Whether you don’t want to use Personal Capital or you can’t use Personal Capital — and there are definitely reasons why either or both may be true, which we’ll explore later — keep reading to learn about several Personal Capital alternatives that will fulfill all your personal wealth management needs.
What is Personal Capital?
Personal Capital, acquired by Empower Retirement in August 2020 for $825 million (with another $175 million set aside for growth), is defined by their new owners as “ … a digital-first registered investment adviser and wealth manager.”
While these personalized wealth management and advisement services are how the company ultimately generate revenue, they aren’t the same services that get most users in the door.
For the majority of users, Personal Capital is a wealth management application they can use to add, view, and manage various financial accounts in one place. It’s important to note here that Personal Capital only works for U.S.-based users and accounts.
Personal Capital offers all the traditional wealth management app characteristics, including a net worth rundown, a 30-day view of cash flow, and budgeting features.
In addition, there are also some more unique features including an analyzer for catching fees you might not have been aware of and a few calculators for planning for big-ticket purchases as well as retirement.
The downside of this version of Personal Capital — the free and accessible version — is that once you sign up for it and give the company your information, you might never stop hearing from their sales team.
Personal Capital is aggressive about encouraging its users to add more and more assets to their profile. Why? Because once a user has about $100,000 of assets in their account, that’s when Personal Capital starts offering their active portfolio management and financial advisement services — for a fee, of course.
So what sets Personal Capital apart from financial advisors that provide the same active asset management services? Personal Capital has a modern interface and their personalized services can be more attainable. For example, with Vanguard, clients only get a dedicated advisor once they’ve added $500,000 in assets to their account. However, Personal Capital charges more for asset management (about .69% up to $5 million compared to Vanguard’s .30%) than many of its competitors.
Summary: Personal Capital is best for U.S.-based investors who want active portfolio management with a user-friendly interface.
Why Do I Need Personal Capital Alternatives?
There are a few key reasons why you as an investor may want to consider a Personal Capital alternative.
You’re Tired of Being Sold Features You Don’t Want
While the self-serve financial management features of Personal Capital certainly do work for the majority of users, the truth is that this free tier of the platform is ultimately a sales funnel.
Once a new user gives Personal Capital any of their information, they should be resigned to receive sales messaging on a regular basis. There are plenty of stories across the internet from people recounting getting cold calls from Personal Capital over the course of years.
Why the upsell? Because once an account has $100,000 in assets, they’re eligible to access a team of advisors. At $200,000 or more, they can work with one or more dedicated advisors. The fees for active management — which range from .89% to .49% of the value of the assets — are where Personal Capital makes its money.
If you’re looking for self-serve personal wealth management, getting involved with Personal Capital may not be the best solution for you.
You Need Your Financial Apps to Be Global-Friendly
As we touched on briefly above, Personal Capital is practically useless for investors who live or have financial assets based outside the U.S.
While the app can be accessed from anywhere in the world, Personal Capital only supports U.S.-based financial institutions, assets in U.S. dollars, and users with U.S. phone numbers.
The reason? Financial institutions around the world are built using different technologies. In order to work with these different technologies, wealth management apps like Personal Capital have to use financial app aggregators. When financial apps don’t work in certain countries, it’s because they aren’t using enough or the right aggregators to support global functionality.
Global citizens with assets and accounts from all over the world need a Personal Capital alternative that’s built with their needs in mind.
The Best Personal Capital Alternative: Kubera
Kubera is a complete wealth management app built by global citizens to help other global citizens organize and manage all of their assets and net worth from one easy-to-use platform.
Kubera makes for a great Personal Capital alternative because of its focus on integrating a variety of assets. With Kubera, you can connect all your bank, brokerage, and cryptocurrency accounts. Check out the full list of the banks, brokerages, crypto exchanges and wallets, and financial institutions to which Kubera connects so you can always view the value of your entire portfolio in real-time.
Kubera also makes it easy to monitor and manage your traditional assets (investments, debts, etc.), physical assets (jewelry, art, etc.), and digital assets (domain names, trademarks, etc.) — and track their value in any major currency of your choosing.
With our new asset feeds, when you add a home, vehicle, or even a domain you’ve purchased, Kubera can feed the real-time market data for those assets into your dashboard so you can see their value in real-time, any time.
And our stock and crypto tickers make it similarly easy to keep an eye on the performance of individual stocks or cryptocurrencies. Add tickers to your Kubera dashboard to keep on eye on the market and make educated purchasing and selling decisions.
Another thing that makes Kubera a great Personal Capital alternative is our upsell-free business model. We charge a simple subscription fee so we don’t have to upsell our products or sell your personal information to advertisers like some financial apps (like Mint) do. Our commitment to securing your data is made even more clear with our bank-level security and cutting-edge encryption practices. We also keep your banking and crypto credentials safe using industry-leading third-party financial app aggregators.
Kubera also has another feature that’s totally unique among wealth management apps. Our beneficiary management feature and Safe Deposit Box and ensures the safe storage — and eventual transfer — of your portfolio and the important financial information and legal documents you’ve stored to a designated beneficiary.
Summary: Kubera is the best all-in-one wealth management app for global citizens who want to self-manage diverse portfolios and safely store important financial information — all for a reasonable price.
Other Personal Capital Alternatives
While Kubera is an all-in-one Personal Capital alternative, here are some other tools to check out if you’re only interested in using one or two specific financial features.
Expense Management Features: Mint
While Personal Capital does show users their cash flow, it isn’t meant to be a full-on expense tracking and management tool.
Instead, Mint was built to enable users to manage expenses by creating budgets and closely scrutinizing spending. Just remember that even though you don’t have to spend any money to use the tool, you are “paying” by permitting Mint to sell your personal data to advertisers.
Automated Investing Features: Betterment
If you want investment help but aren’t really interested in participating in or paying for the high rates that come with active, human-led asset management; Betterment is a leading robo-advisor (a totally automated financial “planner”) thanks to its affordability and diversity of funds.
Flat-Fee Financial Planning: Facet Wealth
But if you do want some personal, human attention when it comes to investment advice and financial planning, Facet Wealth combines robo-advisors with human financial advisors. The cost savings from this strategy enable them to serve clients with no minimum portfolio requirements and charge a flat fee ranging from $100 to $500 per month depending on the package.
Try the Leading Personal Capital Alternative for Free Today
While many Personal Capital alternatives excel in specific features, Kubera is the only all-inclusive Personal Capital alternative that has been built from the ground up to meet the needs of today’s global, diverse investors.
If you’re a financial professional or would like to use Kubera through your financial planner for free, we offer a white-label solution that banks, estate planners, and other wealth pros can take advantage of by simply contacting us at firstname.lastname@example.org.
Or, get started with Kubera today by signing up for a monthly or cost-saving yearly subscription.