Why I Dig Personal Capital


We’ve briefly mentioned Personal Capital financial management software before on Earn More and Save – in a special roundup of financial software designed to build your wealth. However, the software is awesome enough to merit a complete post of its own.

Personal Capital – How It’s Different

Personal Capital is financial management software that’s very similar to tools like Mint.com. The site is free, and you import your financial accounts into the service just like you would for similar platforms. Then, like other services, you’ll get pretty graphics and cool features that help you manage your money and track your spending habits more effectively.

If you have accounts spread out all over the place and your money is flying around willy-nilly, then you’ll love the way this software jerks you back on track. However, that’s not what sets Personal Capital apart from the rest. This service places an emphasis on investments – and it tracks your gains and losses so you can find out how your various investments are doing – all in one place.

Reviews ‘Round the Web

You can find lots of reviews of Personal Capital around the ‘net, and the overall feeling is overwhelmingly positive. Personal finance blogs like the Money Crashers and Everything Finance have reviewed the software glowingly, but the kind words don’t stop there.

Big guns in the tech industry like Slate gave Personal Capital high marks as well. In fact, the megasite published a recent article in which the author selected the software along with two others from a list containing literally hundreds of online financial management tools.

The software is designed for everyone, but as the referenced links point out, it’s most beneficial for the wealthier among us. It’s completely free to create your profile and import all you financial data, and the tool does a great job of displaying your bottom line in a more holistic way than other software on the market.

If you are doing well for yourself – like, millionaire well – you’ll get even better use out of Personal Capital. The add-on is a portfolio management service, and you don’t pay unless you agree to enable the company to manage your portfolio. Investment management fees are 0.95 percent of your assets, and it takes a minimum investment of $100,000 to get started. The fees grant you access to your very own financial planner, who will manage things for you and work to improve your portfolio over time.

How to Get Started

It only takes a couple of minutes to sign up for the service, link your financial accounts, and start analyzing information. It’s incredibly easy to use, and once your accounts are all linked up, Personal Capital handles the rest.

The service is divided into tabs that split up your investments, bank accounts, bills, net worth, and more.

The service is completely secure – your personal info is stored in PC-compliant secure data centers. Check out their security policy for more info – it’s about as comprehensive as you can get.

The only drawback for me was that my bank was not listed in the software’s database. Luckily, there was a workaround for that – I simply had to email customer support with the name of my financial institution and wait while techs attempted to add it to their listings. I hope that it will be available for me soon. Take heart, however: I have a relatively obscure bank. Personal Capital has a vast network of financial institutions, and more are being added every day. Chances are, yours will show up.

You don’t have to be a millionaire to use Personal Capital. If you’re serious about investing, you’ll find this platform head and shoulders above the rest. The whole “free” thing is a pretty sweet perk as well.