Empower, Formerly Personal Capital ReviewEmpower, Formerly Personal Capital Review

Empower, Personal Capital Review: Is It The Best Free Budget App?

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Updated: 05/03/2023

When it comes to managing your personal budget, Empower, formerly Personal Capital is one of the best budgeting apps that has some useful financial tools and investment features that you may not find on other platforms.

In particular, users can use this investment tool to track and manage their personal finance including investment, saving plans, retirement and saving goals, etc.

In terms of investment, members can use this platform to invest money in different asset vehicles because it provides comprehensive suggestions and advising solutions based on Robo advisors and Financial advisors’ services for a fee ( we will talk more about it later for your understanding)

In this post, you will learn about Empower to get familiar with how to use financial tools such as retirement plan and saving plan and how the platform work.

In addition, we will briefly mention wealth management and investment services that are available on the Empower (Personal Capital) app in order that you should get familiar with this great investment and budget tool.

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Key Takeaways

  • Empower, (Personal Capital) is well known as one of the best investment and personal finance tools in the market.
  • This free budget app allows members to access financial tools, which include current financial situations, saving plans, and other tracking tools.
  • The Wealth management services of the firm are responsible for providing professional investment advice for high-network individuals in exchange for a service fee ( this is how this digital investment platform earns money).
  • Empower (Personal Capital) is considered a complete wealth-building tool that helps members to manage their daily budget and plan for long-term wealth. 

Here are additional coverages that are relevant to budgeting and saving money plans. You should continue to read for further enhanced knowledge and information:

> Best Budget Apps to Save Money

> How to Save Money: 6 Ways to Stay on Budget

>How To Save Money Using The TopCashback App


1. What is Empower, Personal Capital?

Empower, formerly Personal Capital is an investment platform that allows people to track and manage their spending habits ( budget app) based on using financial tools for achieving their long-term savings and investment plans.

In particular, members can use the Empower- Personal Capital free budget app to manage their expenses and incomes as well as monitor their saving plans in order to achieve their future financial goals.

At the time of writing, the platform has more than 3 million members, who use the Empower platform to manage their personal finance, plan for retirement, and participate in the investment.


2. How does Empower work?

As mentioned earlier, Empower (Personal Capital) is an investment platform that provides general and private wealth management services to high-end individuals. In particular, the minimum amount for accessing wealth management services is $100,000.

In addition, Empower is considered a comprehensive free budget app that allows users to take advantage of using the platform’s financial tools in order that they can track and manage their budget in a good shape as well as a retirement plan.

Let’s first learn more about the Empower free personal finance tools that help you to track your financial account, monitor your expenses and income, plan for retirement as well as check your current investment allocations, just to name a few.

For this reason, it’s one of the best free budgeting tools for everyone due to the fact that you may not find these financial tools for free from other budget apps.

Hence, you will be able to manage your budget and personal finance better by using this great budget tool to achieve your overall financial goals in the future.


How does Empower make money?

Unlike other budgeting apps or personal finance platforms that make money based on subscription fees, Personal Capita makes money based by providing professional investment services for high-end individuals for a fee.

In addition, you will notice on the Empower, Personal Capital app or desktop platform that there are almost no advertising banners or ads displayed from other ad companies. Therefore, it wants to provide the most convenient and professional service to both free and paid members.


3. Access Free Financial Tools

In order to use the free budget tools and financial tools. You need to first sign up for a free Empower, Personal Capital account by providing your email address and phone number.

One of the firm financial experts will schedule to talk with you on the phone in order that they can understand your current financial situation and saving plan as well as your investment goals.

They are more than happy if you choose the free personal finance tools-financial tools.

You will see the following free tools on your financial dashboard as follow:

  • Free Analyzer: this tool is super useful in terms of helping you to identify if there are any hidden fees in your mutual funds or retirement accounts.
  • Cash flow: by accessing this cash flow tool, users will understand their money-spending habits as well as their income.
  • Networth: This tool will give an overview of your current financial situation in terms of assets and liabilities, which includes your investment position, cash, as well as other debts.
  • Retirement planner: see whether you are on track with your savings accumulations for retirement or not. If not, then the platform provides different solutions to ensure you get back on your retirement plan.
  • Budgeting: It’s one of the best free budgeting apps that offers a free tool for users to track and manage their spending as well as income. It helps them to understand their current financial situation and keep on track with their future financial goals.

For further information about these budgeting and financial tools, you should continue to read more about these free tools and features on Empower, Personal Capital’s official website.

Get started with a Free Empower, Personal Capital account here


4. Is Empower, Personal Capital safe and legit?

According to the Trustpilot review, Empower, Personal Capital has so far delivered better customer satisfaction in terms of customer services and product features. In particular, more than 702 customers have voted the platform around 3.9 to 4 stars out of 5.

As mentioned earlier, more than 3.3 million members are currently using the Empower, Personal Capital app to track their spending, budgeting, and investing in order that they can achieve better financial situations in the future.

In addition, It’s easy to use and provides a comprehensive tool for tracking net worth over time. The Empower saving tool is completely free unless you want to seek advice from the platform digital financial advice for a service fee.

Empower pays very high attention to protecting your financial data due to the fact that the platform keeps your data safe using AES-256 encryption as well as requires two-factor authentication to log in to your account (see more detail on the Empower safe page).

For example, if you log in from another device or unknown device ( or clear your cookie), then the platform will send you either a code to your device or send a pin to your phone number to log in.

The answer is YES, Empower, Personal Capital is a legitimate and safe investment, budgeting, and personal finance tool that provides professional service and protects financial data for millions of members.

5. Empower, Personal Capital pros and cons

The followings are the Pros and Cons of Empower based on the review:


  • Free access to budget tools- financial tools to manage and track your spending as well as plan for achieving long-term wealth.
  • It’s easy to use and navigate around as it’s a user-friendly platform.
  • Empower, Personal Capital is considered a complete wealth-building tool that helps members to manage their daily budget and investment tool to achieve financial goals.
  • The customer service team has so far delivered great customer service based on Trustpilot’s review.


  • There is a fee applicable for those who seek professional advisory services.
  • The minimum to access wealth management services is $100,000.

Read next: 

> Best Investment Apps in 2023

Honey Reviews 2023: Can It Help to Save Money & Earn Rewards

Conclusion of Empower, Personal Capital review

This best money management app offers free budgeting and financial tools that everyone should try to track and manage their budget( income and expenses) in a good shape.

In addition, they can use free tools to overview their investment portfolio as well as keep track of their retirement plan. Thus, users can have a holistic understanding of their current financial situation and achieve their financial goals in the future.


Don’t forget to share with others if you find this article valuable.

By Jiro Nguyen. 

The content is only based on the author’s personal opinion and experience. It is for informational purposes only, and it does not rely on as a comprehensive or a substitute for professional advice.

By Jiro Nguyen

Jiro Nguyen is a highly driven and skilled business management professional with an MBA in economics and management. He is also the founder of Jns-millennial.com. Moreover, he has a passion for writing and over 4 years of copywriting experience.

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