Introduction
Personal Capital is a digital wealth management platform that offers free financial tools and paid advisory services. If you’re considering using Personal Capital, you might be wondering how much it costs. In this article, we’ll break down the different fees you can expect to pay and help you understand what you get for your money.
Free Financial Tools
Personal Capital offers a suite of free financial tools that can help you manage your money. These tools include a budgeting tool, a retirement planner, and an investment checkup. You don’t need to pay anything to use these tools, and they can be a great way to get started with Personal Capital.
Wealth Management Fees
Overview
If you want more personalized help managing your money, you can sign up for Personal Capital’s wealth management services. These services come with a fee, but they also offer more tailored advice and support. Here’s a breakdown of the fees you can expect to pay for Personal Capital’s wealth management services:
Investment Management
If you’re looking for investment management services, Personal Capital charges an annual fee of 0.89% for accounts up to $1 million, and 0.79% for accounts between $1 million and $3 million. For accounts over $3 million, the fee is negotiable. This fee covers investment management, financial planning, and access to a dedicated financial advisor.
Financial Planning
If you’re not interested in investment management but still want personalized financial advice, you can sign up for Personal Capital’s financial planning services. These services include a comprehensive financial plan, access to a dedicated financial advisor, and ongoing support. The fee for financial planning is a one-time fee of $399.
Other Fees to Consider
In addition to the fees mentioned above, there are a few other fees to consider when using Personal Capital:
Transaction Fees
If you invest in individual stocks or ETFs through Personal Capital, you’ll be subject to transaction fees. These fees are charged by the brokerages that Personal Capital partners with, and they can vary depending on the investment. Be sure to check the fees for any investments you’re considering before making a purchase.
Third-Party Fees
In some cases, Personal Capital may recommend third-party products or services that come with their own fees. For example, if you sign up for Personal Capital’s 401(k) advisory service, you may be required to pay additional fees to your 401(k) provider. Be sure to read the fine print and understand any additional fees that may apply.
Conclusion
Overall, the cost of using Personal Capital will depend on the services you’re interested in and the size of your portfolio. If you’re just looking for free financial tools, you won’t need to pay anything. But if you want more personalized help managing your money, you can expect to pay an annual fee of 0.89% for investment management or a one-time fee of $399 for financial planning. Be sure to weigh the costs against the benefits and choose the option that’s right for you.
