Personal Capital

What is Personal Capital?

Personal Capital, now known as Empower Personal Dashboard following its acquisition by Empower Retirement in 2020, is a comprehensive financial management platform that combines free financial tracking tools with optional wealth management services. Founded in 2009 by Bill Harris, a former CEO of Intuit and PayPal, Personal Capital was designed to help users track their net worth, analyze investments, and plan for retirement.

The platform distinguishes itself from basic budgeting apps by focusing heavily on investment analysis and retirement planning. While the free tools provide excellent financial tracking and analysis, Personal Capital also offers paid wealth management services for users with $100,000 or more in investable assets, providing a path from self-directed tracking to professional management.

Personal Capital serves over 3 million users tracking more than $1 trillion in assets through its free dashboard. The platform is particularly popular among investors and retirement savers who want sophisticated analysis tools without paying for them, while those seeking professional management can access fiduciary advice from registered investment advisors.

Key Features

• Net Worth Tracking: Aggregate all financial accounts to see your complete net worth with assets and liabilities clearly displayed.
• Investment Checkup: Analyze your investment portfolio’s asset allocation, diversification, and compare against target allocation.
• Retirement Planner: Comprehensive retirement calculator that models different scenarios and projects retirement readiness.
• Fee Analyzer: Identify hidden investment fees and mutual fund expenses that may be eroding your returns over time.
• Cash Flow Tracking: Monitor income and expenses with automatic categorization and spending insights.
• 401(k) Fee Analyzer: Specifically analyzes your employer retirement plan fees compared to industry benchmarks.
• Education Planner: Calculate and plan for future education costs for children or yourself.
• Investment Performance: Track investment returns with benchmark comparisons and performance attribution analysis.
• Real Estate Value: Track home value and include real estate in your net worth calculations.
• Wealth Management: Optional professional portfolio management with fiduciary advisors for larger portfolios.

Latest Updates

Following the Empower acquisition, Personal Capital continues to enhance its platform while maintaining its core free tools.

• Empower Integration: Enhanced integration with Empower retirement services for workplace retirement plan participants.
• Improved Mobile Apps: Updated mobile applications with better performance and enhanced investment tracking features.
• Enhanced Security: Strengthened security features including improved two-factor authentication options.
• Better Account Linking: Improved Plaid integration for more reliable connections to financial institutions.
• Expanded Retirement Tools: Enhanced retirement planning calculator with more scenario modeling options.
• Cryptocurrency Tracking: Added ability to manually track cryptocurrency holdings in net worth calculations.
• Improved Tax Planning: Enhanced tools for tax-efficient withdrawal planning and tax location optimization.
• Dashboard Redesign: Modernized dashboard interface with clearer data visualization and faster loading.

System Requirements

Web Browser

• Google Chrome (latest version)
• Mozilla Firefox (latest version)
• Safari 12 or later
• Microsoft Edge (Chromium-based)
• JavaScript enabled
• Cookies enabled

iOS

• Operating System: iOS 14.0 or later
• Compatible with iPhone and iPad
• Storage: 150 MB available space
• Face ID/Touch ID supported

Android

• Operating System: Android 8.0 or later
• Storage: 100 MB available space
• RAM: 2 GB minimum
• Fingerprint authentication supported

How to Install Personal Capital

Web Access

1. Navigate to personalcapital.com or empower.com
2. Click “Get Started Free” or “Sign Up”
3. Enter email and create password
4. Provide basic personal information
5. Begin linking financial accounts
6. Complete risk assessment questionnaire
7. Explore dashboard and analysis tools

iOS Installation

1. Open App Store on your iOS device
2. Search for “Empower Personal Dashboard”
3. Tap “Get” to download the free app
4. Open app and create account or sign in
5. Link your financial accounts
6. Enable biometric authentication
7. Configure notifications and preferences

Android Installation

1. Open Google Play Store
2. Search for “Empower Personal Dashboard”
3. Tap “Install” to download
4. Open app and register or sign in
5. Connect financial accounts via Plaid
6. Set up fingerprint login
7. Customize dashboard and alerts

Pros and Cons

Pros

• Exceptional Investment Tools: Investment Checkup and Fee Analyzer provide institutional-quality analysis completely free.
• Comprehensive Retirement Planning: Retirement planner is among the most sophisticated free tools available anywhere.
• Fee Transparency: Fee Analyzer reveals hidden costs that can significantly impact long-term investment returns.
• Net Worth Focus: Emphasis on net worth tracking encourages holistic financial thinking beyond just budgeting.
• Professional Upgrade Path: Option to upgrade to wealth management when ready for professional advice.
• Fiduciary Advisors: Paid wealth management uses fiduciary advisors legally obligated to act in your interest.
• Free Core Tools: All tracking and analysis tools remain free regardless of whether you use wealth management.

Cons

• Sales Outreach: Users with significant assets may receive calls encouraging wealth management enrollment.
• High Minimums for Management: Wealth management requires $100,000 minimum, limiting access for smaller portfolios.
• Basic Budgeting: Cash flow and budgeting features are less sophisticated than dedicated budgeting apps.
• Sync Issues: Occasional connection problems with financial institutions can disrupt tracking.
• Limited Bill Tracking: Bill management features are minimal compared to platforms like Mint or Credit Karma.

Personal Capital vs Alternatives

Who Should Use Personal Capital?

Personal Capital is ideal for:

• Investment-Focused Users: Those who want to analyze and optimize their investment portfolios.
• Retirement Planners: People serious about retirement planning who want sophisticated projection tools.
• Fee-Conscious Investors: Users who want to identify and minimize hidden investment fees.
• Net Worth Trackers: Those who prefer holistic wealth tracking over detailed budgeting.
• High-Net-Worth Individuals: Users with $100K+ who may want professional wealth management.
• 401(k) Participants: Employees wanting to analyze their workplace retirement plan fees.

Personal Capital may not be ideal for:

• Budget-Focused Users: Those needing detailed budgeting should consider YNAB or similar tools.
• Small Portfolio Holders: Users with small investment accounts may not maximize the platform’s value.
• Sales-Averse Users: Those who prefer zero sales outreach may find the calls unwelcome.
• Non-Investors: People without investments won’t benefit from the platform’s core strengths.

Frequently Asked Questions

Is Personal Capital really free?

Yes, all of Personal Capital’s financial tracking and analysis tools are completely free. You can track unlimited accounts, use the Investment Checkup, Fee Analyzer, Retirement Planner, and all other dashboard features without paying anything. The company offers optional paid wealth management services starting at $100,000 minimum, but these are entirely optional.

Is Personal Capital safe?

Personal Capital uses bank-level security including 256-bit encryption, two-factor authentication, and is read-only—it cannot move money or make transactions on your behalf. The company is backed by Empower Retirement, one of the largest retirement plan providers. Your linked accounts are protected, and Personal Capital is registered with the SEC as an investment advisor.

Will Personal Capital call me?

Personal Capital may reach out to users with significant assets to discuss their wealth management services. If you prefer not to be contacted, you can opt out of sales calls through your account settings. The free tools remain fully functional regardless of whether you engage with the advisory services.

What is the Fee Analyzer?

The Fee Analyzer is a tool that examines your investment accounts to identify all fees you’re paying—including expense ratios, transaction fees, and advisory fees. It shows how these fees impact your long-term returns and compares your costs to benchmarks. Many users discover they’re paying more in fees than they realized.

How does Personal Capital make money?

Personal Capital generates revenue primarily through its wealth management services, charging between 0.49% and 0.89% annually on managed assets (fees decrease as assets increase). The free tracking tools serve as a lead generation mechanism for the wealth management business, though users can use all free features indefinitely without ever paying.

Final Verdict

Personal Capital stands out as the premier free tool for investment-focused financial tracking. The Investment Checkup, Fee Analyzer, and Retirement Planner offer analysis capabilities that rival paid services, providing genuine value for anyone serious about optimizing their investment portfolio and planning for retirement.

The platform excels at helping users understand the complete picture of their financial lives with an emphasis on investments and long-term wealth building. While budgeting features are basic compared to dedicated budgeting apps, the investment analysis tools are unmatched in the free tier of any financial platform.

For investors and retirement savers who want sophisticated analysis without paying for a financial advisor, Personal Capital delivers exceptional value. Those who eventually want professional management have a clear upgrade path with fiduciary advisors. For anyone with investment accounts who wants to understand their portfolio better, reduce fees, and plan effectively for retirement, Personal Capital earns a strong recommendation as an essential free financial tool.