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Empower's Growth and Acquisitions
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Overview
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Empower, a Denver-based provider of retirement and wealth management services, has experienced a substantial increase in defined contribution plan assets under administration to $1.5 trillion, serving a record high of 17.9 million retirement plan participants. The company's parent, Great-West Lifeco, has achieved record earnings and a 400% increase in base earnings in three years, with a focus on cost synergies and the acquisition of the full-service retirement business from Prudential.
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How does Empower's significant increase in assets under administration impact the retirement and wealth management industry?
What potential challenges might arise from Empower's acquisition of the full-service retirement business from Prudential?
What strategies did Empower employ to achieve such substantial growth in customer base and assets under administration?
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401ks