Empower Retirement selects Quovo to enhance digital account services
Retirement investors to benefit from better information to help improve decision-making
Empower Retirement, the nation’s second largest retirement service provider1 , today announced it has selected Quovo, a leading financial data platform, to offer enhanced account connectivity services to Empower’s 8.3 million retirement plan participants.
Data services supplied by Quovo will enable Empower to further provide participants with a comprehensive view of all their financial accounts from a variety of outside institutions, including investments, banks, loans and insurance providers.
Integrating Quovo’s rich data to enhance its existing offerings will allow Empower to offer a state-of-the-art, seamless experience for individuals using the award-winning Empower Participant Experience to manage their retirement assets.
“A more scalable and automated means of viewing one’s assets enables individuals and their advisors to make financial planning decisions based on better information,” said Edmund F. Murphy III, President of Empower Retirement. “Quovo is the market leader in providing these services and, with their expanded toolsets, we believe this partnership helps to bring a new level of retirement and overall financial planning to our participants.”
“Empower and Quovo share a common goal of equipping consumers with robust data so they can make healthier financial decisions,” said Lowell Putnam, co-founder and Chief Executive Officer of Quovo. “By offering our account aggregation capabilities through the Empower platform, millions of Americans will now be able to construct a holistic view of their financial picture and better prepare for retirement.”
Earlier this month Empower announced the launch of My Total Retirement, an end-to-end advice and planning solution for plan participants designed to help an individual from the goal-setting stage at the start of their career through a withdrawal strategy that’s implemented when their working years conclude.
Leveraging Quovo’s capabilities, Empower will pull real-time data from all of a participant’s income sources, savings and investment accounts and integrate those factors with demographic data into a planning experience using the input of investment professionals and Empower proprietary technology.