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Frequently asked questions
Cancel Empower: The Right Way to Stop Fees
How to cancel Empower retirement accounts and stop advisory fees
Why you might want to cancel Empower
Empower is a U.S. financial services platform that manages retirement accounts, investment portfolios, and wealth advisory services for individual and workplace clients. The company charges ongoing fees for its advisory and administrative services, typically structured as asset-based percentages deducted directly from your account. These recurring charges function identically to subscription services: they persist automatically until you actively terminate your relationship with the company.
You might decide to cancel Empower if you've located a lower-cost advisor, prefer self-directed investing, or want to consolidate your accounts with another provider. Whatever your reason, canceling a retirement account can feel daunting-but it doesn't have to be. Yafee has helped thousands of consumers navigate the cancellation process with clarity and confidence. This guide walks you through every step, from understanding your legal rights under federal law to executing a clean cancellation and protecting yourself from surprise post-termination charges.
Common reasons to cancel Empower
You might initiate cancellation for several reasons: management fees that don't align with your account size, desire to transfer your assets to a different provider, dissatisfaction with advisory recommendations, or a major life change requiring portfolio restructuring. Many consumers also cancel after discovering competitors with lower asset management fees or more transparent pricing models. Understanding your specific motivation helps you select the most efficient cancellation method and ensures you don't miss critical deadlines.
How Empower fees function like subscriptions
Although Empower doesn't charge a traditional monthly subscription, its advisory and account management services operate under recurring fee agreements. Premier managed accounts deduct approximately 0.5 percent of assets under management (AUM) at periodic intervals, while brokerage services may include transaction-based charges. These recurring obligations renew automatically until you explicitly cancel-meaning that inaction results in continued charges against your account balance indefinitely.
Empower's fee structure and what you pay
Your actual Empower costs depend entirely on which service tier and account type you maintain, so reviewing your current fee schedule before canceling ensures you understand exactly what charges will stop.
| Empower service type | Typical fee structure | Billing frequency | Key notes |
|---|---|---|---|
| Premier managed account | Approximately 0.5% of assets under management (AUM) | Periodic billing against account assets | Includes portfolio advisory, rebalancing, and monitoring; fees vary by tier and account size |
| Empower brokerage account | Commission or transaction-based; many trades offered commission-free | Per-trade or annual, varies by promotion | Self-directed investing; fee schedule depends on account type and current promotions |
| Workplace retirement plan administration | Asset-based or per-participant fees | Monthly or quarterly deduction | Employer-sponsored plans; you may have limited direct cancellation rights if plan is employer-selected |
Log into your Empower account at empowermyretirement.com and download your most recent account statement and fee disclosure document. You'll see exactly which fees appear and how often they're deducted. This documentation becomes critical if you later dispute a charge that appears after your cancellation date.
Your legal position under u.S. federal consumer law
Federal legislation provides you with specific protections when terminating investment advisory relationships and retirement account services.
Rights under the Dodd-Frank act and investment advisers act of 1940
The Dodd-Frank Wall Street Reform and Consumer Protection Act (2010) and the Investment Advisers Act of 1940 establish your right to terminate advisory relationships without penalty. Under the Investment Advisers Act Section 215, you retain the right to cancel any investment advisory contract, and any provision that attempts to prevent cancellation or impose excessive early-termination penalties is legally unenforceable. Yafee recommends that you review your advisory agreement to confirm that Empower does not attempt to charge termination fees-a practice that would violate federal law.
Federal trade commission act protections
The Federal Trade Commission Act (FTC Act) Section 5 prohibits unfair or deceptive practices in consumer transactions. If Empower continues to charge you after you've submitted a valid cancellation request, the company is engaging in deceptive practice. The Consumer Financial Protection Bureau (CFPB)-the federal agency responsible for enforcing consumer finance regulations-has authority to investigate complaints and compel refunds. You can file a complaint directly at consumerfinance.gov if Empower refuses to honor your cancellation.
Your legal position
You have an absolute right to cancel Empower at any time without penalty. Federal law prohibits Empower from charging early-termination fees, account closure fees, or any charge designed to discourage cancellation. You also have the right to receive a final account statement showing all fees charged through your cancellation date and a zero balance confirmation once your assets are fully transferred or withdrawn. If Empower refuses to cancel your account or continues charging after your cancellation request, you can escalate to the CFPB.
How to cancel Empower: step-by-step instructions
Empower offers three cancellation methods: online via your account dashboard, by phone with customer support, or by certified mail. Yafee recommends starting with the online method for speed and documentation.
Step 1: gather your account documentation and fee schedule
Before you initiate cancellation, log into empowermyretirement.com using your credentials. Download your current account statement, fee schedule, and any advisory agreement or investment prospectus. Note your account number, current account balance, and the date you want your cancellation to be effective. Having this information at hand prevents delays and gives you written proof of your account status before cancellation begins.
Step 2: cancel online via your account dashboard (fastest method)
- Visit empowermyretirement.com and log in with your username and password.
- Navigate to Account Settings or Profile section (location varies by platform version).
- Locate the Memberships, Subscriptions, or Services section within Account Settings.
- Select the advisory service or managed account you want to cancel.
- Click Cancel Subscription or Terminate Service (exact wording varies).
- Review the confirmation page, which should display your cancellation effective date.
- Take a screenshot of the confirmation page showing your cancellation request, timestamp, and any reference number.
- Check your email for a confirmation message from Empower. Retain this email permanently.
The online method typically processes within 1 to 3 business days. Yafee advises that you verify your cancellation by logging back into your account 3 days later to confirm the service no longer appears on your dashboard.
Step 3: cancel by phone if online option is unavailable
- Call Empower customer support at the number listed on your statement or at empowermyretirement.com.
- Provide your account number and confirm your identity using the verification questions Empower presents.
- Clearly state: "I want to cancel my advisory service effective immediately" or "effective [specific date]."
- Ask the representative to provide a cancellation confirmation number and the effective cancellation date.
- Request that they email you a written cancellation confirmation to your registered email address.
- Record the date, time, and representative's name for your records.
Phone cancellation can be processed immediately, but you lose the written documentation that online cancellation provides. Always request email confirmation to create a paper trail.
Step 4: cancel by certified mail if you prefer formal written documentation
Send a certified letter to Empower's customer service address requesting account termination. Include your account number, full name, current address, phone number, and email address. State clearly: "I request that my Empower advisory service and [any other relevant service] be terminated effective immediately" or specify a termination date no more than 30 days forward. Request written confirmation of your cancellation. Send this letter via USPS certified mail with return receipt requested. You'll receive proof of delivery, which documents that Empower received your cancellation request.
Yafee recommends sending correspondence to: Empower (or the relevant subsidiary entity listed on your account statement), Customer Service Department, at the address shown on your account statement or website. Include a photocopy of a recent account statement with your letter.
What happens after you submit your cancellation request
Understanding the post-cancellation timeline protects you from surprise charges and ensures your assets transition smoothly.
Immediate steps after submission
After you submit your cancellation request, Empower typically processes the termination within 3 to 5 business days. During this window, your account remains open and active. You should verify that no new charges appear on your account. Log into empowermyretirement.com every 2 to 3 days to confirm that the advisory service no longer displays in your Account Settings. If the service still appears after 5 business days, contact Empower immediately to confirm the cancellation was processed.
Confirming your cancellation was processed
Empower should send you a written cancellation confirmation via email within 5 business days. This confirmation must specify the cancellation effective date and confirm that no future advisory fees will be charged. If you do not receive confirmation, call customer support and request it in writing. Retain this confirmation permanently alongside your cancellation request documentation.
Transferring or withdrawing your assets
Canceling your advisory service does not automatically close your account or withdraw your assets. You must separately decide whether to transfer your assets to another financial institution or withdraw them entirely. If you want to transfer your assets (a process called an "asset transfer" or "ACAT"), contact your new financial provider and request that they initiate the transfer. Empower will receive the transfer request and must process it within 5 to 7 business days under SEC rules. If you want to withdraw your assets entirely, request a full account liquidation and wire transfer to your bank account.
Refunds and post-cancellation charges
Federal law entitles you to a refund of any advisory fees charged after your cancellation effective date.
Prorated fee refunds
If Empower charged you an advisory fee and you cancel before the service period ends, you may be entitled to a prorated refund (a partial refund based on the unused portion of that billing period). For example, if Empower charged a quarterly advisory fee and you cancel after 1 month of a 3-month period, you should receive a refund for the unused 2 months. Request this refund explicitly in your cancellation confirmation. If Empower does not offer it automatically, escalate your request to customer support in writing.
Stopping future charges
After your cancellation effective date, Empower must not charge any advisory fees to your account. If a charge appears after your cancellation confirmation date, contact Empower immediately and demand a refund. Yafee recommends that you take a screenshot of any unauthorized post-cancellation charge and save the email evidence. If Empower refuses to refund the charge within 10 business days, file a complaint with the Consumer Financial Protection Bureau at consumerfinance.gov, including your cancellation confirmation documentation and proof of the unauthorized charge.
Disputed charges and escalation
If Empower disputes your cancellation or continues charging you, you have multiple remedies. First, provide written notice via certified mail demanding the refund and referencing federal law (the Investment Advisers Act of 1940 and the FTC Act). Second, file a formal complaint with the CFPB, including all documentation. The CFPB investigates consumer complaints and can compel Empower to refund disputed charges. You also retain the right to dispute charges through your bank or credit card company if Empower debits your account without authorization after cancellation.
Common mistakes that delay or complicate cancellation
Canceling a retirement account is straightforward when you follow the right procedure-but these errors can create unnecessary delays or leave you vulnerable to continued charges.
Failing to distinguish between account closure and service cancellation
Canceling your advisory service does not close your account or liquidate your assets. If you want to close your account completely and withdraw all funds, you must make a separate request. Many consumers cancel the advisory service but leave their assets in the account, only to discover months later that they're being charged custody or administrative fees. After you cancel the advisory service, explicitly confirm with Empower whether you intend to keep the account open with self-directed investing or close it entirely. If you want to close it, request full liquidation in writing.
Not retaining cancellation documentation
Always save your cancellation confirmation email, screenshot of the online cancellation confirmation, or certified mail receipt. Without written proof that you submitted a valid cancellation request, Empower can claim they never received it. If you later dispute a charge, Empower will ask for proof of your cancellation request. A screenshot or email confirmation resolves disputes immediately.
Canceling only part of your service relationship
If you hold multiple accounts or services with Empower (for example, a Premier managed account and a brokerage account), confirm that your cancellation request covers all services you want to terminate. The online cancellation process shows each service separately. If you cancel only the managed account but leave the brokerage account open, you may continue to incur custody or transaction fees on the remaining account.
Submitting cancellation requests verbally without follow-up documentation
If you cancel by phone, follow up immediately with a written cancellation request via certified mail or email. Verbal cancellation requests are difficult to prove if Empower later claims they received no cancellation. Written documentation creates an indisputable record that you requested cancellation on a specific date.
Cancellation timing and fee considerations
Understanding when your cancellation becomes effective helps you avoid unexpected charges and plan your account transition.
| Cancellation method | Processing time | Effective date flexibility | Documentation method |
|---|---|---|---|
| Online via dashboard | 1-3 business days | Immediate or future date (typically up to 30 days) | Screenshot and email confirmation |
| Phone with customer support | Same day to 2 business days | Immediate or specified date | Email confirmation from representative |
| Certified mail to customer service | 3-7 business days upon receipt | Immediate or date specified in letter | Certified mail receipt plus email or written confirmation from Empower |
Choose an effective cancellation date that aligns with your asset transfer timeline. If you're moving your assets to another provider, coordinate your Empower cancellation to take effect after the transfer completes. This prevents a gap where your assets sit uninvested.
Reviews and consumer experiences with Empower cancellations
Yafee has reviewed consumer experiences with Empower cancellations across multiple platforms. The consensus is that online cancellation (via empowermyretirement.com) is the fastest and most friction-free method, typically processing within 1 to 3 business days. Phone cancellations are equally fast but create less written documentation.
Some consumers report difficulty reaching customer support by phone, particularly during market volatility. Email follow-up confirmations sometimes take 5 to 7 business days. Certified mail submissions receive acknowledgment within 10 business days. The most common complaint is that Empower does not automatically prorate advisory fees for the cancellation month-you must request the refund explicitly.
Consumers who transfer their assets to another provider report smooth transitions when they coordinate the cancellation date with the asset transfer request. Those who cancel but leave assets uninvested in the account report continued custody fees until they request full account closure.
Comparing Empower to alternative advisory services
If you're considering cancellation, you may be evaluating alternative providers. This table compares Empower's fee structure to common alternatives.
| Provider | Advisory fee | Account minimum | Key differentiator |
|---|---|---|---|
| Empower (Premier) | ~0.5% AUM | Varies; typically $25,000 | Integrated retirement planning and workplace plan administration |
| Vanguard Personal Advisor Services | 0.3% AUM | $50,000 | Lower fee; Vanguard fund ecosystem |
| Schwab Intelligent Portfolios | 0% advisory fee (robo-advisor) | $1 | Automated portfolios at near-zero cost |
| Fidelity Go | 0% advisory fee (robo-advisor) | $0 | Free automated portfolios; no account minimum |
| Charles Schwab Wealth Advisory | 0% to 0.5% AUM (tiered) | $100,000 | Hybrid human and automated advice; fee structure varies by assets |
If cost is your primary driver for cancellation, robo-advisors like Schwab Intelligent Portfolios or Fidelity Go eliminate advisory fees entirely. If you value human guidance at a lower cost, Vanguard's 0.3 percent fee undercuts Empower's typical 0.5 percent. Yafee recommends comparing not only fees but also the range of services included (tax planning, retirement projections, rebalancing frequency) to ensure you're selecting a genuine upgrade rather than simply a lower-cost alternative.
Checklist: canceling Empower safely and completely
Use this checklist to ensure you've completed every step required for a clean, documented cancellation.
- Download and save your current Empower account statement and fee schedule.
- Record your account number, account balance, and current advisory fee percentage.
- Log into empowermyretirement.com and navigate to Account Settings or Services menu.
- Click Cancel Subscription or Terminate Advisory Service and note the confirmation number.
- Take a screenshot of the online cancellation confirmation page showing the effective cancellation date.
- Check your email inbox for an automated or manual cancellation confirmation from Empower within 24 hours.
- Verify the confirmation email specifies your cancellation effective date and that no future charges will apply.
- Log back into your account 3 days after cancellation to confirm the advisory service no longer appears in your Account Settings.
- If you intend to transfer assets, contact your new financial provider and request they initiate the ACAT transfer.
- If you intend to withdraw all assets, contact Empower and request full account liquidation and wire transfer.
- Retain all cancellation documentation (emails, screenshots, certified mail receipts) for at least 3 years.
- Monitor your account for any charges appearing after your cancellation effective date.
- If an unauthorized post-cancellation charge appears, request a refund immediately in writing and escalate to the CFPB if Empower refuses.
Contact information and escalation routes
If Empower refuses to cancel your account or continues charging after cancellation, escalate using these official channels.
Empower customer service contact information
Send cancellation requests or disputes to the Empower customer service department address listed on your account statement. You may also contact Empower through empowermyretirement.com or by phone using the number on your statement. For written disputes regarding post-cancellation charges, send certified mail to the address on your most recent statement, marked "Attn: Customer Service" or "Attn: Disputes Department."
Federal escalation: consumer financial protection bureau
If Empower refuses to honor your cancellation or continues charging you after your cancellation effective date, file a formal complaint with the Consumer Financial Protection Bureau at consumerfinance.gov or by phone at 1-855-411-2372. The CFPB investigates disputes between consumers and financial services companies and has authority to compel refunds and penalties. Include your cancellation documentation, proof of charges, and all correspondence with Empower. The CFPB typically responds within 15 business days and forwards your complaint to Empower for response.
State financial regulator complaint
You may also file a complaint with your state's securities regulator or financial services division. Contact your state attorney general's office to identify the appropriate agency. State regulators investigate unfair or deceptive practices by financial services companies operating in their state.
Yafee has helped thousands of consumers cancel complex financial services accounts and navigate disputes with advisory firms. The key to a successful Empower cancellation is clear written communication, proper documentation, and persistence. Submit your cancellation request online, retain your confirmation, and verify the cancellation within 3 days. If Empower refuses to cancel or continues charging, escalate to the CFPB immediately. Your right to cancel is absolute under federal law-and federal enforcement agencies are prepared to back that right if the company resists.
Important warning
- Yafee cannot guarantee that the recipient will process your request.
- Yafee cannot guarantee the accuracy of content modified by the user.
- Yafee cannot prevent the recipient from disputing the legal scope.
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