Everything You Need to Know About Personal Capital – 3 Part Series
You must sign up for Personal Capital because of the free Personal Capital Dashboard!
You may have seen the Personal Capital TV commercials. If they didn’t draw you in, then learn why this robo-advisor or automated investment advisor is a required tool for anyone who wants to maximize their wealth.
This three-part Personal Capital Review is a deep dive into their platform to see how it works and if it’s the right investment manager for you. Even if you don’t hire Personal Capital to manage your investment portfolio, you must sign up for Personal Capital’s free financial software, tools, calculators and more.
You can track all of your investments and bank accounts without paying anything.
It’s a more complex version of Mint.com with a focus on investing. Comparable (or better than) Quicken, Personal Capital is free. I use both Personal Capital and Quicken and my Personal Capital dashboard is easier to use and updates more easily than the paid Quicken program!
Part 1- Why You Must Sign Up for Personal Capital Account
Whether you are an experienced investor or just starting out financially, Personal Capital offers something for you. You must sign up for Personal Capital – its free.
You Must Sign Up for Personal Capital If:
- You want a 3600 view of your complete financial picture; bills, income, debt, investments and more.
- You’re a DIY investor who likes control of your finances.
- You have many investments across various accounts.
- You want to drill down into free retirement planning calculations.
- You’re interested in planning for Junior’s college expenses.
- You want a continuously updated record of income versus spending and a comparison with the previous month.
- You might want to speak with an experienced financial advisor.
If you answered yes to at least one item, you must sign up for a free Personal Capital Account.
What Is Personal Capital?
Here’s what you need to know about this comprehensive robo-advisor platform.
Personal Capital takes all of your financial accounts and gives you information and direction about how to best allocate your money and investments to yield the greatest long term financial outcome.
More than 1.6 million people use Personal Capital to track over $7 billion in assets.
The platform works seamlessly. To begin the process, connect all of your accounts with the bank-level security encryption. There’s room in the platform for mortgage, credit cards, bank accounts, investment accounts, 401(k), IRA’s and most other types of financial accounts. This process is surprisingly quick. You can also add accounts manually.
As soon as the accounts are connected to the Personal Capital program, the free service gives you personalized financial information about; budgeting, spending, saving, investing, asset allocation and even tax loss harvesting.
Listen to Bill Harris, founder of Personal Capital, discuss the benefits of the platform.
Why You Must Sign Up for Personal Capital – The Free Account
There are several reasons why you must sign up for the free Personal Capital Account.
1. You get comprehensive spending, saving, and investment performance information in a user-friendly interface.
After the sign up for Personal Capital you gain access to the following reports:
- Net Worth and Account Balances
- Personal Capital budgeting
- Cash Flow Analysis
- Income Report
- Spending Report
- Investment Returns
- Asset Allocation View
- Retirement Planner and Fee Analyzer
- Investment Check-up
Not only do you receive a picture of your current financial situation, but you get help managing your investments and figuring out what you’re doing well and what can be improved. The Personal Capital app android and iOs bring your finances to your fingertips.
2. It’s fast and easy to sign up.
You’ll receive tremendous financial data and information for a few minutes of set up time.
To begin, you complete 2 screens.
The first screen asks:
- Your name
- Your Age
- Planned retirement age
- Amount saved for retirement
Sign-up time; less than a minute.
Fast data collection is next.
From there you input your account information.
A word about security here; security is their top priority. They have bank-level encryption to keep personal information, account, and money safe. Additionally, both of this website’s owners have accounts with Personal Capital.
This section is so quick and easy, I was shocked.
I was prepared for hours of anxiety and difficulty linking my investment and banking accounts to the program, but it was fast and easy. I’ve got a complicated financial situation and my accounts linked within minutes.
To quickly link your accounts, fill in the name of your financial institution.
First, I started with a TD Ameritrade Account.
Next, for each account enter your account log in information – USERID and Password.
Remember; Personal Capital has bank-level encrypted security. If you use any bank or investment broker apps, then you should feel comfortable with this platform.
This linking screen populates fast, and then you’re ready to link your next account.
Finally, repeat these steps until all of your accounts are linked.
The number of accounts you have will determine how long it takes to sign up.
Data collection sign-up time; less than one minute per account.
Now, you’re ready to enjoy the broad range of saving, spending, budgeting, investing and analysis tools.
3. It’s free.
The drill down into all aspects of your money life is ideal. The insights and information about your spending, saving, and information is invaluable, and the cost is free.
The idea behind Personal Capital is that once your financial life is on the right track, with information at your fingertips, you can go about the process of living.
The Personal Capital Gold Mine of Financial Information
Once you’ve input your data, you have access to a treasure trove of graphs, charts, and invaluable financial information.
The Personal Capital tools help you:
- Analyze your cash flow.
- Calculate your net worth.
- Check on and analyze your investments.
- Plan for retirement.
- Plan for college expenses.
- Analyze your account fees.
Now that you understand the overview and account set up let’s look at the free Personal Capital Dashboard review pros and cons.
Pros and Cons of Personal Capital Set Up
Free spending, saving and investment tracking and reports.
Great retirement check up tool.
Very easy and quick to set up, even with multiple accounts. As soon as account inputs are complete, you can view your account data in the outstanding overview charts and graphs. Had a great introductory conversation with a financial advisor (no pressure to use paid service).
Great Personal Capital Dashboard interface.
Easy to use Personal Capital apps.
A few accounts populated twice. I got rid of the duplicates quickly by clicking the edit pencil and then the remove option. One of my linked IRA accounts wasn’t downloaded. It required a quick call to customer service to get the account populated. They send regular update emails about spending and income.
If you’re interested in your financial future, Personal Capital gives you invaluable insight into your finances and set up is easy. Sign Up for Personal Capital for free and get a comprehensive financial picture.
Learn more about the benefits of Personal Capital in the next 2 Personal Capital reviews:
>>>Read: Personal Capital Review-Comprehensive Financial Management-Part 2 – to find out everything you need to know about Personal Capital cash flow, investing, and retirement planning tools.
>>Read: Personal Capital Review – Personal Capital Advisors – Part 3 – to uncover the fee structure, advisory services and investment philosophy.
Disclosure: Please note that this article may contain affiliate links which means that – at zero cost to you – I might earn a commission if you sign up or buy through the affiliate link. That said, I never recommend anything I don’t personally believe is valuable.
Updated; June 2018
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