Personal Capital

Personal Capital is an online financial advisor and personal wealth management company headquartered in Redwood Shores, CA with offices in San Francisco, CA, Denver, CO, Dallas, TX and Atlanta, GA.[3]

Personal Capital
TypeSubsidiary
IndustryFinance
FoundersBill Harris, Rob Foregger, Louie Gasparini, Paul Bergholm
HeadquartersRedwood Shores, CA
Area served
United States
Key people
AUM$16.5 billion[2]
ParentEmpower Retirement
Websitewww.personalcapital.com

History

Personal Capital was founded by Bill Harris, Rob Foregger, Louie Gasparini and Paul Bergholm in 2009.[4] Personal Capital was formerly known as SafeCorp Financial Corp.[5] The name was changed in 2010 and publicly launched on September 9, 2011.[5][6] Since 2012, Personal Capital has been registered with the U.S. Securities and Exchange Commission (SEC) as an investment advisor.[7]

In both 2014 and 2015, Personal Capital was named to CNBC Disruptor 50 list.[8][4] In June 2015, Personal Capital had over $1.5 billion in assets under management.[9] In September 2015, there were 800,000 people using Personal Capital's free investing tools to monitor $150 billion in assets.[9]

In June 2016, National Basketball Players Association (NBPA) teamed up with Personal Capital through a financial education program.[10]

In December 2016, Personal Capital raised $25 million in Series E funding from IGM Financial, closing the round at $75 million.[11]

In July 2020, Canadian-owned, Denver-based Empower Retirement announced it would be purchasing Personal Capital for $825 million plus a contingency payout.[12][13]

Product

Since inception, Personal Capital has provided both free and paid wealth management products.[8]

Free registration has included a digital overview of user finances along with access to Personal Capital's financial analytic and planning tools.[14] Users link their banks, brokerages, 401(k)s, mortgages, credit cards, and loans. Analytics and planning advice is then automated through a 401(k) fee analyzer, retirement planner, mutual fund analyzer, an investment checkup, and cash flow tool.[8][14] A free Personal Capital app for iOS and Android devices has also been available to all users with the same monitoring, analytic, and planning functionalities as the web version.[15][16]

Managed accounts have been an available option for clients with a minimum of $100,000[17] in assets and include a team of financial advisors assigned to each account in exchange for a fee.[14]

Security

Personal Capital partners with Yodlee Interactive to store and secure customer brokerage credentials.[18][19]

References
  1. "About Us - Personal Capital".
  2. "About Us - Personal Capital".
  3. "Contact Us - Personal Capital".
  4. "17. Personal Capital:Online 360-degree personal finance platform". CNBC. CNBC.
  5. "Company Overview of Personal Capital Corporation". Bloomberg L.P. Bloombert. Retrieved 16 November 2015.
  6. Schonfeld, Erick. "Former Intuit CEO Bill Harris Launches Personal Capital". TechCrunch. TechCrunch. Retrieved 15 November 2015.
  7. "PERSONAL CAPITAL ADVISORS CORPORATION". US Securities and Exchange Commission. Retrieved 14 November 2015.
  8. "18. Personal Capital". CNBC. Retrieved 16 November 2015.
  9. MacKillop, Scott. "Almost lost in the robo shuffle, Personal Capital, in its 'special category,' is winning as told by an overlooked metric: revenues". RIABiz. RIABiz. Retrieved 16 November 2015.
  10. "NBPA Teams Up With Personal Capital App To Improve Player's Financial Skills". SportTechie. 2016-06-09. Retrieved 2018-05-18.
  11. "Personal Capital Receives $50M in Equity and Debt Funding". FinSMEs. 2016-12-15. Retrieved 2016-12-16.
  12. Forbes.com
  13. "Empower Retirement to acquire Personal Capital" (Press release). Empower Retirement. 2020-06-29.
  14. Taulli, Tom. "When Personal Capital Talks, People Should Listen". Forbes. Forbes.
  15. Cannon, Andrea. "These 5 Apps Will Help You Finally Organize Your Money". WiseBread. WiseBread. Retrieved 16 November 2015.
  16. Fontinelle, Amy. "BillGuard Vs. Mint Vs. SigFig Vs. Personal Capital". Investopedia. Investopedia. Retrieved 14 November 2015.
  17. O'Shea, Arielle. "Online Advisor Personal Capital Lowers Account Minimum". nerdwallet. Retrieved 12 January 2016.
  18. Bernard, Tara Siegel. "Personal Capital Aims to Be Next-Generation Financial Adviser". New York Times. New York Times.
  19. Hope, Bradley. "Provider of Personal Finance Tools Tracks Bank Cards, Sells Data to Investors". Wall Street Journal. Wall Street Journal.
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