If you're choosing between Empower, Fidelity, Vanguard, and Schwab for your retirement and investment management, the answer depends on what role each plays. Fidelity, Vanguard, and Schwab are full-service brokers — they hold your assets and execute trades. Empower is primarily a dashboard tool that aggregates your data across all of them, plus offers paid advisory on top.
Most serious investors end up using Empower as the dashboard alongside whichever broker holds their actual accounts. This guide covers each in detail and helps you decide which broker fits and whether Empower's add-on advisory makes sense.
For broader Empower context, see Is Empower Worth It?.
Free dashboard · Advisory subject to eligibility
What's in this guide
- Quick verdict
- Empower vs Fidelity
- Empower vs Vanguard
- Empower vs Schwab
- The role each plays
- Side-by-side cost comparison
- Tools comparison
- For 401(k) holders specifically
- For Roth IRA management
- Which combination fits you
- FAQ
Quick verdict
| Where it shines | Where it falls short | |
|---|---|---|
| Empower | Dashboard + free fee/allocation analysis | Doesn't hold assets; advisory expensive |
| Fidelity | Strong all-around broker; great research; portfolio tools aggregate | Per-broker view weaker than Empower's |
| Vanguard | Lowest fund expense ratios; PAS at 0.30% | Older interface; less robust research |
| Schwab | Banking + brokerage combo; intelligent portfolios | Fewer fund options than Fidelity |
Most common winning combination: - Hold assets at Fidelity, Vanguard, or Schwab (whichever has the lowest-fee funds for what you want). - Use Empower's free dashboard for cross-account analytics. - Don't pay Empower advisory fees unless you specifically want their hands-on service.
Empower vs Fidelity
Both are popular, but they serve different needs:
Fidelity strengths: - Full broker — holds 401(k), IRA, taxable, HSA accounts. - Excellent research — Morningstar, Argus, equity research. - Fidelity's portfolio tools — Fidelity's own aggregator (similar to Empower). - Active management options if you want it. - No-fee index funds (Zero series).
Empower strengths: - Single dashboard for accounts across multiple brokers. - Better visualization — net worth trends, allocation charts. - Fee Analyzer — Fidelity's tools don't surface fund fees as prominently. - Retirement planner — better than Fidelity's planner for goal-based scenarios.
Verdict: If you have all assets at Fidelity, Fidelity's portfolio tools is sufficient + free. Empower is more useful when you have accounts at 2+ brokers.
Empower vs Vanguard
Vanguard is the indexing pioneer; Empower is the aggregator.
Vanguard strengths: - Lowest expense ratios in the index fund world. - PAS (Personal Advisor Services) at 0.30% AUM — much cheaper than Empower's 0.89%. - Trusted name in investing. - Vanguard Total Stock Market is among the most widely-held investments globally.
Empower strengths: - Multi-broker dashboard — Vanguard alone shows only Vanguard accounts. - Better visualization tools. - Aggregates 401(k) at other brokers with your Vanguard accounts.
Verdict: For pure investment management, Vanguard PAS at 0.30% beats Empower at 0.89%. For dashboard tracking across multiple brokers, Empower wins.
Empower vs Schwab
Schwab combines brokerage with banking, has good research, and offers Schwab Intelligent Portfolios (their robo-advisor).
Schwab strengths: - Brokerage + banking in one account. - Schwab Intelligent Portfolios — robo-advisor, no advisory fee for accounts under $5K. - Schwab Equity Ratings for stock research. - No-fee index funds.
Empower strengths: - Cross-broker dashboard. - Independent advisory if you want hands-on management. - Better visualization of overall wealth.
Verdict: If you keep accounts only at Schwab and want a robo-advisor, Schwab Intelligent Portfolios is excellent. For cross-broker view, Empower.
The role each plays
Think of it as: Empower is the dashboard / analyst. The brokers are the vault.
- Your money lives at Fidelity, Vanguard, or Schwab.
- Your trades execute through those brokers.
- Your research can use Fidelity's, Vanguard's, or third-party tools.
- Your dashboard showing it all together: Empower (free) or Fidelity's portfolio tools (free, single-broker focus).
- Your advisory (if needed): Vanguard PAS (cheap), Schwab Intelligent (cheaper for small accounts), Empower (more comprehensive but pricier), or independent fee-only advisor.
For most people, the right answer is: pick a primary broker (probably Fidelity or Schwab for breadth, Vanguard for fund prices), use Empower's free dashboard for tracking, and skip Empower's advisory unless you specifically want it.
Side-by-side cost comparison
For a hypothetical $250K portfolio:
| Service | Annual cost | Includes |
|---|---|---|
| Fidelity self-directed (target-date fund) | ~$300 | Fund expense ratio + nothing else |
| Vanguard self-directed (target-date fund) | ~$200 | Same as above, slightly cheaper funds |
| Schwab self-directed (target-date fund) | ~$250 | Same |
| Empower free dashboard | $0 | Tracking only, no management |
| Schwab Intelligent Portfolios | ~$250 (fund fees only, no advisory under $5K) | Robo, automated rebalancing |
| Vanguard PAS | ~$750 ($250K × 0.30%) | Hands-on advisor |
| Empower Personal Wealth | ~$2,225 ($250K × 0.89%) | Hands-on advisor + planning |
| Independent fee-only advisor | ~$2,000-$5,000 flat fee | Custom planning |
The cost-quality tradeoff: target-date fund + Empower free dashboard delivers ~80% of the advisory value at ~10% of the cost.
Tools comparison
| Tool | Empower | Fidelity's portfolio tools | Vanguard | Schwab |
|---|---|---|---|---|
| Net worth | ✅ | ✅ | Limited | Limited |
| Allocation analysis | ✅ Best | ✅ | Basic | Basic |
| Fee Analyzer | ✅ Unique | None | None | None |
| Retirement planner | ✅ Best | ✅ | ✅ | ✅ |
| Tax optimization | ✅ Advisory only | ✅ Advisory | ✅ PAS | ✅ Intelligent |
| Cash flow tracking | ✅ | None | None | None |
| Goal tracking | ✅ | ✅ | ✅ | ✅ |
| Investment Checkup | ✅ | None | None | None |
| Auto-rebalancing | Advisory | Advisory | PAS | Intelligent |
| Tax-loss harvesting | Advisory | PAS | PAS | Intelligent |
The standout: Empower's Fee Analyzer — it's the only major tool that calculates total fees across your portfolio in one place, including 401(k) plan fees that traditional brokers don't surface.
For 401(k) holders specifically
Most people's largest investment account is their 401(k). Considerations:
If your employer's 401(k) is at Fidelity: - Fidelity NetBenefits has decent tools. - Add Empower for cross-broker dashboard. - The Fidelity advisor team is available for free for many plans.
If your employer's 401(k) is at Vanguard: - Vanguard's interface is older but reliable. - Definitely add Empower for visualization. - Vanguard's PAS is the cheapest paid advisory option.
If your employer's 401(k) is at Schwab: - Schwab's interface is good. - Schwab Intelligent integrates with 401(k) for some plans.
If your employer's 401(k) is administered by Empower: - Empower's tools work natively with their managed plans. - This is becoming common — Empower is one of the largest 401(k) record-keepers in the U.S. - See Empower 401(k) Loan, Rollover & Withdrawal Guide.
For Roth IRA management
For your Roth IRA specifically: - Vanguard — lowest cost; index investors. - Fidelity — best research; active management option. - Schwab — banking + brokerage combined. - Empower — only as dashboard; not where you'd hold the IRA itself.
Open the Roth at a low-fee broker. Use Empower for tracking.
Which combination fits you
Combination 1: Index fund self-directed - Vanguard for index funds + Empower free dashboard. - Total fees: ~0.05-0.10% in fund ER + $0 dashboard.
Combination 2: Fidelity ecosystem - Fidelity for everything + Fidelity's portfolio tools (no need for Empower if Fidelity-only). - Or add Empower if you also have outside 401(k) at another broker.
Combination 3: Robo for hands-off - Schwab Intelligent Portfolios + Empower for tracking. - Total fees: $0 advisory fee at all tiers; Premium tier adds a one-time $300 planning fee + $30/month subscription.
Combination 4: Hands-on advisor - Vanguard PAS at 0.30% if cost-focused. - Empower Personal Wealth at 0.89% if you want comprehensive financial planning.
Try Empower Free →
Track every account in one free dashboard Empower's free Personal Dashboard tracks net worth, retirement readiness, and fees across your bank, brokerage, and 401(k) accounts. Try Empower Free →
FAQ
Can I have all four — Empower, Fidelity, Vanguard, and Schwab?
Yes. Empower aggregates Fidelity, Vanguard, and Schwab accounts into a single dashboard. No conflict.
Why not just use Fidelity's portfolio tools since it's free?
If all your accounts are at Fidelity, portfolio tools are sufficient. If you have accounts at multiple brokers, Empower's cross-broker view is worth it.
Is Empower's advisory better than Vanguard PAS?
Empower's broader financial planning is more comprehensive. Vanguard PAS focuses on investment management. For pure investment, Vanguard. For holistic planning, Empower (at higher cost).
Should I use Empower or just stick with one broker?
Use Empower as a layer on top. The broker holds your assets; Empower visualizes.
Can Empower see my 401(k) at Fidelity?
Yes, via Yodlee aggregation. Most employer 401(k)s sync, but coverage varies by plan.
What if I want both Schwab Intelligent and Empower?
You can have both. Schwab Intelligent manages your Schwab assets; Empower aggregates and analyzes everything.
Is Empower safer than Fidelity?
Fidelity has more financial scale (parent company assets exceed $4.9 trillion AUM). Empower is reasonable. Both are reputable.
Can my money be at Empower directly?
Yes — through their advisory service, your assets are custodied at Schwab or Fidelity (Empower's partner custodians).
Will Empower's data leak my account info?
Yodlee handles bank-grade encryption. Read Is Empower Safe? for the full security analysis.
What if I cancel Empower advisory?
Your assets stay at the custodian; you can transfer them or self-manage. See How to Cancel Empower.
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