This post brought to you by Personal Capital. All opinions are 100% mine.
If you have one or two financial accounts, and you find yourself surprised that so many people stress out about tax time, Personal Capital probably isn’t for you. If just the thought of April 15 gets your blood pressure up, you have the kind of financial stresses that this new app is looking to ease.
Personal Capital is aiming to be the most convenient way to keep track of multiple financial accounts in one place, and get aggregated financial data so you can figure out how much money you actually have. And, convenience is no doubt Personal Capital’s biggest talking point – it’s also available as a free app for both iOS and Android devices.
Once you open up an account with Personal Capital, you can enter your account information from any of your financial accounts – checking, saving, mutual funds, stocks, or money market accounts. The app will get all of those accounts in one dashboard, allowing you to view them individually while also providing aggregate data that will tell you exactly how much money you have or owe. That’s going to be most beneficial if you have stocks or mutual funds – things that (ostensibly) grow over time, and factor in heavily to when or whether or not you’ll be able to retire.
The app intends on being a lot more than just an aggregator. Personal Capital aims to provide a tool that allows for comprehensive financial management and analysis, to make sure that you’re getting the biggest possible return on your money. Portfolio Performance, Asset Allocation, and Investment Checkup all work together to give you a coherent overview of your investments, outlining how much of your money is in each different kind of asset. The app will compare your portfolio to major indices, and can suggest risks present in your portfolio or if you’re overpaying on mutual fund fees, using the Mutual Fund Fee Calculator. Most online banking apps offer these kind of services, but Personal Capital is the only one that will let you enjoy the fruits of those services across your entire financial life.
Similar to the Mutual Fund Fee Calculator, the 401k Fee Analyzer will determine how much you’re paying in fees, then give your account a color-coded rating, and suggest alternative courses of action should you get a red or yellow rating. Little things can add up, which is what makes Personal Capital so useful – you can track down avoidable fees across all of your accounts, instantly, by using one app. Just using Personal Capital to fine-tune and optimize your financial situation alone is worth the time you’ll have to invest in the app.
Financial analysis and optimization is one big part of Personal Capital (and, for those interested, further, more personal services are offered for a 1% fee), but that doesn’t mean Personal Capital has forgotten about the day-to-day details of financial planning. Using the app, you’ll be able to track your spending and income over time, while keeping an eye on your biggest expenses. For those with complicated financial situations, the app is a simple, easy way to budget and figure out how to pay bills and debts.
All of that comes for free. You can get a bird’s eye view of your finances in one place, get direction on how to optimize your investment accounts, and cut down on unnecessary fees anywhere you are, with Personal Capital’s mobile app. Personal Capital also has live consultants that you can speak with by phone, email, or video chat. The Personal Capital app is available now for both Android, iPhone, and iPad for free.