Currently, Personal Capital is not available in Canada.
Personal Capital provides wealth management services and a free financial dashboard that helps users track their personal net worth, budget their finances, and invest.
Their primary focus is on retirement planning and providing these tools to ensure financial preparedness when retiring.
Personal Capital also provides wealth management services, however, only with a minimum investment of $100,000.
Best Alternatives to Personal Capital Canada
A low-fee platform that offers access to a variety of asset classes. A great option for advanced traders, as the platform offers a variety of technical tools and market research.
- Ability to purchase fractional shares.
- Low commissions, especially for high-frequency traders.
- The platform is not as user-friendly as other options.
- The pricing structure is complex, and understanding commissions may be difficult at first.
Mint is a personal finance application that helps users track their cash flow and create budgets to understand their finances and spending habits.
- Mint is completely free to the general public and includes several features and alerts that users wouldn’t get from traditional financial institutions.
- Customizable personal financial reports and easily digestible presentation.
- Does not have any investing features.
Wealthsimple was the first platform to offer zero-commission trading in Canada. The platform is a great choice for new investors, offering basic features with a polished, user-friendly interface.
- No account minimums required.
- Easy-to-use mobile and web platforms.
- Plus subscription required to have a USD account to avoid FX fees.
- Lack of advanced features such as options trading.
Several companies provide similar, if not the same, types of services that Personal Capital offers.
Even though there are different alternatives to Personal Capital in Canada, choosing the right one will require investors to define their needs and select the platform that best matches them.
Will Personal Capital be Coming to Canada?
Unfortunately, at this time, Personal Capital is not available in Canada and has no plans to expand outside the United States.
What Is Personal Capital?
Personal Capital was one of the first robo-advisors in the digital investment management sector.
It offers a variety of free money management and investment tools that users can utilize for investment management, cash flow, and retirement planning.
Despite the free services, Personal Capital requires a minimum investment of $100,000 to use its wealth management services.
The AUM fees start at 0.89% from $100,000 up to $1,000,000 and are reduced as additional capital is invested.
Generally, people with higher net worth can take advantage of the investment management services custom-tailored to the individual and the dedicated certified financial advisors.
Through the Advisors Personal Strategy process, Personal Capital can customize a portfolio for each client based on a questionnaire the client fills out and an interview with their certified financial advisor.
The questionnaire feeds into an algorithm based on the following factors and others to reach a potential portfolio: assets, timeline and goals for specific periods, risk tolerance, net worth and income and more.
Personal Capital dives deep into personal finances and goals and can make an educated recommendation through this process.
In addition to the wealth management services, Personal Capital also provides services such as: goal planning, account services (banking), cash management and more.
It’s up to you to decide whether Personal Capital is the best option for your needs.
Personal Capital’s algorithm is designed to optimize your portfolio to minimize tax yield loss. The strategy includes asset allocation in tax-efficient accounts, investing in tax-efficient funds, and tax loss harvesting.
Frequently Asked Questions
- Is Personal Capital available in Canada?
Personal Capital is not available in Canada. In order to use their services, users must prove that they are US citizens or permanent residents over 18 years of age.
- Is the Personal Capital app legit?
Personal Capital takes advanced measures to ensure your money is secure through high-level encryption, multi-factor authentication, and biometrics. Data is transferred safely through encrypted methods and isn’t sold to third parties. In addition, there is active monitoring of your account for fraud detection and prevention through some of the best security firms in the world.