The good thing is that the interface hasn’t changed and Empower looks great in a browser on any Mac. It wasn’t until February 2023 that Personal Capital was finally rebranded as Empower although nothing has changed in the product itself. If you’re confused over why Personal Capital is now Empower, then it’s due to Empower’s takeover of Personal Capital in August 2020. This “freemium” style formula has proved incredibly successful and Empower estimates it now has around 1.6 million customers managing over $300 billion in assets. Obviously, Empower does encourage you to use one of its Financial Advisors but there’s no hard sell if you don’t want to. If you do choose to contract a Financial Advisor, you need a minimum of $100,000 in assets.įees for using an Empower Financial Advisor range between 0.69%-0.89% of your overall portfolio profits although this is on a sliding scale to the more you invest. The good thing is that Empower’s Financial Advisors are fiduciaries which means that they are legally bound to act in your interests and not the financial instruments or funds they are recommending. This is where Empower makes its money but you only get charged a commission on the value of your investment portfolio if you choose this option. However, if you have a significant funds to invest, it also gives you the option of using one of Empower’s Financial Advisors for more personalized investment advice. If you’re a DIY investor, you can simply take the results and recommendations that Empower gives you and manage your investments yourself for free. These “robo-advisor” tools both identify areas where you may be being ripped-off in fees and make recommendations how to re-balance your portfolio for better yields. It’s aimed primarily at those with investments or pensions and offers some surprisingly good – but optional – wealth optimization tools. How can a serious personal finance software be completely free? Well Empower isn’t just a budgeting app.
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