Associated tags: Personal Capital, Retirement, Empower (financial services), AUA, Taft–Hartley Act, IRA, Financial adviser, Empower, Professional Services, Finance, Bank, Personal Finance, Asset Management
Locations: BARBADOS, ITALY, THAILAND, MEXICO, JAPAN, FLORIDA, VIRGINIA, NC, WASHINGTON, NEW YORK CITY, AMA, GREY, LINTON, WILSON, PHILIPPINES, MANITOBA, COLORADO, UNITED STATES, NORTH AMERICA, CANADA, CALIFORNIA, NEW YORK
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Bank Empower is announcing record first-quarter earnings achieved as of March 31, 2024, through business growth and sales momentum in its Workplace Solutions and Personal Wealth units.
Key Points:
- Empower is announcing record first-quarter earnings achieved as of March 31, 2024, through business growth and sales momentum in its Workplace Solutions and Personal Wealth units.
- Empower released results as part of a broader quarterly announcement by its parent company, Winnipeg-based Great-West Lifeco (TSX: GWO-CA).
- The company achieved base earnings of US $211 million, an increase of $48 million, or 29%, compared to the first quarter of 2023.
- A comprehensive integration program moving retirement plans from the Prudential recordkeeping system to Empower launched in early 2023 and completed in the second quarter of 2024.
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Bank GREENWOOD VILLAGE, Colo., May 1, 2024 /PRNewswire/ -- Time is money, and there's a premium: Americans say their time is worth $240 per hour, on average, according to new research from Empower, a leader in financial planning, investing, and advice. Based on a standard 40-hour week, that puts the perceived value at $499,200 per year – nearly eight times higher than the average U.S. salary of $59,384.1 One third of people set the price at under $50 per hour, though 1 in 4 Millennials value their time at over $500 per hour – the highest of any generation (just 6% of Boomers name that rate).
Key Points:
- Less is more: 1 in 4 people (26%) are willing to take a 15% pay cut to gain more free time.
- More than a third (32%) say they want to start their own business, but don't have the time.
- The Empower "Time is Money" study is based on online survey responses from 2,204 Americans ages 18+ fielded by Morning Consult from March 11-14, 2024.
- The survey is weighted to be nationally representative on the following dimensions: age, gender, education, race and region.
SAN FRANCISCO, April 9, 2024 /PRNewswire/ -- Empower Finance, Inc. has entered into a definitive agreement to acquire Petal, a consumer credit card and financial technology company headquartered in New York, and completed its acquisition of Cashalo, a consumer credit and lending company headquartered in the Philippines. Empower is a leader in alternative credit underwriting and a pioneer in financial product innovations for underserved consumers in the U.S. and Mexico. The combined companies will fold into Empower and continue to transform the way people access and build credit, enabling greater participation in established and emerging credit economies.
Key Points:
- Empower is a leader in alternative credit underwriting and a pioneer in financial product innovations for underserved consumers in the U.S. and Mexico.
- The combined companies will fold into Empower and continue to transform the way people access and build credit, enabling greater participation in established and emerging credit economies.
- Petal and Cashalo give Empower strategic footholds in the credit card category in the U.S. and the credit market in Southeast Asia, respectively.
- Despite the maturity of the U.S. credit economy, TransUnion reports that over 45 million consumers are considered to be credit unserved or underserved.
Retrieved on:
Wednesday, March 27, 2024
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Financial adviser Empower today is unveiling new plans to launch a digital solution that will remove access barriers and give more small employers the ability to establish workplace retirement plans for their employees.
Key Points:
- Empower today is unveiling new plans to launch a digital solution that will remove access barriers and give more small employers the ability to establish workplace retirement plans for their employees.
- The new program — called Ready Select — is designed for small and start-up plans with up to $1 million in assets.
- Historically, complexity and administrative burdens have presented barriers to the creation of workplace retirement plans for small employers and start-up companies.
- “These partners know how to help employers and Empower stands ready to help them bring their know-how to new plans.”
Professional Services,
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FINRA Key Points:
- View the full release here: https://www.businesswire.com/news/home/20240325760082/en/
Roger Hobby Joins Empower as EVP for Personal Wealth.
- (Photo: Business Wire)
Hobby will join Empower on April 1 and bring extensive wealth management, executive benefits, workplace, and general management skills.
- He will lead the company’s in-plan and direct-to-consumer long-term customer focus, which will include delivering outstanding service, financial planning, and advice expertise.
- “Roger has a very deep understanding of our customers’ needs and choices, and I am confident he will help Empower Personal Wealth create valuable experiences for them,” said Carol Waddell, President of Empower Personal Wealth.
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Life insurance Empower today announced a comprehensive suite of new partnerships with asset management and insurance providers to offer a market-leading range of in-plan and out-of-plan guaranteed retirement income solutions for investors saving through workplace plans.
Key Points:
- Empower today announced a comprehensive suite of new partnerships with asset management and insurance providers to offer a market-leading range of in-plan and out-of-plan guaranteed retirement income solutions for investors saving through workplace plans.
- “The purpose of any individual’s retirement plan is to create an income stream they can rely on when their working years are behind them,” said Empower President and Chief Operating Officer Rich Linton.
- More than 80% of advisors and consultants believe a defined contribution (DC) plan should offer services supporting plan participants’ retirement income needs.1 Additionally, legislation — specifically the SECURE Act of 2019— includes provisions to facilitate the use of guaranteed income options in retirement plans.
- In survey results, retirement plan participants express a range of concerns about income guarantees as they age.
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Residential care DALLAS, March 1, 2024 /PRNewswire/ -- EMPOWER, a nonprofit child welfare collaborative, now provides foster care case management, kinship and reunification services for all children and families in the Metroplex East region, after entering Stage II of the Community-Based Care (CBC) contract with the State of Texas on March 1, 2024. EMPOWER is led by Texas Family Initiative LLC (TFI) and is supported by local providers in North Texas, including CK Family Services, Jonathan's Place, The Bair Foundation and Pathways Youth and Family Services. EMPOWER will serve as the lead agency for the nine-county area that includes Dallas, Collin, Ellis, Fannin, Grayson, Hunt, Rockwall, Kaufman and Navarro counties.
Key Points:
- CBC is an innovative approach to traditional foster care services because it utilizes local nonprofits to outsource out of home placement and case management services.
- Since September 1, 2023, EMPOWER has provided placement services in the Metroplex East Region.
- For the first time in over five years, all children in the Metroplex East Region are placed in licensed placements.
- Around 79% of those foster children were placed within the same Metroplex East region, and 37.8% were placed in their home county.
Retrieved on:
Wednesday, February 21, 2024
GREENWOOD VILLAGE, Colo. , Feb. 21, 2024 /PRNewswire/ -- Who wants to be the boss? Just 3 in 10 Americans* say they aspire to a C-suite role, according to new research from Empower, a leader in financial planning,1 investing, and advice, with Millennials showing the highest interest in becoming a top executive (39%). In fact, 31% of people don't want their job description to change – even if it means sacrificing a promotion or raise.
Key Points:
- Just 3 in 10 Americans* say they aspire to a C-suite role, according to new research from Empower , a leader in financial planning,1 investing, and advice, with Millennials showing the highest interest in becoming a top executive (39%).
- In fact, 31% of people don't want their job description to change – even if it means sacrificing a promotion or raise.
- Still, many are stressed about working with an incompetent manager (24%) or colleagues (26%).
- The Empower "Who's the Boss" study is based on online survey responses from 1,117 Americans ages 18+ fielded by Morning Consult from January 3-4, 2024.
Retrieved on:
Friday, February 16, 2024
Personal Finance,
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CAD,
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AUA,
Bank Empower today announced that it has entered its tenth year of operations with record earnings achieved through sustained business growth and sales momentum.
Key Points:
- Empower today announced that it has entered its tenth year of operations with record earnings achieved through sustained business growth and sales momentum.
- The firm’s full-year after-tax base earnings1,2 in 2023 were $749 million (US) or $1 billion (CAD).
- Empower, a leading provider of retirement and wealth management services, released results as part of a broader quarterly announcement by its parent company, Winnipeg-based Great-West Lifeco (TSX: GWO-CA).
- AUA1 was $72 billion, up 31% over the prior year as a result of both strong net inflows and positive markets.
Retrieved on:
Tuesday, January 30, 2024
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Standard Empower announced today that Dave Gray will be joining Empower as executive vice president for enterprise solutions.
Key Points:
- Empower announced today that Dave Gray will be joining Empower as executive vice president for enterprise solutions.
- Gray officially joined Empower on Jan. 29.
- Gray brings extensive experience in business efficiency and service excellence, organizational transformation, platform modernization and innovation, and product creation resulting in customer acquisition.
- “Empower has seen tremendous success and continues to innovate,” said Gray.
