Personal Capital Review: Is It Right for You?

What is Personal Capital and how does it work?

Personal Capital is a financial planning, money management, and investing app in one. It allows you to connect your accounts to the app’s dashboard so you can monitor everything in one place. That includes bank accounts, credit cards, retirement accounts, investments, and any other financial account you have.

In addition, Personal Capital has powerful tools to help accelerate wealth building. Its retirement planner assesses your retirement goals and your chances of success based on your portfolio. An investment checkup tool shows you how your investments are performing and suggests possible improvements. And it has a tool to track your net worth and see if it’s headed in the right direction. Personal Capital also offers wealth management services to those who have at least $100,000 in investment assets and don’t want to manage their investments themselves with a traditional stock broker.

Top perks

Retirement and investment planning

The retirement and investment planning tools that Personal Capital offers are excellent, especially considering they’re available free of charge. In its retirement planner, you can set up different scenarios, plug in big expenses to see how they’ll affect your retirement plan, and check how much income you’ll have per month. Its investment tools evaluate your portfolio, provide an asset allocation strategy for your goals, and uncover hidden fees.

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While Personal Capital works very well as a budgeting app, retirement and investment planning are where it shines. It will show you whether you’re on track to retire when you want and recommend ways you can grow your money more efficiently.

Monitor all your financial accounts

You can connect practically any type of account to this financial tool. On the Personal Capital dashboard, you’ll be able to conveniently view your linked accounts. From there, you can explore your monthly earnings and expenses, create a budget, set up savings goals, and much more.

When you have all your accounts in one place, it’s much simpler to get a clear picture of your personal finance. Instead of logging in to separate sites to view your brokerage accounts, bank accounts, and credit card bills, you just open the Personal Capital app. Several budgeting apps offer this, but Personal Capital stands out because of its easy-to-use design.

Free app

Personal Capital doesn’t charge a fee for its app and all the features it offers. If you decide to use its wealth management services, there is a fee for that. But everything else is available for free.

Offers wealth management services

Clients who have at least $100,000 in investment assets can sign up for a wealth management plan with Personal Capital. There are multiple plans available depending on your investment assets. Features include a financial advisory team or your own dedicated financial advisors, tax optimization, and portfolio monitoring and rebalancing. Fees start at 0.89% for the first $1 million in investment assets and decrease for private clients with over $1 million.

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Keep in mind that if you have $100,000 or more in investment assets connected to your account, Personal Capital may contact you about its wealth management services. If you’re not interested, you can opt out of future contact.

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