Personal Capital - Legit Money Management? [Review]

Welcome to my review of Personal Capital.

Today I’m taking a closer look at Personal Capital and sharing my honest review to give you all the details.

Before I start…

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Personal Capital Review

These days, more and more people choose robo-advisors as they can be a cheaper and more flexible option for human experts.

Among these, Personal Capital is probably one of the most popular choices due to its combination of human intelligence and robo-advisor algorithm.

Another recent review: RealtyShares – Legit Investment?

Also, it provides a variety of investment planning and financial tools which are completely free.

In this article, we’ll show you a comprehensive Personal Capital review to help you make an informed decision.

personalcapital.com website

What is Personal Capital?

Based in California, Personal Capital is an online advisor created by Bill Harris, the former CEO of PayPal and Intuit.

The company offers a formal advisory and account aggregation service. In general, they will sync and analyze your home value, investment portfolios, credit cards, and checking accounts to help you make informed decisions.

Currently, Personal Capital is managing up to $6.5 billion in assets and 900,000 users. The company offers versions: free and premium. For the free version, you can access the financial dashboard, while the premium version will allow you to manage the investment with minimums and fees.

Main features of Personal Capital

Retirement Planner

This feature will help you find out whether you are currently on target for retirement. However, it is now only available on the iPad app and website.

Retirement Paycheck

With this feature, you can learn how to withdraw your money during the retirement to save tax money.

Budgeting

Follow yearly, monthly, and weekly spending habits or income with the cash flow analyzing tool.

However, it is currently available on the mobile app.

Education Planner

The Education Planner tool helps you make a comparison of the expenses of specific colleges, as well as determine the annual savings required to meet your goals.

Retirement Planner

With the retirement planner tool, you would find out if you have saved enough for retirement or not.

This function enables users to access their income events, spending goals, as well as project portfolio value in the future.

Then, it will pull all the information together and tell you which type of shape that you are in for retirement.

In overall, this is one of the most comprehensive tools for planning retirement. You don’t need to enter your accounts and assets manually as it can populate the data automatically. More importantly, it is totally free to use.

401(k) Analyzer

Just like the retirement planner feature, the 401(k) analyzer will derive your yearly 401(k) expenses from your registered account. After that, you might choose to see the yearly fees based on some assumptions. This useful tool can help you know how much the retirement plan is currently costing you.

Pros

A complete overview of your finance

Personal Capital combines all of your personal finances into an easy-to-use service. You can access in just one location to have an overview of your current financial life.

Support through many apps

Personal Capital is available for Android, Apple Watch, iPad, and iPhone. Also, you can use its desktop edition to check for your financial services.

Great reporting

In addition to a variety of tools and features, Personal Capital also provides many great ways to help you drill down into the performance and allocation of the asset.

You can choose to get weekly, monthly, or yearly reports to keep updated with the current situations.

All-inclusive fee

Personal Capital has an annual paid service fee which includes everything to help you manage and control your account.

More importantly, there will be no hidden charges.

Cons

The wealth management service is costly

Compared to other advisors, the wealth management service provided by Personal Capital is much more expensive.

In addition, you need to have at least $100000 in investment assets to be a client.

This is higher than other robo-advisor services available on the market.

The asset allocation isn’t customizable

Personal Capital comes with predetermined models of asset allocation.

This can be adequate for most people but not when you need to vary from the recommended allocations.

Can’t reconcile

You can’t reconcile your bank statements each month to make sure that all transactions are being accounted for.

Frequent sales calls

If you are using the free tool of Personal Capital, sale representatives might contact you frequently to sell their paid services.

Personal Capital – Final Verdict

In overall, Personal Capital is a free financial software that can provide you with many helpful tips and tricks to make informed investments.

It can be a good option for 2 main types of investor who fall on the opposite sides of the spectrum: high-net-worth investors who would deposit sufficiently with this service to access professional financial advisors and DIY investors who would use the comprehensive and tools of the company to obtain valuable insights into their existing portfolios.

I have no reason not to recommend it, it’s worth trialing and seeing if it can help you with managing your finances.

Before you leave

If you’re tired of scams and want a real solution for making money online check out my recommendation below.

It’s helped me earn over $300k in the last 12 months alone:

Go here to see my no.1 recommendation for making money online

(This is a 100% free training)

Mark Charles

Mark Charles is the founder of NoBSIMReviews and has been making a 6-figure income online for over 10 years.

After reviewing 1000’s of programs, he knows what works and what doesn’t:

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