Empower Review 2024

August 28, 2024 09:19 AM PDT | By Team Kalkine Media

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Who Should Consider Empower?

Empower, formerly known as Personal Capital, offers two key services: a comprehensive robo-advisor platform and a set of free financial management tools. The financial management suite includes an easy-to-use budgeting dashboard that syncs with your accounts, allowing users to track daily spending and manage cash flow. This makes it ideal for anyone looking for an all-in-one solution to get a complete picture of their financial health.

Empower’s robo-advisor platform is designed for a specific type of user:

Someone with at least $100,000 in investment savings
Someone who is comfortable paying higher fees to access professional financial advice

For users who meet the minimum investment threshold and value personalized guidance, the higher fees could be worth it. However, it's important to note that Empower’s fees—0.89% for those with less than $1 million in assets—are significantly higher than other platforms, such as Betterment’s premium service, which charges 0.40% and also includes advisor access.

How Empower Functions

Empower blends the functionality of a premium robo-advisor with the features of a budgeting app. This allows users to manage both their investments and day-to-day finances through one platform, providing a comprehensive view of their financial situation.

Empower’s Free Budgeting Tools

By linking financial accounts to Empower, users can access a budgeting dashboard similar to other apps like Mint, giving them the ability to monitor spending and manage financial goals efficiently.

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