In February 2023, Private Capital was rebranded and pulled into the Empower Retirement model.
Empower Retirement was based in 1891 and they’re a retirement plan administrator. They’ve over 69,000 retirement plans underneath administration protecting over 17 million individuals. They’re the 2nd largest retirement companies nation in the US with $1.2 trillion in belongings underneath administration.
They’re large.
They usually acquired Private Capital in what was seen as a transfer to department out into investing and wealth administration, utilizing private finance instruments as a lead software.
For a number of years, Private Capital was re-branded as “Private Capital, an Empower Firm” however the Private Capital emblem and identify was outstanding. It seems that this has come to an finish.
On February sixteenth, Private Capital was re-branded into Empower.
We’re a companion of Private Capital they usually instructed us final week that they have been going to make this alteration. I used to be additionally instructed that for the foreseeable future, little or no of the backend instruments can be altering. For probably the most half, you’d see the identical instruments simply with new logos. I imagine their marketing strategy is to nonetheless use them as a solution to generate potential leads for his or her wealth administration enterprise, so there is no cause to mess with it.
In actual fact, the URL will stay the identical for a number of weeks as they migrate that over to the principle Empower web site too.
Empower’s plan is to easily rebrand the identify and emblem to fall underneath the Empower umbrella. It is a fairly basic advertising transfer and I am shocked it took this lengthy. They may proceed to supply the instruments without spending a dime and there was even a touch that they’d get updates given the sources of Empower.
What Does This Imply for New Customers?
Nothing that I can see. The one factor altering would be the emblem and, finally, the URL you go to.
From a enterprise perspective, Private Capital was performing nicely and so there does not seem like any incentive to mess with the system. Private Capital presents free monetary planning instruments to get you to enroll after which, if it is sensible, makes an attempt to promote wealth planning companies.
The one factor that seems to be altering, at the very least within the subsequent few months, would be the emblem.
What Does This Imply for Present Customers?
Once more, it seems nothing will change.
If you happen to just like the instruments, you may proceed to make use of them without spending a dime. There are not any plans to alter them so apart from beauty modifications, it’s going to all be the identical.
If you happen to do not just like the instruments, this is perhaps the nudge it’s worthwhile to strive an different to Private Capital.
Both means, it is nonetheless the identical instruments. We could even see new ones as they’ll now function as a single entity and also you get the total sources of Empower.
Here is what they despatched me on Sunday:
Private Capital is changing into Empower.
Expensive Jim,
After we joined forces with Empower in 2020, we united in our mission to convey collectively the very best know-how and recommendation to assist individuals attain their monetary targets. Quickly, we’ll be taking the following step: on or round February 16, 2023, Private Capital and Empower will change into one, and you will notice the Empower identify and model instead of Private Capital going ahead.
What else will change because of this? Nothing main, truly. Right here’s a fast breakdown of what you may anticipate:
In addition to a brand new look, your dashboard and app won’t change. All of your data will stay because it does in the present day, so no have to replace something.
On or across the sixteenth, your cell phone app will robotically replace, with a brand new display screen icon. Your data will stay secure and safe with the identical safeguards and safety requirements.
You’ll begin receiving emails from Empower, so maintain an eye fixed out for messages from @empower.com. You’ll want to test your spam folder infrequently, to be sure you get these necessary messages.
In different phrases, the identify, emblem, app, and web site are totally different, however you’ll nonetheless get the identical trusted service and tech. Additionally, there are some nice benefits that include being a part of the Empower household. We share the identical mission, which is to empower monetary freedom for all – we’re excited to have the ability to increase our capacity to ship on monetary freedom via the brand new mixed model.
Energy and stability: Empower already helps over 17 million individuals save for his or her retirement and monetary targets. With this highly effective mixture, we’re even higher collectively — partnering with you in all dimensions of your monetary life. As at all times, we’re right here that can assist you see the entire image of all the things you’ve got, and owe, along with the function that your retirement plans play in constructing your wealth.
Safety: Our safety crew has joined forces with the Empower crew, to maintain your information secure and safe.
Sources: As a part of Empower we’ll be capable to convey extra individuals and sources collectively to maintain enhancing our know-how. We’ve at all times been dedicated to steady innovation of our instruments and companies, and we share this ardour with Empower.
New companies: We’re very enthusiastic about this. Over time we’ll roll out much more new companies and choices, that can assist you and different Individuals meet their monetary targets.
Wealth Administration: We’ll nonetheless provide fiduciary advisory companies, with our monetary professionals. They will reply your questions on your funding technique, and provide help to construct a customized monetary plan and portfolio.
For extra data, go to www.personalcapital.com/change. Thanks for letting us accompany you in your monetary journey. We sit up for supporting you with readability and confidence each step of the best way.
Heat regards,
Private Capital
E mail despatched to present customers on February 12, 2023
Are You Nonetheless Utilizing Private Capital?
Sure. Till one thing modifications, I will maintain utilizing Private Capital till I see a cause to not.
I’m not utilizing any of their wealth administration companies and have not obtained a cellphone name (for years) after telling them I wasn’t serious about them.
