The yardstick for measuring the future wealth of a man is in his ability to handle his finance at present. To be wealthy, the place for proper management of funds is of the utmost priority.
Although a pen and paper budget will get the job done, online financial management options will get the job done faster. They will also help relieve you of the stress involved in effective personal financial management.
These online financial management options have advanced features, investment options, and pricing, distinguishing them from each other. The question now is, which one is best?
We will tell you in this article!
In this article, we have reviewed the top leading companies in the sector–Quicken and Personal Capital. People go for any of these two options most because of certain reasons which we will discuss here.
To make a choice, join us as we take a thumbnail view of both financial management software providers and see how they stack up against one another.
Meanwhile, a glance at the table of contents below will give you an overview of what we will discuss.
What is Personal Capital?
Starting from its origin will help give you a clearer picture of what Personal Capital entails. First established in 2009 as a digital financial management company, Personal Capital has helped secure people’s accounts.
The company has over 2 million active users, $8 billion in assets under management, and 18,000 investment clients in the U. S.
Basically, they provide an active platform for its users to track their investments, cash flow, and retirement plans. Moreso, they have a platform that syncs with their user account with their other financial bank accounts.
Two applications run on this platform: financial software and wealth management. While the financial software part is free, the wealth management cost a fee.
Going for any of them will allow you to access their dashboard, which has a strong emphasis on investments. On this dashboard, you will see how your investment portfolio is performing dynamically and in real-time.
You can also see your income reports, spending by accounting category, spending reports, and upcoming bills on the dashboard.
Generally, Personal Capital has distinguishing features that makes it stand out from other financial management options. Some of these features includes:
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Personal Capital Features
#1. Budgeting
The budgeting feature of this company assists its users in monitoring their daily spending using the platform’s cash flow analyzer spending tool.
#2. Investment Checkup
With the investment checkup feature, users can monitor their investments to see how good it’s doing and workable ways to improve.
#3. Investment Checkup
For users planning to retire, this feature will be of great help to them. However, it’s the most useful tool on the platform. With it, users assess their chances of retirement, putting into consideration their financial status.
#4. Asset allocation target
With the Asset allocation target, users who are investors get to know how far they have gone on their portfolio.
#5. Education Planner
Education Planner is another useful tool on the platform. Through this Planner, users can calculate and compute their academic costs.
#6. Retirement Paycheck
With the retirement paycheck feature, users learn the best and easiest way to withdraw cash from their investment accounts during retirement.
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#7. Upcoming Bills Alert and Email Notification
Upcoming bills Alert tool enables users to get alerts whenever there is a new bill or the old one is due. On the other hand, with the notification tool, users get updates on their investment and spending.
#8. Exclude from Advice.
With this platform, users can sync an account with their Personal Capital.
Having seen all this features you will agree with me that Personal Capital has a lot to offer. To know more about Personal Capital and to become a user, click the button below to get started.
What is Quicken?
Unlike Personal Capital that has existing 11 years, Quicken is a four years old budgeting software platform available for both Windows, Mac, and mobile devices.
Basically, Quicken provides subscription fee financial management services such as tracking spending, creating budgets, and monitoring bank and credit account balances.
With this platform, you can create plans that will help you minimize your spending and maximize their investments. Currently, Quicken is available in four unique plans: Starter, Deluxe, Premier, and Home & Business.
Just like Personal Capital, Quicken also has its own features that makes it unique from other option. Let’s look at some of the features.
Quicken Features
1. Online-based Platform
This feature is a desktop software feature that allows users to manage their money online from any web browser. With this feature, users can view their balances, transactions, budgets, accounts, and investment holdings.
2. Streamlined interface
This interface feature has a web dashboard that users to customize their view. With this interface, they can see as much detail as they prefer or streamline their view to see only the most essential information.
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3. Online bills
Online bills allow users to have access to over 11,000 digital creditors, including Adobe (ADBE).
4. Free updates
The free updates tool helps users to connect with other free features for the term of your software license. You can use this feature for up to 27 months without upgrading.
5. Invoice Customization
This Quicken feature allows entrepreneurs and business owners to design their customer invoices. They can add a logo, color, and payment links with the company’s address on the invoice.
6. Free Quicken bill pays
Through this Quicken feature, users can benefit from the bill payment tool, which you can access for 15 months for free.
7. Email Reminders
With Email Reminders, landlords can send their tenants alerts once their rate is due for renewal. Also, they can through this medium, send them receipts for payment after getting payment.
Personal Capital vs Quicken
Despite been the top leading personal financial management digital providers in the world, Personal Capital and Quicken differs in many ways. So, it’s important that before you use any of their products, you understand those features that distinguishes them.
Here are seven factors where they differ:
#1. Personal Capital vs Quicken: Pricing
Both financial management companies have a considerable pricing system, but personal Capital heads Quicken here.
This is because Personal Capital offers free services that allows users to access their stellar tools. They also have a tiered structure whereby most they will charge investors 0.89% as the fee for their assets.
Meanwhile, Quicken signs up requires you to pay an annual fee, which will be based on the product or package you want. You can go for Strater, Deluxe, Premier, or Home and business package. Moreso, you will get a 30-day money-back guarantee in each of the packages if you don’t want the product again.
#2. Personal Capital vs Quicken: Customer Service
They both have a strong customer care service that gives their users all the support they need.
With Personal Capital, users get answers to any question relating to their retirement and investment plans anytime. They allow users to talk to their experts either through email, chat or phone calls.
Quicken on its own offers similar supports too. The slight difference is that Quicken gives its registered users access to their customer services and their high-end version users’ higher support.
Why personal Capital is better here is because while it allows for phone calls with Advisory, Quicken doesn’t.
#3. Personal Capital vs Quicken: Retirement Planning
Retirement Planning is one of the important features both companies offer. So they are both good here.
Personal Capital has a free retirement planning feature that enables its users to determine how much they can save for retirement. It also helps them track their retirement objectives and goals.
Aside from the tracking ability, users can also access their 401(k) Fee Analyzer. With this Analyzer, they will know their costly retirement plan fund and how best to reduce it.
Meanwhile, Quicken allows its users to plan for their retirement using planning assumptions from other investment goals. Their users can also change their retirement planning package.
Unlike the personal Capital, Quicken added Lifetime Planner to their retirement planning feature, which will enable its users to predict their retirement benefits and returns from investments, savings and other assets.
#4. Personal Capital vs Quicken: Accessibility
How accessible a platform is, contributes to its usefulness. Personal Capital allows its users to access the platform from any device, be it desktop, tablets or mobile phones. As a user, you can download the app on Google Play or any online App Store.
Meanwhile, aside from the desktop app, Quicken has a mobile app too. This app is available iPhone, iPad, and Android devices users. Similar to Personal Capital, you can download Quicken from any App Store or Google Play.
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#5. Personal Capital vs Quicken: Synchronization
Synchronization has to do with having an identical file or data in over one location. With the Personal Capital Sync feature, you can link your account to any other financial account.
The only thing you need is a username and password of those accounts to enable personal Capital track them. Note, the accounts must be US accounts, they declines international financial accounts.
For Quicken, you can sync with many financial institutions. Similarly, you must have the usernames and passwords of the financial institutions you want to link you quicken Account to.
#6. Personal Capital vs. Quicken: Budgeting
With Personal Capital’s budgeting feature, users can create a household budget easily. They can also make a monthly spending target, test their budgeting performance and even track their income.
Meanwhile, the Quicken budgeting feature gives its users a real-life look at their spending habits, and how its effect on the household budget. More so, it helps them make a budget goal that is realistic.
#7. Personal Capital vs Quicken: Security
Once saving is concerned, security remains a major determinant of where to save or invest.
Personal Capital uses its servers to encrypts all the communications. With this, they have internal access control to your Personal Capital account, making it impossible for an external force to access your information.
Quicken on its own has multi-level security that protects its users’ data. Here, you’ll get 256-bit encryption, using Secure Socket Layer (SSL) to safeguard all data transmitted from your banks/financial institutions into Quicken.
Bottom Line
Both personal financial management providers offer top-notch services to their users which helps them in managing, saving, and investing their money. As such, we can’t say that any is better than the other.
This is because there are parts where Personal Capital gets the job faster than Quicken and part Quicken does better than Personal Capital too. While both platforms are top in what they do, they’ve upsides and downsides.
Therefore, considering which one to go for should base on your personal financial money management needs. The comparison compiled above will help you decide between Personal Capital and Quicken which is the best for you.
