Many still search for Personal Capital, unaware it's now Empower.
What Empower is
Empower is a financial management tool that helps users track their income and expenses, investments, and debts. It offers a range of features, including budgeting, investment tracking, and retirement planning. Empower, an affiliate partner, provides a comprehensive view of one's financial situation.
Empower's dashboard allows users to link their financial accounts, including bank accounts, credit cards, and investment accounts, to get a complete picture of their financial situation. It also offers a fee analyzer to help users identify and potentially reduce fees associated with their investments.
What Personal Capital is
Personal Capital was a financial management tool that is now rebranded as Empower. It was known for its robust financial planning tools, including investment tracking, budgeting, and retirement planning.
Although Personal Capital is no longer available under its original name, its features and functionality are still available through Empower. This means that users who previously used Personal Capital can still access their accounts and data through Empower.
Pros and cons at a glance
| Factor | Empower | Personal Capital |
|---|---|---|
| Fees | No management fees for accounts under $1 million | No fees, as it's now Empower |
| Minimums | No minimum balance requirements | N/A, as it's now Empower |
| Tax features | Tax optimization and loss harvesting | Tax optimization, now part of Empower |
| Target user | Individuals and families with complex financial situations | Same as Empower, as it's the rebranded version |
| Where it shines | Comprehensive financial planning and investment tracking | N/A, as its features are now part of Empower |
Better for X: when Empower wins
Empower is better for individuals with complex financial situations, such as multiple investment accounts and high net worth. For example, if you have $500,000 in investments and want to optimize your portfolio for tax efficiency, Empower's fee analyzer and tax optimization features can help you save $2,500 in fees per year.
Better for Y: when Personal Capital wins
Since Personal Capital is now Empower, there's no scenario where Personal Capital wins over Empower. However, if you're looking for a simple, free financial tracking tool, Empower's basic features may still be sufficient, just like Personal Capital was before the rebranding.
Bottom line: how to choose
Given that Personal Capital is now Empower, the choice is straightforward: use Empower for your financial planning needs. You can use the Freedom Calculator to run the FIRE math behind your Empower-driven financial plan, ensuring you're on track to meet your retirement goals.
New to FIRE? See our primer at https://freedomcalc.app/what-is-fire.