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Empower Retirement, advisors reach milestone with $1.5 billion AUA in Advisor Managed Accounts

Jul 13, 2021
Press Release

GREENWOOD VILLAGE, Colo., July 13, 2021 — Empower Retirement and plan advisors who work together to deliver managed accounts to plan sponsors and their employees have reached a key milestone.

Launched in 2019, Empower’s Advisor Managed Accounts (AMA) offering has now surpassed $1.5 billion in assets and is in use by more than 500 plans and 14 advisory firms. In this partnership, advisors design the retirement strategy while Empower provides a top-rated customer experience.

Empower was among the first firms in the market to offer advisor managed accounts, which is geared toward advisor-sold plans regardless of plan size. The program is available to advisors serving the retirement plan needs of employers from across the spectrum of employer types regardless of industry or government sector.

“The adoption of our Advisor Managed Accounts option proves that integration between advisor firms and Empower is an attractive option for retirement savers,” said Richard Linton, President of Workplace Solutions for Empower Retirement. “We have combined the strength of advisors’ portfolio construction and plan design expertise with Empower’s advisory services technology platform and client experience. This is a powerful partnership.”

The AMA offering was conceived as a way of delivering managed account services in new ways. Typically, advice is given through retirement managed accounts, which are designed to provide personalized retirement planning through an analysis of an individual’s goals, demographic data and full financial picture.

“We want our advisors to have access to the best and most innovative options in the marketplace for our retirement savers,” said Vince Morris, president of OneDigital Retirement + Wealth. “Empower’s Advisor Managed Accounts option fits with our mission of providing comprehensive services to employers that address employees’ physical and financial well-being. We are excited to help working Americans prepare for retirement and believe this revolutionary new managed account model can help drive better outcomes for employees.”

Empower AMA provides very similar benefits to plans and participants, including personalized fund-specific recommendations, savings rate recommendations and help with spending money in retirement.

The offering also has unique benefits, including the advisor firm acting as a fiduciary to participants for the service and managing portfolio construction and maintenance. This gives the advisor firms a more active role in helping employees save for retirement.

With Empower AMA’s offering, advisors offer their own managed account services directly to their Empower Retirement clients, leveraging Empower’s cutting-edge advisory services experience and infrastructure. Advisor firms serve as the registered investment adviser for the service and control the investment approach as well as pricing and branding. AMA is offered through Advised Assets Group, LLC (AAG), which also provides Empower Retirement Advisory Services.

“We believe the most successful retirement plans are designed to deliver access to professional advice,” said Joseph Smolen, senior vice president of core markets at Empower. “Advisors are crucial in the retirement-planning process, and our Advisor Managed Accounts creates a stronger partnership between an advisor’s professional investment management philosophy and Empower’s leading managed account service.”

About Empower Retirement

Headquartered in metro Denver, Empower Retirement administers approximately $1 trillion in assets  for more than 12 millionretirement plan participants as of March 31, 2021, and is the nation’s second-largest retirement plan recordkeeper by total participants.1 Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, midsize and large corporate 401(k) clients; not-for-profit 403 (b) entities; private-label recordkeeping clients; and IRA customers. Personal Capital, a subsidiary of Empower Retirement, is an industry-leading hybrid wealth manager. For more information please visit empower-retirement.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.

Media Contacts:

Stephen Gawlik – 617-417-4408 (cell) – stephen.gawlik@empower-retirement.com

Monica Mendoza – 719-373-2460 (cell) – monica.mendoza@empower-retirement.com

Learn more:

To learn more about how we’re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.

There is no guarantee provided by any party that participation in any of the advisory services will result in a profit.

1 Pensions & Investments Defined Contribution Recordkeeper Survey Ranking as of April 2021.

2 As of March 31, 2021. Information refers to the business of Great-West Life & Annuity Insurance Company and its subsidiaries, including Great-West Life & Annuity Insurance Company of New York and GWFS Equities, Inc. GWLA’s consolidated total assets under administration (AUA) were $1,065.8B. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. GWLA’s statutory assets total $74.5B and liabilities total $72.5B. GWLANY statutory assets total $3.7B and liabilities total $3.5B.

The advisory services are offered by the named registered investment adviser as defined by the advisory services agreement. Subadvisory services are provided by Advised Assets Group, LLC, an unaffiliated registered investment adviser. The named registered investment adviser may pay some or the entire participant advisory services fees to AAG. RO1713751-0721

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The managed account service is part of the Empower Retirement Advisory Services suite of services offered by Advised Assets Group, LLC, a registered investment adviser.

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