Wondering if Empower is the right tool to help you track your net worth, budget, and investments? This Empower Review explains what the platform offers, who benefits most, and how to get started.
Managing finances can feel complicated when you have multiple bank accounts, credit cards, loans, and investment accounts. Financial tools and money apps can simplify that process, and Empower (formerly Personal Capital) is one of the best free options for consolidating and analyzing your financial life in one place.
I first reviewed Personal Capital several years ago; since then the company rebranded as Empower but retained its free financial dashboard and planning tools. Below I summarize how the service works, the main features, pros and cons, and whether it might be a good fit for you. I also share practical tips for getting the most from the free tools.
My Empower Review
Here’s a clear overview of what I think about this popular financial planning platform and how it can help everyday users.
What is Empower?
Empower is a financial services company that offers a free Personal Dashboard used by millions to track net worth, spending, and investments. The platform lets you link checking and savings accounts, credit cards, loans, and investment accounts to create a single financial snapshot. It offers free planning tools and, for people with at least $100,000 in investable assets, optional paid wealth management services.
Empower is especially useful for:
- People who want to track net worth without spreadsheets
- Budgeters who want a consolidated view of spending
- Investors who want to analyze fees and portfolio performance
- Anyone planning for retirement and seeking projection tools
You do not need to use the paid wealth management service to access Empower’s free dashboard and tools.
How is Empower helpful for the average person?
Even if you have only a small amount invested or are just starting to manage your money, Empower is useful. Key benefits include:
- Seeing all of your accounts in one place instead of checking multiple sites
- A budgeting overview that shows where your money goes each month
- Clear cash-flow reporting so you know income vs. spending
- Tools that reveal hidden investment fees
- A retirement planner that projects whether you’re on track based on real account data
Whether your goal is paying off debt, investing more wisely, or planning for retirement, Empower simplifies the work of monitoring progress and making informed decisions.
How does Empower work?
Getting started is straightforward:
- Sign up for a free Empower account.
- Link financial accounts: checking, savings, credit cards, loans, and investment accounts.
- Empower imports and categorizes transactions automatically.
- View net worth, spending, investment performance, and planning tools from your dashboard.
Accounts update automatically, typically daily, so you don’t have to enter transactions manually like with a spreadsheet.
Main Tools You Can Use on Empower
Empower’s free platform includes several useful tools for tracking and planning your finances.
1. Free financial dashboard
The dashboard aggregates your financial information so you can quickly review:
- Your net worth (assets minus liabilities)
- Cash flow (income versus spending)
- Investment balances and performance
- Personalized tips to improve finances
It’s an effective, no-cost way to track net worth and overall financial health without maintaining spreadsheets.
2. Budgeting and cash flow tracking
The budgeting tool offers a high-level view of spending. It automatically categorizes transactions, tracks monthly cash flow, and shows spending by category like groceries, restaurants, and shopping. While it’s not as granular as some dedicated budgeting apps, it’s very useful for monitoring overall trends.
3. Investment checkup
The Investment Checkup evaluates your portfolio to identify:
- Portfolio performance relative to benchmarks
- Whether your holdings are properly diversified
- Excessive fees that may be eroding returns
This tool helps investors make data-driven adjustments without deep technical expertise.
4. Retirement planner
The Retirement Planner is a standout free feature. It lets you:
- See whether your current savings rate is likely to meet your retirement goals
- Test scenarios such as retiring early or changing savings rates
- Model major life events—buying a house, having children—and their impact on retirement
- Simulate economic downturns to see how a recession could affect your plan
This makes it easier to evaluate how different choices affect long-term outcomes.
5. Retirement Fee Analyzer
Investment fees can significantly reduce long-term returns. Empower’s Retirement Fee Analyzer:
- Identifies fees in 401(k)s, IRAs, and other retirement accounts
- Projects how fees affect savings over time
- Suggests lower-cost alternatives when appropriate
Using this tool can lead to substantial savings over decades with relatively small changes.
6. Empower wealth management (paid service)
Empower offers a paid wealth management service for accounts with $100,000 or more in investable assets. Subscribers receive a dedicated advisor, personalized retirement planning, and other services. Fees vary by balance.
You can use the free dashboard and planning tools without signing up for wealth management. If you list more than $100K in assets, Empower advisors may contact you with an offer; you can decline if you prefer to keep using only the free tools.
Pros and Cons of Empower
Below is a concise list of Empower’s main advantages and potential downsides.
Pros:
- Free to use for net worth and spending tracking
- Strong tools for investment and retirement planning
- Identifies hidden fees that can erode returns
- Clear, user-friendly dashboard that consolidates finances
Cons:
- Advisors may reach out if you link more than $100K in assets (you can decline their offer)
- Budgeting features are more basic than those in some specialized apps
- Some users might be uncomfortable linking financial accounts to a third party
How To Get Started With Empower
To begin using Empower:
- Sign up for a free account.
- Link your financial accounts to create a complete picture of your money.
- Start tracking net worth, spending, and investments right away.
Frequently Asked Questions About Empower
Common questions about security, cost, and usability are answered here.
Is Empower safe to use?
Yes. Empower uses bank-level encryption and two-factor authentication. It aggregates and analyzes account data but cannot move your money. I have personally connected my accounts to the dashboard and find the security measures robust.
Does Empower cost money?
The financial dashboard and many planning tools are free. The wealth management service is paid and charged based on assets under management. You can use the free tools without subscribing to paid advisory services.
Is Empower a good app?
Yes. Empower is among the best free financial tracking platforms available. Many users appreciate its net worth tracking, investment analysis, and retirement planning features.
What are some common Empower complaints?
Common complaints include occasional outreach from Empower advisors if you link over $100K and the budgeting tool being less feature-rich than some specialized budgeting apps. Others simply prefer not to link accounts to third-party services.
Did Empower used to be called Personal Capital? Why the change?
Yes. The company rebranded to Empower after acquiring Personal Capital in 2020 and consolidated services under the Empower name.
Is Empower Worth It? My Final Thoughts
If you want a free, straightforward way to consolidate your financial accounts, track net worth, monitor cash flow, analyze investments, and plan for retirement, Empower is worth trying. The dashboard delivers meaningful insights without manual data entry, and its retirement and fee-analysis tools can highlight opportunities to save and invest more effectively.
For people who prefer to manage finances themselves, the free Empower tools are often sufficient. If you value hands-on financial advising and have significant investable assets, the paid wealth management service may be worth considering—but it’s optional.
Please click here to use Empower for free.
Have you used Empower? Do you prefer spreadsheets or a financial tool to manage your money?
Note: To protect privacy, the images shown in this review were provided by Empower and are not personal account screenshots.
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- How To Create a Realistic Financial Plan (That You’ll Actually Stick To)