Updated 2026-03-30
Fidelity vs Empower 401(k) Comparison
Compare Fidelity Investments (#1, 9.5/10) and Empower Retirement (#4, 8.7/10) side by side across fees, ratings, features, and investment options.
Overall Comparison
| Feature | Fidelity | Empower |
|---|---|---|
| Overall Score | 9.5/10 | 8.7/10 |
| Rank | #1 | #4 |
| AUM | $4.5 trillion | $1.4 trillion |
| Participants | 43 million | 18 million |
| Plan Sponsors | 23,000+ | 71,000+ |
| Founded | 1946 | 2014 |
Ratings Comparison
| Category | Fidelity | Empower |
|---|---|---|
| Fees & Costs | 4.9/5 | 4.3/5 |
| Investment Options | 4.9/5 | 4.2/5 |
| Customer Service | 4.8/5 | 4.3/5 |
| Mobile App | 4.7/5 | 3.8/5 |
Fee Comparison
| Fee Type | Fidelity | Empower |
|---|---|---|
| Admin Fees | $0 - varies by plan | Varies by plan size |
| Expense Ratios | 0.00% - 0.75% | 0.03% - 1.0% |
| Trading Fees | $0 for stocks/ETFs | Plan dependent |
| Advisory Fees | 0.35% - 1.0% | 0.25% - 0.89% |
Fidelity Strengths
- Zero expense ratio index funds (FZROX, FZILX)
- Industry-leading mobile app and online platform
- 24/7 customer service with dedicated retirement specialists
- Extensive investment options including BrokerageLink
Empower Strengths
- Strong participant education programs
- Excellent plan sponsor tools
- Competitive institutional pricing
- Personal Capital integration for all-in-one planning
Rollover, Loans & Withdrawals
| Feature | Fidelity | Empower |
|---|---|---|
| Rollover Platform | NetBenefits | Empower.com |
| Loans Available | Yes | Yes |
| Withdrawal Methods | Online via NetBenefits, Phone (800-343-3548), Fidelity branch offices | Online via Empower.com, Phone (800-338-4015) |
| Distribution Options | Lump sum, Partial withdrawal, Installment payments, Rollover to IRA | Lump sum, Partial withdrawal, Installment payments, Annuity purchase, Rollover to IRA |
Which Should You Choose?
Choose Fidelity if you want:
- Large employers
- Cost-conscious investors
- Self-directed investors
- Solo 401(k) seekers
Choose Empower if you want:
- Mid to large employers
- Those valuing education
- Managed account seekers
- Income-focused retirees
Our Verdict: Fidelity vs Empower
Fidelity Investments wins this comparison with a score of 9.5/10 vs 8.7/10. Fidelity excels with zero expense ratio index funds (fzrox, fzilx), 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.
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Fidelity vs Empower: Complete 401(k) Comparison for 2026
Choosing between Fidelity Investments and Empower Retirement for your 401(k) is an important decision that affects your retirement savings. Fidelity offers largest provider while Empower is known for 2nd largest. In terms of fees, Fidelity charges 0.00% - 0.75% expense ratios compared to Empower's 0.03% - 1.0%. Fidelity manages $4.5 trillion in assets and serves 43 million participants, while Empower has $1.4 trillion AUM and 18 million participants.
Key Differences: Fidelity vs Empower
When comparing Fidelity and Empower, consider their core strengths: Fidelity excels with zero expense ratio index funds (fzrox, fzilx), while Empower stands out for strong participant education programs. Both providers offer a wide range of investment options including target-date funds, index funds, and managed accounts. Fidelity's customer service rating is 4.8/5 compared to Empower's 4.3/5. For mobile experience, Fidelity scores 4.7/5 while Empower scores 3.8/5.
Which Provider is Right for You?
Choose Fidelity if you prioritize large employers. Choose Empower if you're looking for mid to large employers. 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 Fidelity and Empower provider pages.
Frequently Asked Questions
Fidelity Investments scores higher in our 2026 rankings with 9.5/10. Fidelity is best for large employers, while Empower is best for mid to large employers. The right choice depends on your employer's plan and your priorities.
Fidelity charges expense ratios of 0.00% - 0.75% with admin fees of $0 - varies by plan. Empower charges 0.03% - 1.0% expense ratios with admin fees of Varies by plan size. Fidelity's fees rating is 4.9/5 compared to Empower's 4.3/5.
Yes, you can roll over between Fidelity and Empower. Fidelity uses NetBenefits for rollovers, while Empower uses Empower.com. A direct rollover avoids mandatory tax withholding. Contact your new provider to initiate the transfer.
Fidelity offers 401(k) loans. Empower offers 401(k) loans. Both providers typically allow loans up to 50% of your vested balance or $50,000, whichever is less.
Fidelity scores 4.9/5 for investment options, while Empower scores 4.2/5. Both offer target-date funds, index funds, and managed accounts. Fidelity's investment options include Index Funds, Target Date Funds, Mutual Funds. Empower offers Index Funds, Target Date Funds, Mutual Funds.
For small businesses, consider plan minimums and per-participant costs. Fidelity is best for large employers, cost-conscious investors, self-directed investors, solo 401(k) seekers. Empower is best for mid to large employers, those valuing education, managed account seekers, income-focused retirees. Compare admin fees: Fidelity charges $0 - varies by plan vs Empower's Varies by plan size.
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: 2026-03-30