Is Personal Capital Available in Canada?

| September 19, 2022
✓ Verified by Matthew Jaekel

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

Interactive Brokers

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Mint

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Wealthsimple Trade

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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.

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Cons

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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 dashboard

Image: Personalcapital.com

Fun Fact

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?
  • Is the Personal Capital app legit?

I have been investing for half a decade, using the perspectives gained from my work experience in the private, public, and non-profit sectors to shape my investment outlook. I have a specific interest in the potential of emerging disruptive technologies and their impact on the future.