7 Alternatives to Empower’s Investment Dashboard and Tools

Saving money on alternatives empower investment dashboard does not have to be complicated. We rounded up the essentials so you can spend less and skip the guesswork.

Key Takeaways

• Share This content is for educational purposes only and does not constitute financial advice, advisory, or brokerage services.
• We may earn compensation from some links on this page.
• This is a list of legit alternatives to Empower, formally known as Personal Capital.

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This content is for educational purposes only and does not constitute financial advice, advisory, or brokerage services. We may earn compensation from some links on this page. Learn more.

This is a list of legit alternatives to Empower, formally known as Personal Capital.

In this post, we’ll cover:

• Seven viable alternatives, categorized based on who they’re best for.
• The financial circumstances and goals for which these alternatives make sense.
• How each tool works, so you can make an informed decision going forward.

So if Empower hasn’t worked for you, give one of the options below a try.

Best Alternative For…CompanyBasic budgeting:Rocket MoneyComprehensive budgeting:YNABOne-on-one financial planning:Facet WealthAs-needed financial planning:BettermentMore customizable portfolios:M1 FinanceAlternative retirement planning tool:T. Rowe CostSavings withdrawal calculator:FIRECalc

#1. Best Basic Budgeting Tool: Rocket Money

Most free budgeting tools generate revenue from selling ads and promoting financial products like credit card offers. This clutter makes for a bad user experience. 

But Rocket Money makes money by selling a service: negotiating bills on your behalf (see how the pricing works in our Rocket Money review). This service is optional, so you can use Rocket Money’s budgeting tool for free.

The limitation of sticking with a free plan is that you’re only allowed to get alerts for going over budget in two categories. With the premium plan (which starts at $3 per month), you can get alerts for unlimited categories. 

Empower’s budgeting tool is also ad-free, making for a excellent user experience. But the dashboard explains a lot about the type of user Empower is good for: you’ll find your net worth, portfolio balances, retirement savings, market reports and more.

A screenshot from the Empower web dashboard.

Rocket Money’s budgeting tool is simpler, focusing on monthly cash flow and recent transactions.

The Rocket Money budgeting dashboard.

So if you’re looking for a simple way to track your income and expenses, and don’t need these in-depth investing tools, Rocket Money is my suggestion.

Visit Rocket Money to learn more.

#2. Best Comprehensive Budgeting Tool: YNAB

Most people looking for a budgeting tool want something simple. Mainly, an app that allows them to keep track of income and expenses (and to make sure there are no surprises). In other words, they want something to check in on once a week to make sure everything is on track.

YNAB (short for “You Need A Budget”) offers a much more comprehensive solution for people who want more insight into their budget. 

An overview from the YNAB website.

It’s the budgeting tool for those who want or need to closely monitor every dollar that comes in and goes out of their life. 

That’s why I frequently recommend this app to people who are struggling with debt, living paycheck to paycheck, or who are highly focused on saving for a specific goal (like a down payment on a home). 

There’s a learning curve to using YNAB, as the goal isn’t just to track your finances , it’s more about setting priorities and then managing your cash flow throughout the month to make sure your spending matches those priorities. 

This act in itself is really the core of what good financial planning is about. 

As with Rocket Money, YNAB is strictly a budgeting tool with no investment services or investment tools offered. However, unlike Rocket Money, there’s no free version , you’ll need a subscription (which starts at $11.99 per month).

If you’re looking to transform your relationship with money and gain much more control over your cash flow, I’d highly recommend giving YNAB a try. 

There’s a free 34-day trial to get started.

Visit YNAB to learn more.

#3. Best Alternative for Investors Who Want One-on-One Financial Planning: Facet Wealth

At 0.89% for the first $1 million you invest, Empower’s fee is on the higher side compared to most robo-advisors. One benefit of paying that fee is that in addition to the platform’s automated investing tools, you also get unlimited advice from Empower’s team of financial advisers. 

If you’re looking for a similar level of one-on-one advice, along with portfolio construction, Facet Wealth is a potentially less expensive alternative. 

Like Empower, Facet Wealth manages your portfolio and offers one-on-one financial advice. All the advisers you work with at Facet Wealth are fiduciaries. 

Clients of Facet Wealth start by paying a flat fee for their services, which begin at $1,200 annually and increase up to $6,000 based on complexity. 

Facet Wealth then constructs a portfolio based on your goals using low-cost ETFs, where you’ll also pay a small fee. For example, VOO , Vanguard’s ETF Fund that tracks the S&P 500 , has an expense ratio of 0.03%.

A flat fee vs. an annual management fee can be a pro or a con based on how much you invest. Higher net-worth investors can save money by paying a flat fee for advice, while those with smaller balances may end up paying more. 

Here’s how the annual fee would work out on a million-dollar portfolio:

Fee StructureAnnual FeeEmpower0.89% management fee $8,900Facet Wealth$1,200 flat fee + 0.05% ETF expense ratio$1,500

A $100,000 portfolio would have the following fee structure:

Fee StructureAnnual FeeEmpower0.89% management fee$890Facet Wealth$1,200 flat fee + 0.05% ETF expense ratio$1,230

Facet Wealth doesn’t require a minimum balance to work with the company. 

Related: How to get affordable or free financial planning.

#4. As-Needed Financial Planning: Betterment

With Empower, you get unlimited access to either a team of financial advisors (if you have under $200,000 in assets) or two dedicated financial advisors (if you have more than $200,000 in assets). 

Betterment offers similar unlimited access to a team of CFPs for accounts with at least $100,000 in assets, for an additional 0.15% management fee. While these advisors are not dedicated, the total all-in fee for this access would be 0.40% (which includes the platform’s robo-advisor services). 

The difference between Facet Wealth’s financial planning services (which we mentioned above) and Betterment’s financial planning services is that with Facet Wealth, you work with an individual CFP® to develop a financial plan from the ground up. Betterment Premium is more for those who have questions throughout the year and want to get feedback on whether they’re doing the right thing. 

Betterment also offers a la carte financial planning services to cater to those who only need to speak to a professional every once in a while. 

Types of financial planning services available with Betterment on an a la carte basis.

#5. Best Alternative for Investors Seeking More Investment Options: M1

A primary benefit of Empower is hands-off portfolio construction.

For those who want more control over their portfolio , like access to individual stocks and cryptocurrencies , a good brokerage to turn to is M1 Finance. 

The platform has an automated investing aspect, which offers optimized portfolios similar to what you’d get with Empower. But you also have the ability to invest in individual equities, ETFs and crypto.

Like Empower, M1 offers access to both a traditional and Roth IRA.

Learn more in our Final Thoughts

The bottom line: a little research on alternatives empower investment dashboard goes a long way. Compare your options, watch for seasonal offers, and never pay full price when a better deal is one click away.

Originally published at thewaystowealth.com.