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Are you looking for help managing all of your finances? If you need online financial advice or account aggregation, than Personal Capital is the perfect financial management company for you! It’s a free and easy service that syncs all your financial accounts in one, convenient place.
Personal Capital makes summaries of your cash flow, net worth, and investment portfolio along with recommendations. They also have a great financial advisory service you can take advantage of. Personal Capital give you a holistic view on your finances in one location to help you for the future.
The founders of Personal Capital have one goal in mind: to build a better money management experience for consumers. That’s why they’re blending cutting edge technology with objective financial advice. We believe this is the best way to empower individuals and their money. With their client-centric business model, Personal Capital is fundamentally altering the traditional financial services landscape!
Table of Contents
Personal Capital Pros & Cons
Personal Capital Account Fees
|Deposit Amount||Annual Fee|
|$100,000 – $1,000,000||0.89%|
|$1,000,000 – $3,000,000||0.79%|
|$3,000,000 – $5,000,000||0.69%|
|$5,000,000 – $10,000,000||0.59%|
Personal Capital Details
- $20 Amazon Gift Card Referral Link
- Availability: Nationwide
- Expiration Date: None
- Price: The app is free to download. However, if you take advantage of Personal Capital’s wealth management services, the AUM fees are 0.49% to 0.89% each year
- Additional Advice: Use the Retirement Planner to build a customized retirement plan, or meet with an Advisor to discuss your investing strategy!
Personal Capital Security
Because you are providing a lot of sensitive financial information, you want to know the answer to the question, “Is Personal Capital safe?” The reality is that Personal Capital is quite safe. As a result, there is high emphasis on security. In fact, Fritz Robbins, the CTO of Personal Capital, likes to point out that it’s probably safer to use Personal Capital to monitor your financial transactions and accounts than it is to log in repeatedly to different institutions.
The encryption used by Personal Capital is top-notch, and Robbins says that information isn’t sent through your browser, so even when your computer is compromised, your passwords aren’t. Personal Capital uses Yodlee for data collection and management. Yodlee is considered the leader in the field. Additionally, you can’t actually initiate transactions from Personal Capital, so if someone actually made it into your account, s/he couldn’t move any of your money around.
Personal Capital Wealth Management
Personal Capital uses baskets of individual securities and ETFs to create a model portfolio. Personal Capital is well aware annual fees can decrease the performance of your investments for the long haul. Using index funds with annual fees adds expenses on top of Personal Capital’s management fee. Therefore, using index funds decreases your annual return. Instead Personal Capital invests in individual stocks in a basket of funds.
- Smart Indexing: Incorporates Modern Portfolio Theory and equal sector/size weighting.
- Supported Accounts: Traditional IRA, Roth IRA, Joint Accounts, Trusts and Taxable accounts.
- Minimize Fees by Direct Investing: By directly investing in stocks instead of ETFs you can reduce annual fees.
- Tax Loss Harvesting: Minimize taxes in taxable accounts.
- Automatic Rebalancing: When your portfolio varies passes your determined asset allocation, Personal Capital will automatically rebalance your portfolio.
- Advice for 401(k) and 529 Plans: Personal Capital cannot directly manage these accounts but will give advice.
- Socially Responsible Personal Strategy: A new service from Personal Capital allows clients to select a personalized socially responsible investment strategy for their portfolios.
By investing in individual securities, your portfolio is more tax efficient as well (if your investments are in taxable accounts, of course). So while the basket of funds won’t mirror an index fund exactly, it will come very close and should have lower fees and taxes. Also, with individual securities, Personal Capital can better manage the taxes you pay via a process called tax-loss harvesting (TLH).
Personal Capital Financial Tools
Their free financial software allows you to easily manage your entire financial life in one secure place – so you can reach your goals faster. Use Personal Capital’s Financial Tools to develop your long-term financial strategy – calculate your net worth, set a budget, manage investment accounts, and plan for retirement. Their personal finance software puts you in the driver’s seat of your financial future.
- Know Your Net Worth: The Personal Capital dashboard works with all of your financial accounts, from your checking and savings accounts to your investment and IRA accounts to your mortgage, home equity loans and credit cards.
- Discover Hidden Fees: Personal Capital’s Fee Analyzer gives you full transparency into the fees in your mutual funds, investing and retirement accounts.
- Put Your Investments Under a Microscope: Their Investment Checkup tool analyzes your portfolio and finds any quick improvements you can make to reach your long-term goals.
- Financial Projection: With their retirement planner, assess the impact of life events planned and unplanned, such as college, a baby, or illness. Evaluate your spending and savings habits and make changes before it’s too late.
Personal Capital Retirement Planner
Personal Capital recently updated their Retirement Planner tool, which allows you to know exactly where you stand relative to your retirement goals. Now you can build, manage, and forecast your retirement savings in one convenient location. The tool pulls in your actual financial data from the accounts you’ve linked to Personal Capital and let’s you add your personal information and expected life events. Using this information, the retirement planning tool estimates the following information for you:
- Retirement Readiness: Using your actual financial data, you’ll see how prepared you are for retirement based on your target retirement date, income, and expenses.
- Expected Income: Automatically calculate your expected monthly income and projected Social Security benefits. You can easily add in other sources of income such as rental income, pensions, inheritances or other windfalls.
- Upcoming Goals: Input these events such as, college, a new home, marriage, or even children, the Retirement Planner will evaluate if you can afford these large expenses and still stay on track for retirement.
I would highly recommend signing up for Personal Capital. It’s free to sign up and you have no obligation to use their wealth management services. Overall, Personal Capital is a great way to monitor your portfolio because of their money management and planning tool that allows you to get a big-picture view of your finances, plan for the future, and see how your day-to-day transactions affect your overall money situation.
Personal Capital’s services are a solid tool for those who wish to integrate their finances more fully and see everything from one dashboard. It is also an invaluable tool that helps you build a better portfolio and reduce investment fees. Ultimately, this is the biggest reason anyone serious about wealth building needs a Personal Capital account.
If you’re interested in organizing your financial accounts, then check out Personal Capital today! If not, then don’t forget to check out our entire list of Brokerage Bonuses to stay updated on all the latest offers!