own real-life experience by linking our own accounts and tracking results for three months with Empower’s free tools. We didn’t fully test the paid advisory side.
And I need to do a full disclosure “We may earn a commission if you sign up through our link. This does not affect our Empower Review.”
Get clarity on your money, with tech you can trust. See all your accounts in one place, including your investments. And go deeper with our planning and analytics tools.
Empower Review 2025: Key Takeaways
- Empower (formerly Personal Capital) is a powerful financial app that helps users make smarter decisions about their money with free financial management tools.
- It provides users with a comprehensive overview of their finances, including investment tools, retirement planning, and budget trackers.
- Empower is free to use and offers a secure account that allows users to link all of their bank accounts in one spot for easy tracking and monitoring of their finances.
- The platform also features an impressive array of educational resources, including articles and videos that help users better understand investing basics and how to make informed decisions when it comes to managing their money.
- It works as an investment advisor and offers financial planning services, giving users access to a suite of powerful free financial tools and experienced financial advisors who can provide personalized guidance on how to grow wealth over time.
Empower Review: Overview
Empower (formerly Personal Capital) is an online financial advisor and money management app that helps you track, budget, and invest — all in one place.
It’s built to make managing your money simple, smart, and stress-free.
They were founded in 2009 by Bill Harris, Rob Foregger, Louie Gasparini, and Paul Bergholm, with headquarters in California. They have $12 billion in assets under management.
Empower’s best for people who need free money management tools, maybe an additional paid wealth management service, but it comes down to a bit more than that.
You’ll want to use Empower if you want free and hands-off management, tax optimization, and real financial advisors- but you also need to be an investor with a higher net worth in your portfolio to meet the account minimum.
And if you’re wondering how legit it is, Empower is a registered investment adviser with the U.S. Securities and Exchange Commission meaning they’re required to put your best interests first.
If you’re new to investing, you may not have the minimum $100,000 in your accounts to qualify- but if you’re a beginner using Robinhood to invest in stocks and crypto, you may get there sooner than you think!
How Empower Works
Empower works by allowing you to link all of your financial accounts so that you can see them all in one place – something we loved discovering during our Empower Review.
Their main focus is on investing, with various dashboards so that you can have a general overview of all of your financials.
In order to do this, you’ll need to go to the Empower login and then link all of your accounts – checking accounts, retirement accounts, etc.
Empower will help you to work on your financial goals each month by seeing a broad overview of your cash flow and income.
Empower’s Unique Features
Our Empower Review 2025 breaks down everything you need to know about this all-in-one money app. There are several features that Empower offers so you can review your money, see your cash flow, and more.
Here’s a quick list before we talk more about their most popular features:
- 401(k) Fee Analyzer
- Asset Allocation Target
- Budgeting
- Education Planner
- Email notifications
- Exclude From Advice
- Investment Services- Checkup
- Empower Cash
- Retirement Planner
- Retirement Paycheck
- Upcoming Bills
Empower Dashboard
Net Worth Tool
Looking at your net worth is a good idea to get an overall higher look at your finances, and Empower has it all in one easy app for you.
When you do the equation to calculate your net worth, you’ re doing your assets – liabilities.
Your assets are everything that you own e.g. cash, investments, jewelry, etc.
Your liabilities are anything that you owe money on, such as any debts you may have – student loans, credit card balances, mortgages, etc.
But a net worth tracker can do it instantly for you!
With the Empower app, you are able to link all of your assets and liabilities, so it will be able to populate your net worth within the dashboard.
Every time that you log in you will be able to see (hopefully!) the positive growth of your net worth.
Budgeting With Empower
I love the budgeting section of Empower because you can divide your spending into categories, which will allocate percentages to each category.
This helps you to be able to see how much you are spending in each category and make any adjustments as needed.
You are also able to set a monthly savings target and keep track of it within this area.
Cash Flow Analyzer
Empower will log your income and expenses and provide a data chart of your cash flow.
This is helpful because you can have an overall view of your daily spending and how it impacts your finances.
Portfolio Analyzer
Want to have a look at your portfolio? Empower helps you to do just that with asset allocation and investment check up features.
This is helpful, especially when you have a diverse portfolio – it will save you from logging in to all of your different accounts.
You can create a portfolio that works harder and is more tax-efficient.
Retirement Planning- Fee Analyzer
You may very well want a retirement planner to make sure you’re not working your life away once you hit 65.
You want to retire early, but paying fees on your money may put that off too much!
Empower makes retirement planning easier. I love that Empower’s Fee Analyzer tool actually pulls real data, so you can see exactly where your investment fees are going and spot opportunities to save more over time.
You pay fees on your retirement accounts like any investment assets, but they don’t take any additional funds, which could change your retirement date.
Plus, you can take that information and see what Empower’s financial advisors recommend you do to keep more money in your pocket.
See how it compares to another retirement planner in my Empower Vs. Fidelity comparison.
Cash Management Account
They now offer a Cash Management Account, which they call Empower Cash.
As you’d expect, this is an account where your money comes all together after you get paid, and it’s insured by the FDIC like most major bank branches.
As you’d expect, this is an account where you’re money comes all together after you get paid, and it’s insured by the FDIC like most major bank branches.
There is no account minimum, but your money will earn 2.02% APY, which could compete with what your current bank is offering.
The one drawback is that we haven’t seen an update on getting a debit card with the account- it’s in the works for cash management accounts but isn’t there yet.
Empower Wealth Management Tiers
There are 3 tiers to Empower:
Investment Service (Investment Management)- this is the beginner tier to Empower’s offerings, where you get a portfolio geared toward your financial goals, comprised of ETFs that Empower rebalances and manages for you.
The investment accounts are covered for investors with $100,000 – $200,000 and include 1 financial advisor.
Wealth Management Service- this is the middle tier that invests in ETFs plus individual stocks for you.
You have more advisors dedicated to your portfolio, plus they can give you advice on stock options, insurance, and more.
Users in this tier have $200,000 – $1 million, where you get 2 financial advisors.
Private Client- Empower’s final tier invests in all of the above plus bonds, private equity, and more retirement options.
Your account will need to total over $1 million to fall into this category, and all that money means you’ll have more advisors to support you- and help you with tax loss harvesting and tax optimization.
How to Sign Up For Empower
If you’ve decided that you want to now sign up with Empower for all of the great benefits, then here is how to do it.
All that you need to sign up is:
- Your email address
- A password
- Your phone number
Your phone number is used to verify your identity.
Once you’re all signed up, you need to connect your financial accounts. Then, you can track your investments and get help with your financial planning!
Wealth Management Service
Empower is free to use unless you qualify for the Wealth Management Services.
You have to pay a fee between 0.49% – 0.89% if you have more than $200,000.
It’s an advisory service with financial advisors available to help you manage your financial portfolio.
Empower Fees
Empower is $0 to sign up for and has many free tools to use to manage your money and track your investments.
If you want to use the more advanced (paid) wealth management services that Empower offers, you can opt in if you want more help managing your investments.
The wealth management fees are as follows
For Investment Services & Wealth Management Clients
- First $1 million – 0.89%
For Private Clients
- First $3 million – 0.79%
- Next $2 million – 0.69%
- Next $5 million – 0.59%
- Over $10 million – 0.49%
Now the fees may seem a bit high to you, but a financial advisor sometimes charges 1% of your account at a minimum elsewhere, so Empower’s fees aren’t necessarily the highest we’ve seen.
Having an Empower financial advisor costs a lot less, and you get a lot more!
Plus, you can get a team of advisors, and Empower does the investing for you- taking work off your hands.
Get clarity on your money, with tech you can trust. See all your accounts in one place, including your investments. And go deeper with our planning and analytics tools.
Who Should (and Shouldn’t) Use Empower
Empower isn’t a one-size-fits-all platform — it really depends on your experience level, financial goals, and how much you have invested. Here’s a quick breakdown to help you decide if it’s the right fit for you.
Who Should Use Empower
Higher-Net-Worth Investors ($100K+) – If you’ve built a decent portfolio and want more personalized guidance, Empower’s wealth management team can help you get strategic with your money. You’ll get hands-on advice and access to some seriously advanced planning tools.
People Who Love Seeing the Big Picture – Empower’s dashboard is next-level for tracking your entire financial life — from checking accounts and 401(k)s to mortgages and investments. If you geek out over organization and clarity (like we do), you’ll love it.
Long-Term Planners Focused on Retirement – If you’re serious about growing your nest egg, Empower’s Retirement Planner and Fee Analyzer tools are game changers. They help you spot hidden fees, model your future goals, and see if you’re truly on track.
Who Shouldn’t Use Empower
New Investors with Small Balances – If you’re still building your first $100K, Empower’s advisory services might be out of reach. You can still use the free dashboard — and it’s awesome — but managed portfolios are designed for higher balances.
Hands-Off Users Wanting Simplicity – If you’d rather “set it and forget it,” robo-advisors like Betterment or Wealthfront are simpler options. They automate everything and don’t require human advisor calls.
DIY or Active Traders – Empower focuses on long-term investing, not day trading. If you prefer choosing your own stocks or moving money around frequently, this isn’t your platform.
FAQs
Is Empower safe?
This is a good question and one that you should always ask when setting up something new – especially if it is something hooked up to your bank and investments.
Your financial data stays private. Even Empower employees can’t access your personal account information.
Empower uses bank-level encryption and multi-factor authentication to protect user data.
You will need to register every computer that you use and authorize the device that you are using to access it.
A handy feature is that you aren’t actually able to do any withdrawals or transfers within Empower- it is just an overview of your finances.
If you want to know more about Empower security, check out their blog post explaining how they do personal security.
Is Empower really free?
Yes, Empower is free and is the best way we have been able to track our passive income.
If you make more than $200,000, then you automatically qualify for Empower’s Wealth Management services, which charge 0.49% – 0.89% for money management.
If you want to access additional features, that’s where you will pay for those, but there are no hidden charges.
Within the free version, you are able to get a lot of information, such as budgeting, and a retirement planner, which is handy to get a grip on your finances.
Where can I invest my money?
If you’re interested in the best investments, you can get Robo-advisors to help you manage your money as your wealth grows.
Robo-advisors handle investment services from start to finish, including adjusting your portfolio to be beneficial and tax-efficient.
Betterment auto-invests your money, rebalances your investments, and so much more, so if you want to set it and forget it while still making more and saving more, then check it out!
If you’re interested in all that hands-off investing plus more account options (like retirement!) and some lower account minimums, you should check out Betterment.
Read more about this Robo-advisor in my Betterment Review.
What Are Other Users Are Saying (Real Feedback)?
While our experience with Empower has been mostly positive, it’s important to look at how other users feel too. We checked independent reviews and Reddit threads to get a fuller picture.
Here are a few common takeaways from real users:
“It’s OK. It has some quirks. They’ll call you every once in a while to try to sell you on their advisors… I use it and Fidelity Full View.” — Reddit user @andybmcc
“I recently switched to Empower for net worth tracking since Mint is shutting down. I’m happy with it for that use case. I use YNAB for actual budgeting.” — Reddit user @rcc1201
These comments match what we’ve seen: Empower is excellent for investment tracking and net-worth visibility, but some users prefer other apps for strict day-to-day budgeting, and the occasional advisory call can feel pushy.
Empower Alternatives
In this Empower Review 2025, we’ll show you exactly how it compares to Betterment and Wealthfront. Here’s a quick side-by-side look at how they stack up.
Each platform helps you manage and grow your money in different ways — from free all-in-one dashboards to fully automated investing.
| Platform | Fees | Minimums | Key Tools & Features |
| Empower | ~0.89% for advisory accounts; free financial dashboard | $100K+ (Private Client $1M+) | Net-worth tracker, budgeting, retirement planner, human advisors |
| Betterment | $4/month or 0.25%/year and a Premium plan costing 0.65%/year for balances up to $1 million | $0 for Digital, $100K for Premium | Automated investing, goal tracking, tax-loss harvesting, optional CFP access |
| Wealthfront | 0.25% annual fee | $500 | Automated investing, tax-loss harvesting, direct indexing, strong mobile app |
Quicken
Quicken is an all-in-one personal finance app that helps you stay on top of your budget, bills, and investments.
It automatically connects to your bank and credit card accounts, so your spending updates in real time — no more manual tracking.
Plans start around $34.99 per year, which is fair for everything it offers.
I think the price is worth all that you get, but Empower offers a lot of features for $0 and is worth trying out first if you’re looking for a Mint alternative!
Betterment
Betterment is perfect if you want to invest without overthinking it. It automatically builds and manages a diversified portfolio for you, rebalancing as markets change so you can stay on track toward your goals.
Fees start at just 0.25% a year with no minimum to get started, and you can upgrade to their Premium plan if you want access to real financial planners.
It’s a great option for beginners who want their money to grow on autopilot.
Wealthfront
Wealthfront is another solid robo-advisor that’s ideal for tech-savvy investors. It offers smart automation features like tax-loss harvesting and direct indexing — all for a flat 0.25% fee.
You can even use their free planning tools to set goals, track progress, and explore “what-if” scenarios without opening an account. It’s an easy, data-driven way to manage your money with very little effort.
Final Thoughts
The fact that Empower is free and you get access to so much information makes it a no-brainer for us.
After testing it for three months for our Empower Review 2025, my opinion is that you should try out a bunch of different things and find out which works best for you.
If you aren’t sure which one to pick when looking at Mint vs Empower, we recommend checking out our article, which compares the two.
Get clarity on your money, with tech you can trust. See all your accounts in one place, including your investments. And go deeper with our planning and analytics tools.
