As more and more companies enter the Financial Technology space, I will share some of the ones I use or work with the site regularly to improve financial management. This will hopefully highlight financial services and products that are worthwhile to consider as you improve the health of your finances. These companies are reputable within their industries and known for providing quality services.
Financial Product Reviews
Personal Capital : This is a great platform for those interested in free financial tracking software and various options for investors to manage their accounts. I have found it as a great option to track my finances, investments and as a great aggregator for educational loans.
As the goals of a company are important, a good place to start is with the companies mission and values:
We believe in the power of technology to change the financial industry, making it more accessible, affordable, and honest. And we believe in the power of people to change the nature of investment advice, making it more transparent, objective, and personal.
The company was founded by Bill Harris; the former CEO of Pay Pal and Intuit. It is an investment advisor registered with the Securities and Exchange Commission (SEC), and since its founding in 2009 the company now 1,000,000 registered users, tracks $226 billion accounts, and has $2.3 billion assets under management.
Here is an introduction from the founder:
After signing up and opening up your free account, you are prompted to begin linking your accounts. As the accounts are linked, Personal capital then begins to aggregate your finances into an easy to use comprehensive dashboard.
The platform then serves as a financial aggregator that allows you to see all your accounts in on one dashboard.
Personal capital automatically calculates your Net Worth, Your Cash Flow(Income/Spending) and tracks your investment portfolio. It also allows for you to analyze your portfolio for high fees and asset allocation.
Free to Sign UpIf I choose to have my assets managed what are the fees?
fee schedule is as follows:
|First $1 million:||0.89%|
For clients who invest $1 million or more:
|First $3 million:||0.79%|
|Next $2 million:||0.69%|
|Next $5 million:||0.59%|
|Over $10 million:||0.49%|
Avoiding mutual funds - they are extremely tax-inefficient.
Asset location- For individuals with both taxable accounts and retirement accounts, this means placing the right investments in the right accounts. High-yielding stocks and fixed income generally go into tax-deferred or exempt accounts. REITs pay nonqualified dividends and should also be owned in retirement accounts.
Tax-loss harvesting. Because of individual securities, they can realize losses to offset gains or provide a deduction.
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