Personal Capital — now rebranded as Empower — has long been a favorite for users who want a comprehensive free financial dashboard. It combines budgeting, net worth tracking, investment monitoring, and retirement planning in a single free app. With Mint gone, Empower has emerged as one of the strongest free alternatives. But is it actually worth using, or is the free experience a thin veneer over a sales funnel for managed investment services? After thorough testing, here is the complete review.
This post covers what Empower (formerly Personal Capital) does well, where it falls short, and who should consider using it.
What Empower Is
Empower is a free personal finance platform that aggregates all your accounts in one place. It is best known for its strong net worth tracking and investment tools, but it also includes budgeting, retirement planning, and educational content.
Core Features
Free bank and investment account syncing
Real-time net worth tracking
Cash flow analysis
Investment fee analyzer
Retirement planner
Asset allocation tools
Budgeting (lighter than dedicated budgeting apps)
Bill tracking
Cost
Free for budgeting, tracking, and planning tools
Optional paid wealth management services for users with $100,000+
Free means free. No paywalls on the core features.
What Empower Does Well
Comprehensive Free Account Aggregation
Links bank accounts, credit cards, investment accounts, retirement accounts, real estate, and more — all free.
Excellent Net Worth Tracking
Real-time net worth across all account types. Beautiful charts and historical trends.
Investment Fee Analyzer
Reveals the hidden cost of investment fees over your lifetime. This single feature has saved users thousands.
Retirement Planner
Projects retirement readiness based on current savings, investments, and projected income. Highly motivating.
Asset Allocation Tools
Shows whether your portfolio is appropriately diversified.
Strong Mobile and Web Apps
Well-designed apps across platforms.
Where Empower Falls Short
Budgeting Is Limited
The budgeting features are basic. If budgeting is your primary need, Empower is not the strongest tool.
Sales Pitches for Managed Services
Users with significant assets sometimes get contacted by Empower advisors. Some users find this intrusive.
No Bill Negotiation
Unlike Rocket Money, Empower does not help negotiate or cancel bills.
Limited Goal Tracking
Goal features are less developed than dedicated budgeting apps.
Methodology-Light
No enforced budgeting methodology.
Who Should Use Empower
Investment-Focused Users
If you have meaningful investments, Empower's tracking is among the best free options.
Net Worth Trackers
If you want to monitor net worth across many accounts, Empower delivers.
Retirement Planners
The retirement planner is genuinely useful.
Former Mint Users Wanting Free
Empower is the closest free experience to old Mint.
Users Who Want a Secondary Tool
Many users run Empower alongside a dedicated budgeting app like YNAB or Monarch.
Who Should Skip Empower
Pure Budgeters
Go with YNAB, Monarch, or PocketGuard.
Users Who Hate Sales Outreach
If the prospect of an advisor contacting you bothers you, look elsewhere.
Users With No Investments
If you have no investment accounts, Empower's strongest features are wasted.
How to Get the Most Out of Empower
Step 1: Link All Accounts
The more accounts, the more powerful Empower becomes. Link checking, savings, credit cards, retirement, brokerage, real estate, and vehicles.
Step 2: Run the Investment Fee Analyzer
One of the highest-value first uses. Identify any fee leaks in your portfolio.
Step 3: Use the Retirement Planner
Input your current and expected income, savings rate, and target retirement age. The projection is sobering and motivating.
Step 4: Check Net Worth Monthly
Watch the trajectory. Use it for motivation.
Step 5: Track Spending in Categories
Even though Empower's budgeting is light, the spending visibility is useful.
Empower vs Other Apps
Empower vs YNAB
Empower is free but methodology-light. YNAB is paid and methodology-heavy. Different tools for different jobs.
Empower vs Monarch
Empower is free with stronger investment focus. Monarch is paid with stronger budgeting.
Empower vs Mint (Historical)
Empower is what Mint hoped to be — more focused on investments and net worth, less cluttered with ads.
Pairing Empower With Other Apps
Empower + YNAB
The combination gives you methodology (YNAB) plus net worth and investments (Empower) at moderate total cost.
Empower + Monarch
Less common but works. Monarch handles budgeting, Empower provides extra investment depth.
Empower + Spreadsheet
For users who want free tools only.
Most engaged users find Empower works best in combination with a dedicated budgeting tool.
Common Empower Mistakes
Ignoring Net Worth Visibility
The net worth dashboard is Empower's killer feature. Use it monthly.
Skipping the Fee Analyzer
Many users have hundreds of dollars in hidden investment fees. The analyzer reveals them.
Treating It as a Budgeting App
It is more of a wealth tracking app. Budgeting features are basic.
Engaging With Sales Outreach Without Need
If an advisor contacts you and you do not want services, politely decline.
A Sample Setup
Meet Sam, mid-career professional with multiple retirement and investment accounts.
Sam's Setup
Linked checking, savings, credit cards, 401(k), Roth IRA, brokerage, HSA, real estate
Used Empower for monthly net worth check
Ran fee analyzer and switched two funds to lower-cost alternatives, saving ~$800/year in fees
Used retirement planner to confirm on-track status
Combined with YNAB for daily budgeting
The combination cost ~$100/year (YNAB subscription) but provided comprehensive financial visibility.
Privacy and Security
What Empower Does
Bank-level encryption
Read-only account access
Two-factor authentication
Strong privacy policies
Regulated as a financial advisor (additional oversight)
Security posture is strong.
What About the Managed Services?
Empower offers managed investment services for users with $100,000+ in investable assets.
Pros
Professional management
Tax optimization
Custom portfolio design
Holistic financial planning
Cons
Annual fees (~0.89% for first $1M)
May not outperform low-cost index funds
Some users find the sales pitches uncomfortable
Most users will be better served by self-managed index investing. The managed service is a niche offering, not a requirement to use the free app.
Conclusion: A Strong Free Tool, Especially for Wealth-Focused Users
Empower (formerly Personal Capital) is one of the best free personal finance tools available. Its net worth tracking, investment fee analyzer, and retirement planner are exceptional. The budgeting features are weaker, but for users who pair Empower with a dedicated budgeting app, the combination is hard to beat at the price.
If you have investments and want a free way to see the full financial picture, Empower is essentially mandatory.
Take action today. Sign up for Empower at no cost. Link all your accounts. Run the investment fee analyzer. Check your net worth. Use the retirement planner. By the end of an hour, you will have a complete view of your financial life — for free.
