A pharmacist with an entrepreneurial streak, Harin is pursuing business ownership for a better work-life balance. Jenny, a Certified Public Accountant (CPA), has a propensity for personal finance and inspired her husband to discover the same. Together, they signed on as clients to consolidate investments, reduce fees, and work toward total financial freedom, both for themselves and for future generations.
What is your financial history?
Early on, we had about 10 different investment accounts. At the end of the year, trying to see the overall performance was a process of trial and error. We had everything from Edward Jones to robo-investors. We tested different firms just to see what worked best. Eventually, I started looking for a platform to aggregate all my different accounts.
Tell us about becoming a client.
The first advisor we spoke with explained that Personal Capital is a fiduciary, meaning they’re going to put our interests first as the client. And that’s just been true throughout the entire process.
How would you describe your relationship with your advisor?
I have a whole team of advisors. If I need someone to talk to me about X, Y, Z, someone on the team can help me if I need that one-on-one time. It’s cool to have an arsenal of advisors with different specialties.
What does financial freedom mean to you?
Financial freedom means that I’m working for fun, not working to sustain a lifestyle. Basically, you can live off your supplemental income. My goal is to get to that point as soon as possible so that I don’t have to allocate eight hours a day to earning an income.
Working with a financial advisor helps keep you grounded in your goals and your portfolio. The advice is yours. It should support your long-term financial health.
When Harin met Jenny, he decided to get his financial life in order.
Saddled with student debt and a stagnant credit score, Harin didn’t spend much time considering his long-term financial health. Urged on by Jenny, he made some major changes. He started to invest beyond tax-advantaged retirement accounts and sought a way to view his financial life more holistically. That’s when he signed up for the Personal Capital Dashboard.
Years later, after trying several different investment firms, Harin and Jenny met with an advisor from Personal Capital. Harin was sold on the Personal Strategy investment methodology, which provides portfolio balance across the market. “Consolidating investments in one place just means less to track,” he said. “Plus, the fees are lower.” This, in turn, helps them meet their goals: “Something as insignificant as half a percent now in the long run might shave off three months on how soon I can retire.”
They use their Personal Capital Dashboard to set goals and actively monitor their investments. “I instantly know my net worth every single day,” Harin said. “As markets go up and down, all my different investment buckets are linked into this platform so I can monitor performance.”
Working with their advisors, they prepare for life’s big milestones.
When the couple was expecting their first child, they wanted to revisit their financial plan. They worked with their advisors to identify short-term and long-term goals and then zeroed in on the best savings vehicles for each goal.
“Using all the tools that Personal Capital has to offer, we were able to actively contribute toward our goals, whether it be a certain amount of savings per month or a contribution toward retirement,” Harin said. “It’s been a great tracking tool.”
The visibility and open communication have helped Harin and Jenny face their finances head-on. “For many people, the biggest fear in personal finance is the unknown,” Harin said. “Personal Capital really helps bring into focus where you are and how you can achieve your goals.”
Now financially secure, the couple is invested in helping others thrive, too.
Harin wants to help his family and friends understand that when it comes to investing, the earlier they start, the better.
“The only asset people really have is their time,” says Harin. “For me now, the important decisions are how I can help set up my daughter when she is her grandparents’ age. Personal Capital is a really good tool for wherever you are financially.”
This testimonial is representative of the clients’ views at the time it was collected. Advisory services are offered for a fee by Personal Capital Advisors Corporation (“PCAC”), a registered investment adviser with the Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Investing involves risk. Past performance is not indicative of future returns. You may lose money. PCAC is a wholly owned subsidiary of Personal Capital Corporation (“PCC”), an Empower company. PCC is a wholly owned subsidiary of Empower Holdings, LLC. ®2021 Personal Capital Corporation. All rights reserved.