From there, you enjoy access to weekly, monthly or yearly reports that detail your spending and transactions. Fee Analyzer. As mentioned previously, Personal Capital is transparent and open with each client.
To this end, it offers its Fee Analyzer tool to help you scour your existing investments for those hidden fees and costs that could be sapping money from your future. Recommendations for reducing or eliminating these fees are also offered with this tool. Investment Checkup. The tool evaluates your investments before recommending adjustments that will meet your long-term goals.
Investment Checkup holds up your current asset allocation with the ideal allocation to show your potential savings and returns. The comprehensive nature of this tool allows your portfolio to operate as tax-efficiently as possible within your appropriate risk tolerance.
To top off this multifaceted retirement planning tool, Personal Capital allows you to compare the past performances of your old and revamped portfolios. Your Portfolio Deserves a Second Opinion! Retirement Planner. The free Retirement Planner tool helps you see how your expenditures affect your retirement goals. These expenditures can be unforeseen circumstances, such as illness, property damage, loss of income, and the like.
You can maximize your savings by adjusting how you spend money and staying on track to meet your retirement goals. Perhaps best of all, your retirement plan is tailored to you and your specific needs. In addition, you have the support of live financial advisors to assist as needed. Private Client Services.
It only makes sense that the more money you make, the harder it can become to track your own finances. This is especially true for investors who possess a significant amount of money to invest. In order to provide its high-net-worth clients with exceptional attention and care, Personal Capital offers its Private Client service.
The perks of being a Private Client include:. Evaluate Your Spending! In addition to these services, Personal Capital can coordinate with your existing team of consultants. As a top personal finance software, Personal Capital can also help set up lines of credit, check writing or debit card services from your account through its strategic partnership with Bank of New York Mellon. Trust planning services are available to Private Clients, as well.
For these services, Private Clients pay no additional fees, only the standard fee for advisory services. The fee structure for Private Clients is as follows:. Next, you answer a series of intake questions designed to provide Personal Capital with an accurate picture of your finances.
From there, two licensed financial advisors are assigned to your new account. Personal Capital advisors bring years of experience in assisting both institutions and affluent clients. As an added level of customer care, your advisors have an open door policy, gladly fielding your questions and concerns at any time. They are available by phone, email or through an in-person meeting.
Your advisors then schedule a discovery meeting with you to discuss your long-term goals, retirement planning, lifestyle management, and risk tolerance, among other topics. After getting the requisite information, your advisors collaborate with the Personal Capital Investment Team to craft your personalized investment strategy.
If, after reviewing your investment needs and goals, Personal Capital decides it is a good match for you, it will open an account in your name with Pershing, its third-party custodian. From there, your advisors and the team at Personal Capital implement your investment strategy.
They monitor and rebalance your investments, keeping you on target for your long-term goals as well as further minimizing taxes.
To achieve tax-efficiency, Personal Capital performs regular tax-loss harvesting and reallocates your investments to tax-deferred accounts.
Personal Capital buffers you against loss through a number of additional applications, including:. Personal Capital Investment Principles. Another thing we liked about Personal Capital when we performed our retirement planning software reviews, was how stringent and disciplined it was in its approach to investing. Personal Capital operates according to model portfolio theory.
It optimizes your portfolio by orienting your assets around minimal risk and maximal yield. Your advisors and the Personal Capital Investment Team do not select assets in isolation.
Instead, they review how each asset will perform alongside every other investment in your account. Personal Capital also balances your portfolio based on sector, style, and size of assets. Furthermore, your ratio of stocks ranges from 70 to According to Personal Capital, this range has been proven to minimize stock risk. To further maximize your returns, Personal Capital hones your investments into six specific asset classes.
From there, your portfolio undergoes a daily review with subsequent rebalancing as warranted. Likewise, securities are rebalanced when they separate from the target in excess of 0. Outperforming the Market. As it pertains to US equities, the Personal Capital strategy was put to hypothetical backtests.
The result? Build a Personalized Plan! The goal of investment advisory is to help investors manage their money more effectively. However, the spirit behind such advice is education, including educating investors on their investments and how they work. Creating Capital consists of women helping women learn the principles of sound money management and investment strategy. Creating Capital was inspired by women at Personal Capital who met with each other once a month to review their finances.
The mission grew from there, to the point now where Personal Capital and Creating Capital team up with women outside of the firm to organize what are called Capital Circles.
Creating Capital offers a free toolkit to the leaders who found their respective Capital Circles. They can download lesson plans, learn from experienced Personal Capital advisors, and network with other members. From there, Circle leaders recruit members from their surrounding areas and meet to discuss finance and investing.
The members are challenged to thoroughly review their finances and grow their body of knowledge as it pertains to managing their money. Creating Capital posts lessons once a month on its site to facilitate further discussion within Capital Circles. To learn more about Creating Capital or to start a Capital Circle in your community, visit the Creating Capital website. Top-Notch Mobile Apps. Personal Capital makes it convenient for you to track your account details through the Personal Capital app.
Apps are available for mobile phones, tablets, and personal computers. With the Personal Capital app , you can receive real-time updates on all aspects of your finances. These include your investments, spending, allocations, current balance, sector weighting, and portfolio performance, to name a few. The Personal Capital app has been featured and recognized by a number of reputable media outlets.
These include:. WealthTrace Review. WealthTrace is a fee-based retirement planning software that offers tiered retirement planning tools for both investors and advisors. Whereas many financial advisors restrict their services to high-net-worth individuals, WealthTrace is available to the everyday investor, too. This increases access to professional financial planning services, allowing it to improve the lives and futures of more people. WealthTrace continues this trend by providing services to financial advisors, as well.
In effect, WealthTrace is the rising tide that lifts all boats. Photo courtesy of: Best Retirement Planning Software. Four Tiers of Service. WealthTrace offers three tiers, or levels of access, to its personal retirement planning software. These tiers feature, but are not limited to, the following perks:. Your account is limited to one plan with email support, a live chat with a WealthTrace advisor, access to expert planning, and the option to upgrade to a multi-plan account.
Subscribers to this plan receive unlimited use, email and phone support, chat support, the option to upgrade to a multi-plan account, and access to planning assistance from a WealthTrace expert. This plan features unlimited use as well as email, phone, and chat support; the option to upgrade; access to expert planning; and a Monte Carlo analysis of your portfolio.
The Advisor plan is geared toward financial advisors. Advisors enjoy email, phone, and chat support, not to mention an online client portal, fact finder, model portfolios, and access to customized reports. Tools for the Do-It-Yourself Investor. It wants its retirement planning software to empower such clients to feel in control, but not so in control that they have to go it completely alone.
WealthTrace hits the mark in this regard by structuring its retirement planning tools to walk you step-by-step through every financial variable. How much will you need to safely and comfortably retire for the rest of your life, anyway? You can find answers to these questions and more with WealthTrace personal retirement planning software. And since it wants to make it extra convenient for you, your plan is available no matter your digital medium, be it personal computer, smartphone or tablet.
On the topic of mobile access, you enjoy the freedom to adjust your financial data points at will and view results updated instantly. Whether you change your target retirement date, cash flow needs, budgeting plan or more, WealthTrace software gives you answers on your phone, computer or tablet whenever you need.
Automatic Data Collating. Part of the power behind the WealthTrace software lies in the amount of information that it collates on your behalf. However, WealthTrace software comes packaged with this information.
You input what you can, and the program takes care of the rest. Tax considerations, minimum distributions, account types, and more are factored into your plan for you. On the Advanced plan, you have the ability to run a Monte Carlo analysis on your financials. Detailed metrics help you see how your investments would stand up under a wide variety of economic hypotheticals.
In this way, WealthTrace software enables you to calibrate your plan to account for otherwise unforeseen circumstances that threaten to derail your retirement goals. Investors under the Advanced plan also receive expert planning assistance.
Thus, WealthTrace complements your autonomy with the knowledge and experience of its Chartered Financial Analyst. Think of it as you taking the wheel while letting WealthTrace act as your navigator from time to time. Help for Advisors, Too. Educational notes provide an overview of common benefit options, and the calculator quickly models monthly and lifetime benefit results, by spouse, by claiming age. It is important to be aware of the impact these changes may have on the surviving spouse's long-term results.
An effective rate for State income tax may also be entered, completing the picture of total tax liability. This is crucial, as taxes can have a significant impact on how long your savings may last. Projections are from the U. Department Of The Actuary. No other planning tool does this, and it has a huge effect on results. Each spouse may specify the age to start distributions between ages 55 and 72 to help with early retirement or to lower taxes by using more cash before using retirement savings.
All distributions account for any expenses not paid by income, as well as the tax liability on the distribution. This is essential, but it's a point that other planning tools ignore. Cash equal to 2 years future expenses minus income for those years is held in reserve to protect against having to sell investments at an inopportune time, or during a market downturn.
Savings last longer and tax liability is less than if only one fund type was exhausted at a time. Positive amounts may be assigned to either spouse's non-retirement cash or investment savings to take advantage of those respective interest or investment return rates.
How's that for complete? There's simply no other financial planning tool like The Complete Retirement Planner! While no plan can account for every possibility, or accurately predict the future, we believe that the need-based philosophy and individualized detail incorporated into this planning tool will come as close as possible to that goal.
In addition, the cost of TCRP must be affordable for everyone and represent an exceptional value. We encourage you to compare its extensive features to any other planning tool that you can find at double, or even triple, the cost. You can even compare the information this planner provides to financial plans costing thousands of dollars from professional advisers.
We are committed to providing the best possible retirement planning tool, at the best possible price. It's that simple. Stop guessing, start planning, and retire with confidence! The more I work with it the more I appreciate the built-in functionality and guidance. And all that for a cost that would not even buy me 20 minutes with a financial planner! Kenosha, WI. So nice to be able to adjust it on your own and not have to go back and forth to a planner and pay the money!
Another key, in financial-planning terms is to have "buckets" prepared well in advance of retirement. Kimball agrees: "Diversifying not only in what investments you choose, but also what kind of tax treatment those investments receive, is crucial. Generally, with tax-qualified, tax-deferred retirement plans such as a traditional IRA, k , or b , all money taken out is treated as taxable income.
Cramer, who has helped some of Bernie Madoff's victims get back on their feet, says the tax burden can be less if you spend your Roth IRA and savings before you spend a traditional IRA. For those people nearing retirement who haven't saved as much as they should, Kimball says they should max out whatever company-sponsored retirement plans are available.
You have to be realistic and ask yourself if you really can retire when you'd like. During retirement, it is critical to monitor your investments and current tax law. You should be positioned to take money from whatever 'bucket' is most beneficial at the time.
One of the best ways to accumulate savings is to max out the employer match—usually a k. He advises putting the maximum contribution into a Roth IRA if it's offered by your employer. You won't get a tax deduction with a Roth, but it will never get taxed. He works with high-net-worth corporate executives nearing retirement or in retirement. The real nitty-gritty of his job, he says, is the question, "How do I fund, potentially, a year retirement? Yu advises setting aside an emergency fund of six to 12 months' worth of cash.
Then you can look at ladder bonds and annuities for the future. Yu is also a fan of the Roth option. There is a mandatory distribution from k s and IRAs at age 72, and it's taxed as normal income required distributions were suspended for Yu advises people to invest 60 percent to 65 percent of their money in a Roth, and uses the "bucket" analogy again to explain his point. Ultimately, saving for retirement is an individual responsibility, and it's never too early nor too late.
If you get older, dampen your volatility. Empower yourself, try to help yourself learn. Christopher Kimball, founder of Christopher Kimball Financial Services, shared this advice for those who find themselves unexpectedly unemployed a few years shy of retirement:.
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