Empower Crosses $2.1 Trillion in Assets, Deepening Wealth-Retirement Convergence

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Empower, one of the largest 401(k) recordkeepers in the country, reported $2.1 trillion in assets under administration at the end of Q2 2026, up 10% from the prior quarter and with earnings rising 36% year over year. The firm now serves nearly 20 million retirement plan participants and 1.2 million wealth-management clients. Empower has been deliberately merging retirement and personal wealth services — it acquired Personal Capital in 2021 and recently bought Milliman's defined-benefit and benefits administration business — a trend that increasingly means your 401(k) provider may also be pitching you on broader financial planning.