Personal Capital
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Finance |
| Founders | Bill Harris, Rob Foregger, Louie Gasparini, Paul Bergholm |
| Headquarters | Redwood Shores, CA |
Area served | United States |
Key people |
|
| AUM | $21.9 billion |
Number of employees | 1,193 |
| Parent | Empower Retirement |
| Website | www |
Personal Capital operates as a digital financial advisory and wealth management company based in Redwood Shores, CA, with additional offices located in San Francisco, CA, Denver, CO, Dallas, TX, and Atlanta, GA.
History
The company was established in 2009 by Bill Harris, Rob Foregger, Louie Gasparini, and Paul Bergholm under the name SafeCorp Financial Corp. It underwent rebranding in 2010 and officially launched its services to the public in September 2011. Since 2012, Personal Capital has been registered as an investment advisor with the U.S. Securities and Exchange Commission (SEC).
In mid-2016, Personal Capital collaborated with the National Basketball Players Association (NBPA) to provide a financial literacy initiative. Later that year, the firm secured $25 million in Series E financing from IGM Financial, increasing its total capital raised to $75 million.
In July 2020, Empower Retirement—a Denver-based company with Canadian ownership—acquired Personal Capital for $825 million plus potential additional payments. By February 2023, Empower completed the rebranding of Personal Capital and integrated all associated products under the Empower brand.
Product
From its launch onward, Personal Capital has provided both complimentary and fee-based wealth management solutions.
Users who register for free gain access to a digital financial dashboard alongside Personal Capital’s suite of analytical and planning tools. This platform enables integration of various financial accounts such as banks, brokerage firms, 401(k) plans, mortgages, credit cards, and loans. Automated features include tools like a 401(k) fee analyzer, retirement planning module, mutual fund evaluator, investment health checkup, and cash flow tracker. The mobile application available on iOS and Android mirrors the web platform’s monitoring and planning capabilities.
For managed investment accounts, clients must maintain a minimum balance of $100,000 and receive personalized service from a dedicated team of financial advisors for a management fee.
Security
To ensure secure handling of client brokerage login information, Personal Capital collaborates with Yodlee Interactive for credential storage.