Personal Capital Review > Personal Finance

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Personal Capital Review


What is Personal Capital & how does it work?

Personal Capital is really two financial services combined into one — a free financial analysis tool and a paid financial advisory service. The free personal financial software allows you to link all of your accounts to the Personal Capital Dashboard for a complete picture of your financial life. Personal Capital's investment checkup tool analyzes your portfolio and finds any quick improvements you can make to reach your long-term goals. They will show you a recommended portfolio that can maximize returns while minimizing risk. See if you’re in good shape for retirement based on real data from your linked accounts in the Personal Capital dashboard. 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 Fees & Features
Personal Capital Fees
Free Financial Software
Budgeting
YES
Investment Tracking
YES
Bill Pay
NO
Access
Website, iOS App, Apple Watch, & Android App
Credit Score Monitoring
NO
Sync Accounts
YES
Retirement Planning
YES
Promotions
Personal Capital Summary
Personal Capital’s financial software is free to use. You are under no obligation to use their paid wealth management services. Personal Capital’s personal finance software is currently one of the best online service to monitor your portfolio. It does right with investing, whereas Mint does not. This is why Personal Capital is on Prosperment's list of recommended investment tools.

PROS
  • Complete view of your finances
  • Investment checkup tool
  • Easy to use
  • Free financial management tools

The retirement planner is second to none; I found it very useful to perform a number of role-playing situations. Their investment checkup tool is great for high-level recommendations.

For me, I’m not sure I would use the wealth management service. However, there is a valid argument why someone would want to use this service instead of doing it themselves. Compared to traditional advisors, the service is cheaper than the standard 1% to 2% advisors normally charge, though it’s not cheap when compared to competing robo advisors.

For those who don’t know how to allocate their investments appropriately, however, Personal Capital is a godsend. If this describes you, then you should consider their lower-than-average-cost financial advisory service.
Prosperment Recommended