Empower Retirement realigns recordkeeping business to enhance retirement services for institutional clients
Private-label recordkeeping service renamed Empower Institutional to leverage growth and name recognition with clients and prospects
Enhanced retirement services offer flexibility in changing retirement plan market
GREENWOOD VILLAGE, Colo., March 1, 2016 — Empower Retirement today unveiled a fresh brand identity and a new value proposition for its private-label recordkeeping service.
The name “Empower Institutional” will replace FASCore as the company’s public-facing brand. The new moniker is a positive outcome of Empower’s broadening stature in the retirement industry, which is evident through strong sales growth and increasing visibility. The new name also reflects the broad, leading edge services the firm provides the institutional market.
Empower Institutional specializes in providing private-label, retirement plan recordkeeping and administrative services to money management firms, banks, insurance companies, brokerage firms and other financial institutions. As a private-label service, Empower Institutional offers institutional clients the ability to provide a state-of-the-art retirement experience while using their brand and maintaining their client relationships.
Empower Institutional today also unveils a new website and enhanced visual and graphic identity for the business.
In addition, Empower Institutional is highlighting its legacy of innovation, proven retirement expertise and increasing scale to offer customized solutions to meet client needs.
“The goal of Empower Institutional is to help our institutional partners grow their businesses. We have the skills, expertise and technology to provide state-of-the-art retirement expertise which allows them the freedom to focus on their customers and core business,” said Edmund F. Murphy, III, President of Empower Retirement and the Empower Institutional business unit.
Formed in late 2014, Empower Retirement today is the second largest retirement services provider1 in the nation and manages some 32,000 retirement plans.
Murphy explained that with its new name, Empower Institutional can fully leverage the brand equity developed by Empower Retirement to help reach prospective institutional partners.
“Empower Institutional has instant name recognition in the retirement plan market. We know that our success as a retirement plan provider enhances our ability to serve institutional clients,” said Murphy.
Empower believes institutional clients’ needs vary across a wide spectrum and emphasizes a flexible offering to prospects. In addition to its core retirement plan recordkeeping platform, Empower Institutional offers a suite of capabilities including:
- Enrollment and education services
- Plan and intermediary services
- Plans documents and compliance testing
- Participant services
- Plan billing and intermediary payments
- Sales and marketing support
- Fiduciary and trustee services
“There’s no such thing as a one-size-fits-all approach in the ever-changing landscape of retirement plans,” said Marybeth Daubenspeck Vice President of Empower Institutional. “As our partners’ needs change we can offer a robust spectrum of services to help them serve their clients.”
Empower Institutional recently entered into renewed agreements with Fifth-Third Bank and MetLife, among other partners.
While Empower Institutional will be the public-facing name of the company the FASCore name will remain the name of the underlying legal entity to maintain consistency of existing contracts and agreements.
About Empower Retirement
Headquartered in metro Denver, Empower Retirement administers $411 billion in assets for more than 7.6 million participants. It is the nation’s second-largest retirement plan record keeper by total participants (PLANSPONSOR magazine, June 2015). Empower serves all segments of the employer-sponsored retirement plan market: small, midsize, and large corporate 401(k) clients, government 457 plans, non-profit 403(b) entities and private-label recordkeeping clients. For more information, please visit www.Empower-retirement.com.
About Empower Institutional
Empower Institutional is a leading provider of recordkeeping and administrative services for the defined contribution and deferred compensation market. For more than 20 years, Empower Institutional, operating under the name “FASCore,” has provided retirement plan recordkeeping services for 401(k), 403(b), 457 and non-qualified plans of all sizes. It has grown recently by partnering with banks, insurance companies, brokerage firms, money management companies and other financial institutions to offer private-label recordkeeping and defined contribution services to their plan clients. For more information, please visit http://www.empowerinstitutional.com/.
Stephen Gawlik – 303-737-0899 (office), 617-417-4408 (cell)
To learn more about how we’re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.
1. Pensions & Investments, March 2015