# Empower Capital Management, LLC

> Empower Capital Management, LLC is an SEC-registered investment advisory firm in Greenwood Village, CO, registered since 1996, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 107272
- Filed as: EMPOWER CAPITAL MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Greenwood Village, CO
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/107272
- AdvisorCensus page: https://advisorcensus.com/firm/empower-capital-management-llc-greenwood-village-co-107272

## Quick answers

**How is Empower Capital Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Empower Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Empower Capital Management, LLC located?**
Empower Capital Management, LLC's principal office is in Greenwood Village, CO, according to its Form ADV.

**Is Empower Capital Management, LLC registered with the SEC or a state?**
Empower Capital Management, LLC is an SEC-registered investment advisory firm, registered since 1996. Status as filed: Approved. CRD 107272.

**How much does Empower Capital Management, LLC manage?**
Empower Capital Management, LLC reports $77,957,342,110 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (94% discretionary).

**How have Empower Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Empower Capital Management, LLC: Regulatory assets under management: $41,486,941,629 in the October 2021 data and $77,957,342,110 in the October 2026 data, up 88%. Total employees: 168 in October 2021 and 319 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Empower Capital Management, LLC serve?**
By number of clients on Form ADV Item 5.D: pension and profit sharing plans (but not the plan participants or government pension plans) (65); corporations or other businesses not listed above (47); insurance companies (26).

**Which custodians does Empower Capital Management, LLC use?**
Empower Capital Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of New York, Citibank, N.A., J.P. Morgan and State Street Bank and Trust as custodians holding 10% or more of its separately managed account assets.

**Does Empower Capital Management, LLC report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(4) (another regulator's order in the past ten years). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/107272

**What changed in Empower Capital Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 78 to 84. Regulatory assets under management went from $68,344,867,702 to $77,957,342,110 (+14%). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Custodians (Schedule D, Section 5.K(3))
- Bank of New York
- Citibank, N.A.
- J.P. Morgan
- State Street Bank and Trust

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $77,957,342,110
- Discretionary: $72,977,306,848
- Non-discretionary: $4,980,035,262

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Banking or thrift institutions | Fewer than 5 | $58,159,915 |
| Investment companies | 1 | $44,531,228,567 |
| Pooled investment vehicles (other than investment companies and business development companies) | 8 | $5,507,949,521 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 65 | $5,559,282,751 |
| State or municipal government entities (including government pension plans) | 15 | $3,652,098,309 |
| Insurance companies | 26 | $17,295,425,296 |
| Corporations or other businesses not listed above | 47 | $1,353,197,751 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 1996 (30 years)
- Employees: 319 total, 84 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/107272

### Websites listed on Form ADV (Item 1.I)
- [empower.com/investments](https://empower.com/investments)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $41,486,941,629 | 168 | September 10, 2021 |
| October 2022 | $58,624,561,186 | 195 | August 15, 2022 |
| October 2023 | $54,431,410,714 | 260 | July 11, 2023 |
| October 2024 | $64,880,528,684 | 305 | August 26, 2024 |
| October 2025 | $68,344,867,702 | 321 | May 30, 2025 |
| October 2026 | $77,957,342,110 | 319 | March 31, 2026 |

Regulatory assets under management: $41,486,941,629 in the October 2021 data and $77,957,342,110 in the October 2026 data, up 88%.
Total employees: 168 in October 2021 and 319 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 78 to 84.
- Regulatory assets under management went from $68,344,867,702 to $77,957,342,110 (+14%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Empower Capital Management, LLC (CRD 107272): Form ADV filing data as of October 2026.