The platform will offer one-stop shopping for investment advice, financial planning and insurance.
Empower Retirement, the second largest retirement plan recordkeeper in the U.S., has teamed up with hybrid robo-advisor Wealthsimple and custodian firm Apex Clearing to develop a digital wealth management platform for individual consumers.
The platform will offer one-stop shopping for investment advice, financial planning and insurance to mass affluent investors who may not currently work with a professional advisor. It will be available for existing Empower IRA customers as well as prospective individual investors and is expected to debut during the second half of next year.
"Empower has a legacy of providing cutting-edge tools to help participants take action on their retirement plan — and now we're bringing that kind of innovation to wealth management," said Empower Retirement President Edmund F. Murphy III, in a statement.
Murphy said the firm sees "a significant opportunity" to help investors "achieve greater financial security with the help of innovative, easy-to-use digital tools."
