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Personal Finance · head to head

Charles Schwab vs Empower

Charles Schwab logo

Charles Schwab

Personal Finance

Investing made simple

From
On request
Rated
-
Full reviewWebsite
Empower logo

Empower

Accounting

All your finances. One app.

From
On request
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Charles Schwab broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile; Empower specific advisory fees not published; Form ADV consultation required
  • They diverge on capability: Charles Schwab covers Commission-free trading, Empower covers Net worth tracking.
  • Prices and features above were last checked on 30 August 2026.

Where they differ

Only the attributes on which Charles Schwab and Empower actually diverge.

Attributes where Charles Schwab and Empower differ
AttributeCharles SchwabEmpower
Pricing modeltransactionquote
CategoryPersonal FinanceAccounting
Founded19712009

Identical on both: starting price (On request), free tier (No), platforms (Web, IOS, Android), user rating (Not yet rated).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Charles Schwab

  • Commission-free trading
  • Retirement planning
  • Wealth management
  • Research tools
  • Bank accounts
  • Investment accounts
  • IOS support

Only in Empower

  • Net worth tracking
  • Investment tracking
  • Retirement planner
  • Cash flow
  • 401k fee analyzer
  • Bank connections
  • Brokerage accounts
  • SOC 2

Both cover

  • Web support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Charles Schwab

  • Budget Managementnot Empower
  • Expense Trackingnot Empower
  • Investment Trackingnot Empower

Empower

  • Wealth trackingnot Charles Schwab
  • Retirement planningnot Charles Schwab
  • Investment analysisnot Charles Schwab

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Charles Schwab

  • Broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile
  • Options trades carry a $0.65 per-contract fee on top of the $0 online commission, per the App Store listing for Schwab Mobile

Empower

  • Specific advisory fees not published; Form ADV consultation required
  • High minimum investment thresholds ($100,000 for Personal Strategy)
  • Detailed fee structure available only in Form ADV documents

Pricing, plan by plan

Charles Schwab

On request
  • Individual BrokerageFree
    • Commission-free trading
    • Research tools
  • Schwab Advisor Services$undefined/month
    • All Brokerage features
    • Wealth management
    • Personal advisors

Empower

On request

No published plan breakdown. See the Empower review.

Which should you pick?

Choose Charles Schwab if

  • You need commission-free trading.
  • You work on Web, IOS, Android.
  • You also want retirement planning.
Charles Schwab review

Choose Empower if

  • You need net worth tracking.
  • You work on Web, Ios, Android.
  • You also want investment tracking.
Empower review

Questions people ask

Is Charles Schwab or Empower better?
Neither clearly leads. Charles Schwab starts at On request and Empower at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Charles Schwab or Empower?
Charles Schwab starts at On request and Empower at On request.
Does Charles Schwab or Empower run on more platforms?
Charles Schwab runs on Web, IOS, Android. Empower runs on Web, Ios, Android.
What is Charles Schwab best used for?
Charles Schwab is most often used for budget management, expense tracking, investment tracking. Of those, budget management and expense tracking are not what Empower is typically brought in for.
What can Charles Schwab do that Empower cannot?
Charles Schwab covers Commission-free trading, Retirement planning, Wealth management, Research tools. Empower covers Net worth tracking, Investment tracking, Retirement planner, Cash flow. Both handle Web support, Android support.

Answered from the vendors’ own pages

Empower: Does Empower have a minimum investment requirement?

Empower's advisory services require different minimums based on service level. Personal Strategy advisory requires a minimum of $100,000 in investable assets. Private Client services require $1,000,000 or more.

Source
Empower: How are Empower's advisory fees calculated?

Advisory fees are calculated based on the amount of assets being managed under advice. Specific fee rates are not disclosed on the homepage.

Source
Empower: Is the high-yield cash account free?

Yes. Empower's high-yield cash account has no account fees and no minimum balance required.

Source
Empower: Are there fees for stock and ETF trading?

Empower offers commission-free trading for stocks and ETFs with low fees.

Source
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