Introduction
If you’re looking for a personal finance app that can help you manage your money, track your investments, and plan for retirement, you might want to consider the Personal Capital app. In this article, we’ll take a closer look at this app and provide you with an in-depth review of its features, benefits, and drawbacks.
What is Personal Capital?
Personal Capital is a free financial management app that allows you to track your expenses, investments, and net worth. The app has been designed to provide users with a comprehensive view of their finances, including their cash flow, retirement savings, and investment portfolio.
Features of Personal Capital
The Personal Capital app comes with a range of features that can help you manage your finances effectively. Some of these features include:
1. Financial Dashboard
The Personal Capital app provides users with a financial dashboard that displays all their financial information in one place. This dashboard includes information about your cash flow, spending, and investments.
2. Investment Tracking
The app allows you to track your investments, including your stocks, bonds, and mutual funds. You can also view your investment performance and asset allocation.
3. Retirement Planning
Personal Capital can help you plan for your retirement by providing you with a retirement savings calculator. The app can also help you estimate your Social Security benefits and calculate your retirement income.
4. Budgeting
The app includes a budgeting tool that allows you to track your expenses and set financial goals. You can also create customized spending categories and monitor your progress over time.
5. Net Worth Tracking
Personal Capital allows you to track your net worth over time. You can view your assets and liabilities and monitor your progress towards your financial goals.
Personal Capital Pricing
Personal Capital is a free app, but the company also offers a wealth management service for high net worth individuals. The wealth management service comes with a fee of 0.89% of assets under management.
Personal Capital Pros and Cons
Pros:
– The app provides users with a comprehensive view of their finances. – The investment tracking feature is highly advanced and allows users to monitor their investments effectively. – The retirement planning tool is useful for those who want to plan for their retirement. – The budgeting tool is customizable and allows users to set financial goals.
Cons:
– The app is only available in the US. – The wealth management service is expensive compared to other robo-advisors. – Some users have reported issues with the app’s synchronization with their financial accounts.
Personal Capital Reviews
Overall, Personal Capital has received positive reviews from users and financial experts. The app has been praised for its investment tracking and retirement planning features, as well as its user-friendly interface. However, some users have reported issues with the app’s synchronization with their financial accounts.
Conclusion
In conclusion, the Personal Capital app is a useful tool for those who want to manage their finances effectively. The app provides users with a comprehensive view of their finances and includes advanced features such as investment tracking and retirement planning. However, the app is only available in the US, and the wealth management service is expensive compared to other robo-advisors.
