Personal Capital Reviews

Personalcapital.com, now part of Empower, one of the world's largest retirement planning companies, offers a range of products and services. Their award-winning dashboard and features remain free, providing users with a robust, secure, and easy-to-use platform for managing their finances. If you're an advisory client, your fees won't change, and advisory teams will continue to have a fiduciary responsibility to serve your best interests.

The transition to Empower means access to more robust retirement services and customizable solutions. These include the Premier IRA with guaranteed income and professional investing advice, the Brokerage IRA with commission-free stock and exchange-traded funds trading, and the Investment account designed to meet financial goals at any level, with the option for professional management.

While the products and services have not changed, some have new names: Personal Capital Cash is now Empower Personal Cash, the Personal Capital app is now the Empower Personal Dashboard app, and the Daily Capital blog is now The Currency blog. A number of Empower products and services will become available to all Personal Capital customers and clients.

Rest assured, the safety and security of your financial information remain a top priority, and the same systems, encryption, and methodologies are used as before. Your wealth management fees will remain unaffected, and you won't have to change advisors unless you want to. The Personal Capital app will automatically become the Empower Personal Wealth app with your next update. Just open the app and log in. It's that easy.

Pros of Personal Capital:

1. Free Financial Tools: Personal Capital offers a comprehensive suite of free financial tools, including a net worth tracker, cash flow tracker, budget tracker, and emergency fund tracker.
2. User-Friendly Interface: The platform has an exceptional user experience with a polished and professional interface, making it easy to navigate and manage finances.
3. Portfolio Analysis: It provides a comprehensive portfolio analysis tool that offers detailed views of your holdings, balances, performance, and allocation, along with personalized investment advice.
4. Retirement Planning: Personal Capital offers personalized retirement planning tools, helping users understand how their current actions affect their retirement readiness.
5. Fiduciary Services: Personal Capital operates as a fiduciary, ensuring that clients' best interests are prioritized, and there are no hidden fees.
6. Cryptocurrency Tracking: The platform now tracks cryptocurrency via account downloads, adding another layer of financial management.
7. Integration with Multiple Accounts: It seamlessly links with all your accounts, including banking, investment, and retirement accounts, providing a unified view of your financial life.

Cons of Personal Capital:

1. Fees for Advisory Services: While the core features are free, Personal Capital's advisory services come with a 0.89% account management fee for balances up to $1 million, reducing to as low as 0.40% for larger balances.
2. Limited Reports: Some users find the number of available reports to be limited compared to other financial management tools like Quicken.
3. Security Measures: The platform's security measures can be overly stringent, requiring frequent identity verification, which some users find inconvenient.
4. High Fees Compared to Competitors: Personal Capital's fees are higher than those of some of its competitors, such as Wealthfront and Betterment.