Updated 2026-03-20

Empower vs Morgan Stanley 401(k) Comparison

Compare Empower Retirement (#4, 8.7/10) and Morgan Stanley at Work (#19, 6.8/10) side by side across fees, ratings, features, and investment options.

Overall Comparison

FeatureEmpowerMorgan Stanley
Overall Score8.7/106.8/10
Rank#4#19
AUM$1.4 trillion$6.2 trillion
Participants18 million6 million
Plan Sponsors71,000+15,000+
Founded20141935

Ratings Comparison

CategoryEmpowerMorgan Stanley
Fees & Costs4.3/53.0/5
Investment Options4.2/54.5/5
Customer Service4.3/54.1/5
Mobile App3.8/54.0/5

Fee Comparison

Fee TypeEmpowerMorgan Stanley
Admin FeesVaries by plan sizeVaries by plan size and services
Expense Ratios0.03% - 1.0%0.03% - 1.5%
Trading FeesPlan dependent$0 for stocks/ETFs via E*Trade
Advisory Fees0.25% - 0.89%0.50% - 1.5%

Empower Strengths

Morgan Stanley Strengths

Rollover, Loans & Withdrawals

FeatureEmpowerMorgan Stanley
Rollover PlatformEmpower.comMorgan Stanley at Work Portal
Loans AvailableYesYes
Withdrawal MethodsOnline via Empower.com, Phone (800-338-4015)Online via Morgan Stanley portal, Phone (800-869-3326), Through Morgan Stanley financial advisor, Branch office visit
Distribution OptionsLump sum, Partial withdrawal, Installment payments, Annuity purchase, Rollover to IRALump sum, Partial withdrawal, Systematic withdrawals, Rollover to IRA, Required Minimum Distributions

Which Should You Choose?

Choose Empower if you want:

  • Mid to large employers
  • Those valuing education
  • Managed account seekers
  • Income-focused retirees

Choose Morgan Stanley if you want:

  • Companies with stock plans
  • Employees wanting full brokerage access
  • High-net-worth participants
  • Self-directed traders

Our Verdict: Empower vs Morgan Stanley

Empower Retirement wins this comparison with a score of 8.7/10 vs 6.8/10. Empower excels with strong participant education programs, making it the stronger choice for most investors in this matchup. However, the best choice ultimately depends on your specific needs, employer plan availability, and investment preferences.

Full Empower Review Full Morgan Stanley Review

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Empower vs Morgan Stanley: Complete 401(k) Comparison for 2026

Choosing between Empower Retirement and Morgan Stanley at Work for your 401(k) is an important decision that affects your retirement savings. Empower offers 2nd largest while Morgan Stanley is known for wealth management. In terms of fees, Empower charges 0.03% - 1.0% expense ratios compared to Morgan Stanley's 0.03% - 1.5%. Empower manages $1.4 trillion in assets and serves 18 million participants, while Morgan Stanley has $6.2 trillion AUM and 6 million participants.

Key Differences: Empower vs Morgan Stanley

When comparing Empower and Morgan Stanley, consider their core strengths: Empower excels with strong participant education programs, while Morgan Stanley stands out for access to morgan stanley financial advisors. Both providers offer a wide range of investment options including target-date funds, index funds, and managed accounts. Empower's customer service rating is 4.3/5 compared to Morgan Stanley's 4.1/5. For mobile experience, Empower scores 3.8/5 while Morgan Stanley scores 4.0/5.

Which Provider is Right for You?

Choose Empower if you prioritize mid to large employers. Choose Morgan Stanley if you're looking for companies with stock plans. Your decision should also consider your employer's plan availability, fee sensitivity, desired investment options, and customer service expectations. For detailed reviews, visit our individual Empower and Morgan Stanley provider pages.

Frequently Asked Questions

Empower Retirement scores higher in our 2026 rankings with 8.7/10. Empower is best for mid to large employers, while Morgan Stanley is best for companies with stock plans. The right choice depends on your employer's plan and your priorities.

Empower charges expense ratios of 0.03% - 1.0% with admin fees of Varies by plan size. Morgan Stanley charges 0.03% - 1.5% expense ratios with admin fees of Varies by plan size and services. Empower's fees rating is 4.3/5 compared to Morgan Stanley's 3.0/5.

Yes, you can roll over between Empower and Morgan Stanley. Empower uses Empower.com for rollovers, while Morgan Stanley uses Morgan Stanley at Work Portal. A direct rollover avoids mandatory tax withholding. Contact your new provider to initiate the transfer.

Empower offers 401(k) loans. Morgan Stanley offers 401(k) loans. Both providers typically allow loans up to 50% of your vested balance or $50,000, whichever is less.

Empower scores 4.2/5 for investment options, while Morgan Stanley scores 4.5/5. Both offer target-date funds, index funds, and managed accounts. Empower's investment options include Index Funds, Target Date Funds, Mutual Funds. Morgan Stanley offers Mutual Funds, Target Date Funds, Index Funds.

For small businesses, consider plan minimums and per-participant costs. Empower is best for mid to large employers, those valuing education, managed account seekers, income-focused retirees. Morgan Stanley is best for companies with stock plans, employees wanting full brokerage access, high-net-worth participants, self-directed traders. Compare admin fees: Empower charges Varies by plan size vs Morgan Stanley's Varies by plan size and services.

Pavlo Pyskunov

Pavlo Pyskunov

Managing Director & Investment Fund Director

Pavlo Pyskunov analyzes employer-sponsored retirement plans using IRS publications and DOL Form 5500 filings, helping workers maximize their 401(k) savings through data-driven guidance.

Last updated: 2026-03-20