Former Fidelity Private Wealth Head Joins Empower’s Wealth Division

Empower announced Monday that Roger Hobby will be taking a senior position at its recently rebranded wealth advisory division.

Hobby will take the role of executive vice president and head of advisory and distribution for Empower Personal Wealth on April 1. He will lead the firm’s in-retirement plan and direct-to-consumer customer services, including financial planning and advice, and report to Carrol Waddell, president of the new division announced in March 2023, after the completed integration of Empower’s Personal Capital acquisition.

Roger Hobby

Hobby joins the firm after a stint at competitor Fidelity Investments, where he was head of distribution for private wealth management, executive services, workplace planning and advice, and stock plan services—roles in which he led the firm’s service to high-net-worth clients and workplace participants, according to the announcement.

The announcement marks the second former Fidelity executive to join Empower this year, after Dave Gray took the role of executive vice president for enterprise solutions in January. Gray had been head of workplace products and platforms at Boston-based Fidelity.

Hobby will join Greenwood Village, Colorado-based Empower with experience in wealth management, executive benefits, workplace solutions and general management skills, Empower noted in a release.

“Roger has a very deep understanding of our customers’ needs and choices, and I am confident he will help Empower Personal Wealth create valuable experiences for them,” Waddell said in a statement. “His passion for customer success is evident to anyone who meets Roger. He is a mission-driven innovator who puts the customer at the center of his thinking.”

In February, Empower reported growth in its workplace solutions and asset management divisions from 2023. The consumer wealth division saw year-over-year growth of 31% to $72 billion, while still being in the “first or second inning” of development, according to an interview at the time with CEO Ed Murphy—also a former Fidelity executive.

“While Empower Personal Wealth is a more recent entrant in the wealth management market, we have a great opportunity to deliver world-class experiences to help customers achieve results,” Hobby said in a statement with the announcement of his hiring.

Hobby also formerly served as president of Fidelity’s family office services group, managing strategy, sales, business development, technical product development and relationship management for high-net-worth clients. Prior to that role, he was president of Wilmington Trust NA, where he led wealth advisory services for the Northeast, including private banking, equity compensation planning, investment services, fiduciary services and family office services.