Empower Retirement, a retirement services provider, recorded record retirement plan sales of $110 billion for its fiscal year ended Sept. 30.
The sum represents new-client commitments in the 401(k), 457(b) and 403(b) defined-contribution plans it offers for corporate, government and not-for-profit employers, Empower said in a release.
In the large and mega market (plans with more than $50 million in assets), Empower said it signed 64 new corporate clients, 130 new public plan clients and 15 not-for-profit clients. It also added more than 3,200 adviser-sold clients that have less than $50 million in assets.
Empower, which administers $667 billion in assets for more than 9.7 million plan participants, is the nation’s second-largest retirement plan record keeper by total participants and the amalgam of the retirement companies of Great-West Financial, Putnam Investments and JP Morgan Retirement Plan Services.
Last month, Empower announced plans to acquire the retirement businesses of MassMutual and Fifth Third Bank.
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
