Both Personal Capital (Empower) and Betterment Premium cater to high-net-worth individuals seeking financial planning and investment management services. Personal Capital (Empower) stands out with its range of free financial tools and personalized investment strategies, while Betterment Premium offers unlimited access to CFP professionals. The choice depends on individual preferences regarding investment options, the level of personalized advice needed, and the importance of readily available customer support.
| Attribute | Personal Capital (Empower) | Betterment Premium |
|---|---|---|
| Account Management Fees | Management fees range from 0.49% to 0.89% annually, depending on the amount invested. 0.89% on the first $1 million. | 0.65% annually on the first $1 million. Discounted rates apply to balances over $1 million: $1–$2 million: 0.15% annual fee, Over $2 million: 0.10% annual fee |
| Minimum Investment Required | $100,000 | $100,000 across your IRA, HSA, Solo 401(k), and taxable investing accounts. |
| Investment Options Available | ETFs, Stocks, Bonds (for Private Client accounts with a minimum of $1 million) | Primarily ETFs. Includes core portfolios, socially responsible investing (SRI) options, innovative technology portfolios, BlackRock Target Income portfolios, Goldman Sachs Tax-Smart Bonds, Goldman Sachs Smart Beta, and a Crypto ETF. Flexible Portfolio option to adjust asset class weights. |
| Financial Planning Tools & Resources | Personal dashboard, Retirement planner, Net worth tracker, Budgeting and cash flow tools, Investment checkup, Fee analyzer, Savings planner | Goal-setting tools, retirement planning tools, ability to link external accounts, projections, and exclusive content. |
| Access to Certified Financial Planners (CFPs) | Access to a team of financial advisors is provided. Dedicated financial advisors are available for accounts above $200,000. CFPs are available upon request. | Unlimited access to a team of CFP professionals via phone and email, Monday to Friday, 10:00 a.m. to 7:30 p.m. Eastern. |
| Tax Optimization Strategies | Tax-loss harvesting, Tax-sensitive asset location, Building portfolios with tax-efficient ETFs and individual stocks. | Tax-loss harvesting. Advice on maximizing tax efficiency from an investment management and planning perspective. |
| Retirement Planning Services | Retirement planning tools and calculators, Retirement Planner with Monte Carlo simulations, Scenario planning, Retirement Paycheck service for tax-efficient withdrawals. | Tools to link external accounts, compare savings levels, project retirement spending, and determine appropriate savings vehicles. |
| Investment Portfolio Customization | Customizable portfolios are available, particularly for Wealth Management and Private Client services. Personalized investment strategy and advice. | Flexible Portfolio option to adjust asset class weights and choose exposure to REITs and commodities. Selection from various portfolio options like Smart Beta, Technology, and BlackRock Target Income. |
| Mobile App Availability and Features | Mobile app is available. Functionalities include access to free tools, financial dashboards, and account monitoring. The Personal Capital app automatically becomes the Empower Personal Wealth app upon updating. | Yes, Betterment has a mobile app that allows you to access personalized advice, send financial questions to experts, and manage your account. |
| Customer Support Channels and Responsiveness | Customer support is available, but some users have reported long response times or lack of response to support tickets. Email support is available. | Priority customer support via phone (Monday-Friday) and email. |
| Security Measures and Data Protection | Data encryption with AES-256, Multi-layer key management, Two-factor authentication, Strict internal access controls, No individual at Empower has access to user credentials. | Two-factor authentication, encryption, password hashing, SIPC insurance up to $500,000 (including $250,000 for cash claims), and app-specific passwords. |
| Educational Resources for Investors | Investment insights are provided. The Currency blog. | Provides educational resources to help understand investing and financial planning. |