The positions are maintained through index funds, but if your portfolio exceeds $100,000, they will also include individual stocks. The portfolio will be allocated between US stocks and bonds, international stocks and bonds, and commodities. From that, they design an investment portfolio that is based on Modern Portfolio Theory (MPT), which is typical of robo-advisor services. When you sign up for the service, they start by determining your risk tolerance, your investment goals, and your personal preferences. The investment management service requires a minimum of $25,000 under management. This gives you more comprehensive investment management then you typically see in automated investment management platforms. That means that in managing specific investment accounts, Personal Capital also considers other investments that it does not manage, such as an employer-sponsored retirement plan. Where Personal Capital differs from typical robo-advisors is that not only do they manage the investments that you include in the service, but they also act as a financial account aggregator. This service is only available on the premium version, and it’s what Personal Capital does best.
The budgeting function is available for both the free and the premium versions. You can also use the Cash Flow Analyzer to establish long-term goals, like retirement planning or to getting out of debt. The money management app will alert you to upcoming bills, however there is no bill paying function on the platform. This will also help you to pay your bills on time and to track your spending.
They provide a Cash Flow Analyzer tool that enables you to establish a budget by tracking both your income and expenses from all accounts and sources. You do this by linking your various bank accounts and credit cards to the Personal Capital app. This can help you to know exactly where your money is going each month. It can also enable you to view and analyze the transactions in your budget, as well as to provide monthly summaries. For example, Personal Capital enables you to track your cash flow, as well as provide you with insights about your spending habits. Personal Capital does offer a budgeting function, but when compared that offered by Mint it’s extremely limited. Here are the services that Personal Capital provides: So you can sign up for a free Personal Capital account and use their online suite of tools as long as you wish. There is no obligation to sign up for the Personal Capital Wealth Management service. Both versions offer you the various tools and features on the platform, but the premium version provides active investment management, similar to that offered by robo-advisors. They offer two services, the free version and a premium wealth management service.
Over 1.4 million people use the service to track more than $350 billion in assets. – what are the similarities? What are the differences? Let’s compare the two.Īs noted above, Personal Capital is primarily an investment management service.
In my opinion, Quicken has been surpassed by these, and other, software apps. For example, while Personal Capital is primarily an investment management platform, is mostly a budgeting application.īecause these two programs offer a large number of robust features, I find them to be viable alternatives to Quicken, one of the original money management apps.
But while there are overlapping similarities between the two, each has a different primary function. These two services are frequently compared. They both offer a free service that offers users powerful money management or investment tools to help manage their spending, investing and more. Personal Capital and Mint are two of the most prominent financial services platforms.