With over 1,300,000 users and growing, Personal Capital keep their investment aspects reasonable with their consumers, being that their services are best describe as an “account aggregator,” they seem to exist to support in tracking your financial needs. In which I emphasize that this is possibly the best financial tracking platform on the market on top of being attractively free to the public!
After connecting a multitude of financial accounts to their application; this can include your mortgage, credit cards, bank accounts, investment accounts and whatever else you may need that falls along the lines of financial matters, the app will then summarize your situation and offer you an personal financial guidance to get you on top of your financial game.
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| Chase Business Complete Checking® | $300 or $500 Cash | Review |
| Chase Private Client | $3,000 Cash | Review |
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| J.P. Morgan Self-Directed Investing | Up To $700 Cash | Review |
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Personal Capital App In-depth:
After opening your free account, you would have to link your financial accounts to the online interface. In which case, you must give authorization to each account that you link to Personal Capital. The site will track all the information and pump it out into bright and elaborate color series of charts and graphs to help you make better sense of your savings and investments as well as to help you understand just what your financial portfolio consist of.
The app provides information consisting of your:
- Income
- Spending
- Net Worth
- Asset Allocation
- Investment Returns
- Projected Investment Fees
Personal Capital offers one of the better simulators and platforms in the market for you to track all of your account balances and cash flows with tons of add-on features to improve your finances. The app allows you to track your spending with every credit card transaction, every debit swipe and automated payment you have ever made will simultaneously be available for you to scheme on. From detail analysis on your every purchase to categories consisting of the spending date, merchant and category, this app will prove to be as efficient as I make it out to be.
Personal Capital vs. Quicken!:
First thing I’d like to point out is that Quicken’s $29.99 starter pack doesn’t even come close to Personal Capital’s wide array of tracking abilities for a low price tag of absolutely free! Judging Personal Capital and Quicken at a comparative level, you can see such adaptability that you get from Personal Capital that just consistently stays ahead.
While I must commend Quicken on their efforts to keeping up with technological advances with notable added features throughout the past two decades, it seems like Personal Capital is always integrated newer programs, more notably, their revolutionary free retirement planner features that works like a charm.
Also, they both offer mobile interface application compatibility, however, Personal Capital wins by a margin with automatic updates towards finances. Also, Personal Capital recently pushed a program that allows cloud storage compatibility to keep your information as up-to-date as you visibly can, which may make Personal Capital the most efficient and exceptional financial management software to date. Definitely a go-to app for users that are constantly on the go.
Editor’s Note: Sole reason why I felt a comparison was needed was because Quicken’s Starter pack may be the only services that viably competes with Personal Capital’s free financial app.
Personal Capital Financial App Summary:
- Sign Up Now
- Availability: Nationwide
- Monthly Fee: $0
- Expiration Date: None
- Hard Inquiry: Unknown
- Additional Requirements: None
- Early Termination Fee: Unknown
Personal Capital App Features:
- Uses Your Savings and Spending Habits — It automatically pulls in your actual savings and spending habits from within Personal Capital, not just estimated spending/savings habits. Most calculators ask users how much you save into retirement accounts and how much you spend each month.
- Tracks Progress Over Time — The app will track your retirement goals over time. Again because everything is linked up, this happens automatically.
- Accounts for Large Expenses — Quickly add in large financial expenditures along the way, other than just retirement. Most calculators assume your savings are all for retirement and ignore major purchases like college educations or home purchases. Personal Capital’s Retirement Planner allows you to input these events, when you think they’ll occur, and how much they’ll cost. The tool recalculates to see how those expenditures affect retirement goals.
- Large One-Time Savings Allotments — This feature allows for what people in the financial industry call “liquidity events.” Things like a sale of a business, exercising stock options, or getting an inheritance. The Retirement Planner lets users add these inflows to, so you can anticipate when they might occur.
- Monte Carlo Analysis — Runs multiple calculations and the possibility of a good outcome with your finances.
- Covers All of the Possible Variables — The service includes: taxes, inflation, withdrawals, saving increases, Social Security, and spousal retirement.
- iPad Access (New) – You can now do all of this via their iPad app.
Personal Capital Fees:
Now, I cannot reiterate this enough, everything that I have described to you is completely free, but on another note, Personal Capital does offer optional asset management services that may have some minor fees attached, let’s go ahead and get into that!
Personal Capital offers their services for free to attract more of the well-off users, and when I say well-off, I’m generally talking about those in particular with invest-able assets of at least $100,000+. Personal Capital offers professional financial advice and will offer you the ability to work with their financial advisors. You make be asking yourself, how does Personal Capital make money and here’s how:
They take a percentage of the asset under management (AUM). The annual fees attached to their investment services is as shown below.
- $0 – $1,000,000: 0.89% of account balance
- For clients that invest $1 Million or more:
- First $3 Million: 0.79% of account balance
- Next $2 Million: 0.69% of account balance
- Next $5 Million: 0.59% of account balance
- Over $10 Million: 0.49% of account balance
It’s necessary to keep in mind that these fees do not include any investment expenses, such as ETFs, etc. If Personal Capital invest all or partially of your cash into passive ETFs, you may have to pay another 0.10-0.20% on top of their investment management fees.
Conclusion
Three key aspects that as to why I prefer Personal Capital’s Financial app over others is because there’s no fees attached, you can link as much accounts for all possible variables, and their Monte Carlo Analysis chart is just flat-out convenient! It’s necessary to keep in mind that if you want to venture alongside a financial advisor and you have $100,000+ to invest, then this may cost additional fees on your balances. This is an all-efficient financial tracking app for those that really want to stay on top of just about everything financial related. Go ahead and also check out our other Brokerage Deals for all of your banking necessities!
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