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November 6, 2018

Empower Retirement to launch new digital wealth management platform

US-based company Empower Retirement is set to introduce a new digital wealth management platform for its existing and new individual retirement account customers and potential investors.

The company aims to reach the underserved mass affluent investors with the new platform and help them to optimise their financial goals and asset investments.

Through the new platform, customers will be able to receive investment advice, financial planning and insurance support.

Empower Retirement president Edmund F. Murphy III said: “Many Americans have the opportunity to achieve a higher level of financial security by optimising their personal investing and financial planning strategies.

“We see a significant opportunity to help these investors achieve greater financial security with the help of innovative digital tools and investing expertise.”

To be developed in collaboration with Wealthsimple US and Apex Clearing, the platform will feature a simple and intuitive interface and an integrated managed account.

Under the project, Wealthsimple and Empower will work together to build the user experience of the new platform.

Apex will be responsible for creating and managing back office functions for the digital wealth management platform.

Wealthsimple CEO Michael Katchen said: “The financial services market is evolving, and there’s demand for wealth management solutions centred on individual clients’ needs that are available to everyone, regardless of age or net worth.

“This new platform combines the expertise of three firms to offer such a solution to advisors and their clients.”

With its headquarters in Denver, Empower Retirement manages around $570bn in assets for nearly 8.7 million retirement plan participants.

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