Personal Capital has become a legitimate player in a strong field of traditional and emerging wealth capital providers. Key contributors include the economist Harry Markowitz, the “Father of Modern Portfolio Theory” used for portfolio construction for wealth management clients.
Personal Capital’s free money tracking app gives users access to free easy-to-use tools on its dashboard on a robust digital platform. Personal Capital’s holistic ecosystem allows syncing of financial accounts in one place. Users can gain insights into their budget, track spending, cash flow, retirement savings, investments, and net worth.
Personal Capital’s free money tracking can attract all users who want greater control over their finances, but it targets high net worth individuals who will benefit from wealth management. Being able to review your budget, see the inflows and outflows of money, you can become more mindful of your money, set financial goals, and take steps in creating a financial plan.
– Free comprehensive state-of-the-art digital tools and an excellent budget app for financial management.
– Ability to have 360 reviews of your budget, net worth, cash flow, savings, spending, retirement, investments in one place.
– Free investment review.
– Can upgrade to wealth management services and access to dedicated fiduciaries for retirement planning, portfolio construction, and tax optimization strategies.
– Takes security seriously with its high-grade features.
Net worth is among the essential benchmarks you need. Everyone should track their net worth and its asset and liability components. When you log on to your dashboard, your net worth statement is what you see first by design. You get a real-time holistic view of your net worth broken into categories that belong to assets and liabilities.
Cash flow gives you a picture of your income and expenses. To be financially secure, you need to spend less than you earn so you can accumulate more savings, pay off debt and invest more to build wealth.
The savings planner uses three inputs: emergency funds, retirement, and debt paydown to calculate your annual savings. You can compare them to the previous year’s level and your savings goal when answering a questionnaire.
This impressive tool utilizes your accounts to analyze your monthly spending during your retirement and your portfolio allocation and risk tolerance to calculate your probability of retiring successfully.
If you are serious about managing your personal finances and building your wealth, you will want to consider Personal Capital. The company provides an excellent entry for an average person to take advantage of its superb free suite of budgeting and other financial management tools.