Personal Capital provides users free financial tools to monitor and track their savings, retirement portfolio, and net worth. Their Savings Planner tool is an excellent benchmark, ensuring you’re on track to reach your savings goals.
Tracking your net worth
Tracking your net worth is one of the key financial metrics you can use to gauge whether or not you’re making money or losing it. Simply put, it is the total value of assets minus the total debt amount and is often seen as a barometer of overall financial health. Now, with Personal Capital’s real-time access to your net worth dashboards, you can gain real-time insight into this metric that displays it alongside a complete financial dashboard that deducts liabilities from assets – this makes the app completely free and helpful in tracking credit card minimum payments or debt due; as well as savings goals and retirement goals!
As well as tracking your net worth, this platform offers tools to help you manage your finances more effectively, such as budgeting, investing, and savings plans. Its Dashboard view shows all synced accounts and their respective balances for easy identification of any unusual activities; there’s even hidden fee information so you can keep an eye on spending and cash flow.
Personal Capital makes investing and tracking your net worth easy and free, starting with setting up a password-protected account and providing essential financial details. Once completed, an advisor will offer free consultation sessions to pose questions tailored to your needs before delivering a tailored investment strategy and tracking platform.
Personal Capital offers iOS and Android applications with accessible features, including net worth tracking, budgeting/expense management, and investment analysis. In addition, Personal Capital also offers wealth management services with fees starting at 0.89% for an investment portfolio that decreases with size – this doesn’t include other account fees like custodial or transaction fees – unlike many robo-advisors who put profits over clients interests – something investors often appreciate greatly.
Tracking your investments
Personal Capital provides an online service designed to track investments and boost savings. Their user-friendly dashboard shows your net worth, accounts, assets, expenses, and budgeting simultaneously and offers budgeting tools that help save more money. Unlike many services that provide automated recommendations, they create personalized investment plans tailored to you based on goals and risk tolerance.
This tool is both easy and free to use. After creating a free account, its dashboard displays your financial data in an easily understandable format – charts and graphs showing your net worth and expenses and tracking spending habits to make adjustments if needed. Furthermore, its fee analyzer calculates and explains related fees to your existing investments.
Another useful investment tool is the investment checkup tool, which compares your current portfolio to an ideal portfolio based on your goals and risk tolerance. Additionally, this feature offers recommendations to enhance your investing strategy and any hidden fees that could be accrued.
The service offers other tools to assist with managing your finances, such as its Savings Planner, which tells you how much savings are necessary to reach a particular goal, and its Smart Withdrawal feature, which recommends when and how you should withdraw assets during retirement (taking into account tax implications of withdrawals).
Personal Capital is an independent Registered Investment Advisor (RIA) with a fiduciary duty to act in your best interest. While its fees may be slightly higher than robo-advisors, they still represent significant cost savings over expensive financial advisory firms. Furthermore, Personal Capital utilizes AES-256 encryption and two-factor authentication to protect its client data. It offers FDIC insurance on its bank account to safeguard any security breach that might occur to that data.
One additional perk of this service is that it offers you a daily report of all transactions across all linked accounts – from checking and savings accounts, credit card accounts, and brokerage accounts – including fees charged by each provider as well as any potential issues or problems that might be costing you money.
Tracking your expenses
Once connected to Personal Capital, its software automatically tracks deposits and spending. Furthermore, it categorizes transactions while showing how they relate to your established monthly spending budget. But remember: Personal Capital shouldn’t serve as a replacement budgeting program such as YNAB; instead, it should be used alongside such tools for maximum effectiveness.
Personal Capital’s Cash Flow monitoring report allows you to see all your spending at once and compare it against last month. Customize the report view to include only income or expenses and change its time frame to this month, 90 days, one year, or even last year – it’s an intuitive system with plenty of information.
This service is free for anyone and is compatible with multiple financial institutions, enabling users to connect their bank, credit card, and retirement and investment accounts easily. Once linked, data is aggregated into an easy-to-read interface updated daily, making understanding your overall financial picture straightforward.
Personal Capital’s platform also makes it easy to track your spending habits and identify areas for improvement, helping you save more and make wiser financial decisions. Personal Capital alerts you of upcoming bills with bill payment reminders. Plus, Personal Capital shows how much savings potential lies within sticking to a budget!
Personal Capital offers an advisory service designed for $100,000 or more portfolios that provides more comprehensive investment strategies, with initial calls with financial advisors who will discuss goals, life events, risk tolerance, and a personalized investment plan tailored just to you. Personal Capital acts in your best interest as it is fiduciary-based – typically 0.80% or less of total assets managed.
Tracking your goals
Tracking your goals can be challenging, but Personal Capital simplifies the task. By setting up a budget and tracking your financial progress against it, Personal Capital provides an easy way to assess whether your current spending matches last month’s expenses. It provides an analysis of both income and assets. Their cash flow tool is convenient, showing all accounts linked with the site and any upcoming bills that might need payment.
Other free features from Personal Capital include its Savings Planner and Investment Checkup tools, which assist in starting retirement and emergency fund savings. At the same time, the latter analyzes your portfolio allocation to suggest possible improvements. Furthermore, Personal Capital also features budgeting tools and credit score trackers to monitor your finances.
Personal Capital’s Wealth Management service offers additional advantages, from investment management and access to a financial advisor to estate and debt management services. Available to anyone with $100,000 or more invested, its services aim to meet various needs ranging from retirement planning and asset allocation to estate administration and debt reduction.
Personal Capital provides free financial tools and premium investments managed by an in-house team of RIAs and CFAs. In addition to traditional investment strategies, Personal Capital Advisor uses artificial intelligence for portfolio management and personalized client recommendations. Furthermore, fee-based advisory services include risk profiling, retirement planning, and tax efficiency services.
Personal Capital stands out among robo-advisors by being accessible and providing powerful retirement planning tools. Their retirement planner can estimate whether you’re on track to meet your desired retirement date while comparing costs across investments based on expected returns, considering rental income projections, social security projections, and spending power considerations when planning retirement.
Education calculator is another incredible feature, helping to estimate future college tuition costs and plan for your children’s educational expenses by creating an efficient savings strategy.
