These fiduciaries answer your investment and retirement questions, set up a comprehensive financial plan and evaluate how well you’re meeting your goals. Perhaps of most interest to you will be access to live financial professionals. If you have $100,000 in assets to manage and you’re willing to pay higher fees, you’ll gain access to Personal Capital’s robo-advisor wealth management features. The investment checkup grades your asset allocation-is your portfolio too aggressive or conservative?-and recommends a target allocation of stocks and bonds. The retirement fee analyzer shows you how much you’re paying in annual expenses, what that’s costing you over time and whether your fee burden is higher than it should be. Savers unsure of where they stand in relation to their retirement goals should use this tool even if they don’t end up becoming a paying Personal Capital customer.įor the medium term, Personal Capital has a savings planner, which tells if you’re saving enough yearly to meet your retirement goals, how well your emergency fund is stocked and how much progress you’ve made on paying down your debts. Enter in some biographical information, from age to income to savings behavior, and the platform will spit out a “retirement planner” page that shows you how much you’re likely to have and what you can count on from Social Security while offering improvements you can make to improve your situation. Personal Capital offers an impressive interactive investment planning dashboard. This is a handy tool that allows you to quickly compare your portfolio performance and see where your money is invested. Link your investment accounts, and you can see how well your portfolio has performed via what Personal Capital has trademarked as the “You Index.” Essentially it combines your assets-from cash to bonds to stocks-and compares the performance to broad indexes, like the S&P 500 or a blended account. You can also allow Personal Capital to monitor your investment accounts, which also unlocks a free investment review feature. Personal Capital’s Free Investment Planning Features As a bonus, the app itself is easy to use and available on Android and iOS. By linking to your mortgage, car loan and any other loan accounts, Personal Capital will give you a heads up when bills are due. This useful tool helps you get a handle on how much money you have coming in and going out each month. You can see your net worth, monthly cash flow and how your budget has changed over the past several months. Link your financial accounts to Personal Capital’s platform, and you gain access to a dashboard that looks a lot like Mint or other rival budgeting apps. Personal Capital’s Free Budgeting Platform Think of Personal Capital as a synthesis between a high-end robo-advisor and a budgeting app, which means you can let the Redwood Shores, Calif.-based company manage your entire financial life, if you’re so inclined. For instance, those with less than $1 million in assets under management pay 0.89% in fees at Personal Capital, compared to 0.40% at competitor Betterment’s premium service with financial advisor access. Put it together, and only a sliver of the public will have sufficient assets to qualify for Personal Capital’s investment services-unlike competitors such as Acorns, Betterment or Wealthfront, which have low or zero minimum balance requirements.īut if you can meet the investment minimum and want access to financial planning professionals, that may help justify Personal Capital’s high fees, though even these may be more than you would pay for comparable service at other robo-advisors. Only slightly more than half of households own stocks, with a median amount of $40,000.households have any sort of retirement savings, with a median amount of just $65,000. Research from the Federal Reserve shows that the median amount of financial assets among all U.S.The first point narrows the field quite a bit: Is willing to pay higher fees to chat with a live financial professional.Has already accrued $100,000 in investment savings.Meanwhile, Personal Capital’s robo-advisor platform makes the most sense for a very specific sort of person. Anyone interested in getting a holistic view of their finances would benefit from this all-in-one solution, which nabbed it the top spot in Forbes Advisor’s ranking of best budgeting apps. The latter provides a nice-looking budgeting dashboard that lets you sync your financial accounts to keep tabs on your day-to-day spending and cash flow. Personal Capital’s product offering is twofold: a full-featured robo-advisor platform and a suite of free financial management tools.
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