Empower Reviews & Ratings – What Are People Saying About This Financial Services Platform?

Empower is a dynamic digital wealth management platform. It merges the functionalities of a powerful personal finance app with a range of wealth advisory and investment management services. This hybrid approach positions Empower as more than just a basic budgeting application; it’s a comprehensive tool aimed at enhancing overall financial health.

What sets Empower apart is its dedication to not only traditional budgeting and expense tracking but also its proactive saving strategies, opportunities for cash back, and the provision of convenient cash advances. These features collectively support users in mastering their financial journey.

Empower’s platform is engineered to streamline and simplify financial management, making it a potentially ideal choice for those seeking to take control of their financial health and navigate their financial journey with greater ease. Continue reading my Empower review as I cover all you need to know to assess whether it is right for you.

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Empower Reviews & Ratings

Looking at the Empower reviews & ratings from across the web, Empower has a great reputation. Empower reviews on Apple App Store are an impressive 4.8/5 from over 121,000 reviews.

The users on Google play give Empower great reviews as well, rating 4.7/5 from over 105,000 reviews. Next, I’ll cover some of the positives that were identified in the Empower reviews & ratings.

Empower Pricing

Empower offers a clear-cut pricing system, featuring a monthly subscription fee of $8 after a complimentary 14-day trial. Annually, this amounts to $96, which grants access to an array of services such as automated savings, cash back on certain purchases, and interest-free cash advances up to $250.

These features, particularly the automated savings and cash back, could help offset the subscription cost, making it a valuable tool for those looking to grow their savings or in need of emergency funds.

On top of the subscription fee, Empower provides a wealth management service with variable annual fees based on the amount invested, ranging from 0.49% to 0.89%. The good news is that many of Empower’s tools, including net worth tracking and budgeting, are available at no extra cost to wealth management clients.

These fees are all-inclusive, ensuring no hidden charges or trade commissions, offering a transparent and predictable pricing structure for those managing larger investments.

Empower Benefits

While digging through the Empower reviews & ratings, here are the common praises I identified:

• Empower AutoSave: Automatically transfers money from your main spending account to your Empower AutoSave Account based on your spending habits, enabling effortless savings.
• Empower Advance: Offers a cash advance up to $250 without interest, late fees, or credit checks for immediate financial needs.
• Empower Card: A Visa debit card providing numerous benefits, including up to 10% cash back on special offers, early paycheck access, expedited cash advances, and free ATM withdrawals at a vast network.
• Free Investment and Money Management Tools: Comprehensive investment tools available to all users, membership not required.
• Full-Service Customized Investment Management: For individuals with more than $100,000 in investable assets, offering personalized financial planning and investment management.
• Accessible Live Phone Customer Service: Provides direct and immediate access to customer service for all users.
• Unlimited Access to Licensed Financial Advisors: Wealth management clients can consult with a team of advisors or two dedicated advisors, depending on their account balance, for tailored financial advice.
• Customized and Goal-Focused Portfolios: Development of investment portfolios focused on individual goals and needs, great for personalized financial strategies.

Negative Empower Reviews & Ratings

As evident by the high Empower reviews & ratings across the web, most customers are satisfied by the service they receive from Empower. But as always, I did find some negative reviews. The negative reviews can be lumped into the following categories:

• High Minimum and Fees: Empower’s account minimum and management fee are comparatively high against some of its competitors, potentially discouraging users seeking more affordable options.
• $8 Monthly Fee: Post a 14-day free trial, Empower implements an $8 monthly subscription fee, amounting to $96 annually, a significant cost considering other available free or cheaper alternatives.
• Uncompetitive Interest Rate: The platform offers a low 0.01% APY on account balances, which is less favorable compared to higher rates offered by many other savings accounts without monthly fees or minimum balance requirements.
• Foreign Transaction Fee: Empower charges a 1% fee on transactions made through foreign banks or in currencies other than U.S. dollars, which could be inconvenient for users engaging in international transactions.
• No Cash or Check Deposits: Unlike many banking apps, Empower does not currently accept cash or check deposits, limiting the flexibility and convenience for users who may need these options.

Conclusion

In conclusion, the Empower App stands as a powerful tool in the digital wealth management game, particularly for those interested in individual stocks and investment assets. It goes beyond being a simple finance app by integrating robust investment services and advisory services, tailored to meet the diverse needs of users.

Empower’s platform shines with its comprehensive financial tools, designed for both seasoned and novice investors. It offers an intuitive retirement planner, essential for those mapping out their retirement planning strategies, including considerations for Social Security benefits. The integration of human advisors adds a personalized touch, ensuring that users have expert guidance for their investment accounts and decisions.

Empower provides a unique investment checkup feature, allowing users to review and manage their investment assets effectively. This feature is especially beneficial for those looking to diversify their portfolios with individual stocks. The app also caters to users seeking sophisticated financial advice and management, encompassing a wide range of investment services.

For anyone looking at enhancing their financial strategy, whether it’s for retirement planning, managing investment accounts, or exploring individual stocks, Empower offers a comprehensive suite of tools and services.

Click Here to get started or dive deeper into how the Empower App can be a transformative tool in your financial journey, offering a blend of technology and human expertise to empower your investment and retirement planning decisions.

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