Empower Names Former Fidelity Exec to New Enterprise Role

Dave Gray

Empower has named Dave Gray to a new role of executive vice president for enterprise solutions, overseeing the expansion of platform and partnership solutions for the recordkeeper and wealth manager. 

Gray joins the company from Fidelity Investments, where he was head of workplace products and platforms, including employer-sponsored retirement benefits and brokerage solutions through the workplace.  

His role at Empower, which started on Monday, includes working on its platform and partnership solutions in support of “the next phase of enterprise growth” and leading the company’s “enterprise data strategy with the goal of expanding and enhancing Empower’s portfolio of offerings to customers.” 

Empower, the country’s second-largest recordkeeper after Fidelity, is making a push into consumer wealth management with its Empower Personal Wealth division, the result of a rebranding last year to build off the firm’s 2020 acquisition of Personal Capital.  

Gray reports to Empower President and Chief Operating Officer Rich Linton.  

“With Dave’s experience in the financial services industry and proven track record driving results, this role uniquely positions him to help Empower provide holistic solutions for our customers to help them achieve higher levels of success,” Linton said in a statement. “As our clients’ needs change, we need to change along with them, and I am confident Dave will be an integral part of that.” 

Gray has more than 20 years of experience in retirement services, including platform modernization and product development. Prior to his role at Fidelity, he was head of product, client experience and business strategy at Charles Schwab. He was also head of client service at The Standard.  

Empower, owned by Great-West Lifeco U.S. LLC, has noted in earnings calls the importance of its proprietary dashboard used by workplace participants in connecting them with broader financial offerings. The firm’s workplace solutions business accounts for 85% of its revenue, and personal wealth makes up the other 15%, according to a June 2023 earnings presentation. 

“Empower has seen tremendous success and continues to innovate,” Gray said in a statement. “I am looking forward to being part of their team and helping contribute to their customers’ needs. There is so much potential in this market, and I’m proud to join an organization that is truly making a difference.” 

Gray has taken a leadership role within multiple influential industry organizations, including the U.S. Department of Labor ERISA Advisory Council, an appointment that ended last year, and the boards of the Employee Benefits Research Institute, which ended in 2021, and the board of Portability Services Network LLC through this month, according to LinkedIn.  

Empower currently administers about $1.4 trillion in assets for more than 18 million people through retirement plans, advice, wealth management and investments.