Empower (Personal Capital) Review: Everything You Need to Know
Excellent Score
The Verdict
Best Wealth ToolThe best free tool for tracking your net worth and analyzing your investment fees. Empower combines advanced technology with human financial advice.
- Net Worth Tracker
- Investment Fee Analyzer
- Retirement Planner
- Budgeting Tools
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Pros
- Best-in-class free financial dashboard
- Uncovers hidden fees in your 401k
- Excellent retirement planning calculator
- Secure bank-level encryption
Cons
- Sales calls for their wealth management service
- Budgeting tools are less detailed than dedicated apps like YNAB
Detailed Review
Empower (formerly Personal Capital) is widely considered the gold standard for free personal finance dashboards. It aggregates all your financial accounts—bank accounts, credit cards, 401k, IRAs, and loans—into one 360-degree view of your financial life.
The Dashboard
The free dashboard is stunning. It visualizes your asset allocation, cash flow, and net worth history. But the real power lies in the analytics tools:
- Fee Analyzer: It scans your mutual funds and retirement accounts to show you exactly how much you're paying in fees. You might be shocked to see how 1% in fees can eat up years of retirement savings.
- Retirement Planner: This tool runs thousands of Monte Carlo simulations to predict the likelihood of your portfolio lasting through retirement, allowing you to adjust variables like spending and saving rates.
Wealth Management
While the tools are free, Empower makes money by offering premium wealth management services for clients with over $100k in assets. You may receive calls offering a portfolio review, but there is no obligation to sign up.
Is Empower (Personal Capital) Right For You?
Based on our extensive testing, we believe Empower (Personal Capital) offers excellent value for most users. The combination of Net Worth Tracker and Investment Fee Analyzer makes it a standout choice in the Finance market.
Bottom Line
If you are looking for a reliable, feature-rich solution, Empower (Personal Capital) is highly recommended. Click the button below to see the latest offers available.