Empower Realigns Recordkeeping Business

FASCore, the private-label recordkeeping service delivered by Empower Retirement, has been “renamed and realigned” as Empower Institutional.

The firm expects the name change to help it “leverage growth and name recognition with clients and prospects.” Moving forward, the name “Empower Institutional” will replace FASCore as the company’s public-facing brand.

“The new moniker is a positive outcome of Empower’s broadening stature in the retirement industry, which is evident through strong sales growth and increasing visibility,” the firm argues. “As a private-label service, Empower Institutional offers institutional clients the ability to provide a state-of-the-art retirement experience while using their brand and maintaining their client relationships.”

Empower Institutional also unveiled a new website and “enhanced visual and graphic identity for the business.”

Edmund Murphy, president of Empower Retirement and the Empower Institutional business unit, says the firm will strive to deliver the “skills, expertise and technology to provide a state-of-the-art retirement experience which allows [clients] the freedom to focus on their customers and core business.”

In addition to its core retirement plan recordkeeping platform, Empower Institutional offers a suite of capabilities including enrollment and education services; plan and intermediary services; plans documents and compliance testing; participant services; plan billing and intermediary payments; sales and marketing support; and fiduciary and trustee services.

While Empower Institutional will be the public-facing name of the company the FASCore name will remain the name of the underlying legal entity to maintain consistency of existing contracts and agreements.