Personal Capital is online personal finance software that allows you to organize all of your accounts and display them in one place. According to the website, you can manage your assets and plan for the future. I decided to sign up for a free account to find out what it was all about, and I’m writing this review to share what I discovered.
Signing Up and Adding Financial Accounts
Signing up for the account is a breeze. It only took me ten seconds to register and create my account, at which time I was presented with a page that asked me to fill out some personal information and hook up my financial accounts to the software. A big portion of my investing activity revolves around Lending Club, so I thought it wouldn’t be worthwhile to me personally if the platform didn’t connect with my account. Luckily, I discovered that Personal Capital supports just about every financial account you can imagine – including Lending Club.
Once you hook up your accounts to the software, it will automatically pull the data from them to display all in one place in order to give you an overall snapshot of your financial health. I was a bit wary at this point, so I checked out the security features before I entered any of my account info into the software.
I’m happy to report that Personal Capital is serious about keeping the financial data of its users safe and secure. The platform stores your sensitive information at a PCI-compliant data center. Here’s the part that made me rest easier – Personal Capital uses the exact same AES 256-bit encryption upon which major banks and lending institutions around the world rely. In addition, RSA, VeriSign, and periodic monitoring for suspicious activity rounds out the security features of the website.
Tracking Your Investments and Financial Accounts
Once you have everything organized and added to the software, you can view everything all in one place. This is where it gets really cool. You can choose how you’d like to track your investments – you can set it up by account, individual security, or asset class, for example. You can keep an eye on the market and compare it to the individual performance of the stocks in your personal portfolio.
There are also other cool feature of the software you should check out when you join. For example, there are mobile apps you can use to manage your account with touchscreen ease. You can also figure out how diversified your investments are with just one click of a mouse so you can adjust as needed. You can analyze the fees in your 401k and mutual fund investments, too. Then, if you’re in the “red,” you can take steps to fix the problem. There’s a “Universal Checkbook” feature as well – when you enroll a checking account, you can take a pic of a paper check and send money to anyone, anywhere.
I’m an organizational freak, and sometimes feel like the choices are overwhelming when it comes to financial management software. That’s why I dig the simplicity and one-step display of Personal Capital. I’m officially a fan.