Personal Capital

Personal Capital is essentially two different services joined together as one. This includes a paid financial advisory service and a free financial tracking tool. Personal Capital also offers a range of investment and financial planning tools that are totally free.

Personal Capital is ideal for:

  • Tax optimization
  • Hands-off investors
  • High-net-worth investors
  • Investors looking for a great free financial management tool

Is Personal Capital Safe?

The security at Personal Capital is synonymous with Mint’s service. It expects clients to connect with all of their devices and computers, so be sure to authorise each gadget you use. Authorization can be done through phone calls or emails.

Personal Capital security is essentially a kind of two-factor authentication. There’s nothing wrong with that though, and it’s good that they include this feature. It would be great if other financial institutions offered this level of security. You’ll never need to go through the authorization step again after registering your computer with your account.

When using an iDevice that is compatible with fingerprint scanning you can log into your Personal Capital account by swiping your fingers. All the information in your Personal Capital account is kept on a secure, encrypted server. They provide restricted encryption tokens that allow you to access your information.

It’s not possible to withdraw or transfer money directly through the Personal Capital service because the information they provide is read-only.

In conclusion, unless you post your account information publicly – which no one should do anyway – all of the information in your account is kept secure and can’t be found elsewhere.

Benefits

Personal Capital offers you a complete overview of your finances in one easy-to-use service. You’ll have access to all of your funds in one location, something Personal Capital call the “360 view of your Financial Life”

  • Powerful investment checkup – Personal Capital is a great tool for beginners and the basic version is good enough for most people. The free tool doesn’t provide you with too much information though, likely in order to encourage you to purchase the advisor service.
  • Compatible with a Range of Devices – the Personal Capital app is compatible with almost any device, including Apple iPad, iPhone, Apple Watch, and Android. The mobile app is similar to the desktop app and is a breeze to use in a hurry
  • Easy to Use – it’s simple to set up your Personal Capital account. The UI and reporting tools provided by Personal Capital are easy to navigate and laid out well.
  • Custom Allocation of Unknown Assets – this is a great benefit for borrowers as Personal Credit allows them to allocate unknown assets into a range of categories
  • Great Reporting – Personal Credit is similar to Morningstar’s X-Ray tool in that it provides a comprehensive approach to asset allocation and performance

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