Personal Capital works for high net worth investors, who are looking for comprehensive personal financial management. They offer investment services comparable to robo advisors, but also provide direct big picture advice. If you're looking only for a budgeting service, Personal Capital will not be the best choice.
The app is free — While you do have to pay some fees if you have Personal Capital manage your money, the app itself is completely free to use.
Personal Capital has the robust methodology, security, and service that you would expect as a high-net-worth client. The unfortunate part is that you have to be quite wealthy to access that level of service. However, it is worth using the wealth management app and dashboard just to see where you stand.
When it comes to financial advisor cost, most firms charge fees based on a percentage of assets under management (AUM) for ongoing portfolio management. According to a 2018 RIA in a Box study, the average financial advisor cost is 0.95% of AUM, which for a $1 million account would amount to roughly $9,500 per year.
Your Financial Information Is Safe With Us
Even if someone gained access to your Personal Capital account, our application is designed to protect your personal data. That is why we never send the login credentials for your linked accounts to your browser.
Even if a criminal did manage to hack into your account, they couldn't do anything but look at your finances. The connections Personal Capital makes with banking and financial institutions are read-only. That means no transactions can be made using the Personal Capital service.
Personal Capital–Editor's Choice. Personal Capital is the clear winner when it comes to finding a substitute for Quicken. It's free and it offers tools to manage every aspect of your finances.
In fact, we've named Personal Capital one of the best investment apps. However, Personal Capital isn't as good in budgeting and bill pay, while Mint excels in this functionality. Overall, Personal Capital is more reliable and has excellent customer service and retirement planning and investing features second to none.
The answer is that Personal Capital doesn't make any money from its free financial app. ... They charge 0.89% of assets under management under $1,000,000, with fees scaling down to 0.79% for money between $1 – $3 million, 0.69% for the next $2 million, 0.59% for the next $5 million, and 0.49% for money over $10,000,000.
We do not sell or allow your information to be used for any purpose other than to market our own products and services. We also never share sensitive financial information, such as account numbers, detailed account balances or transaction history, with our marketing partners.
Full Review
Personal Capital charges an 0.89% account management fee, though that fee is discounted to as low as 0.49% for larger account balances.
Personal Capital is not a bank. Bank deposit products provided by UMB Bank n.a., Member FDIC. To participate in the program, you must open an account at UMB Bank, through which your funds will be placed in accounts at participating program banks.
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