How to Manage All Your Financial Accounts With One Tool

in Financial Planning by

[dropcap]H[/dropcap]ow many bank accounts do you have? A study by Personal Capital discovered the average number of financial institutions on a per-user basis is about 15. If you do your banking online, that means having to remember 15 different usernames and passwords, 15 different websites and 15 different compilations of personal financial data.

If you’ve ever wanted to be able to view all of your financial information in one secure place, you’ll want to try Personal Capital. Signing up for Personal Capital’s free software takes no time at all. When you sign up and link your financial accounts, Personal Capital does the rest. The more accounts you link to the secure Dashboard, the more complete your financial picture and the easier it is to monitor your finances on a regular basis to keep your goals on track.

With high-level security to keep your information safe, Personal Capital analyzes your data and gives you a holistic picture of your income, spending habits, savings trends, investment performance, asset allocation and bills due — for free. Want to see how your spending habits have changed over the past few months or where the bulk of your income goes on a monthly basis? It’s easy to see all of this, and more, from your Personal Capital Dashboard.

Financial dashboard

Personal Capital’s dashboard

Personal Capital also has free tools to monitor investment performance. The free Investment Checkup tool reveals any areas of potential risk in your portfolio, such as stock concentration and exposure. You can also determine if your asset allocation is appropriate for your personal financial goals. You can also adjust your target allocation by simply typing in your age, when you expect to retire and your investment risk tolerance. It’s easy and takes just a few seconds to complete.

Portfolio checkup

Personal Capital’s investment checkup tool

Want to know how much your investments cost you over time? Personal Capital’s Mutual Fund Fee Calculator shows you where you may be paying too much — and how much mutual funds will cost you 10, 20, or 30 years from now. The calculator lists the investments that are charging you fees on a regular basis, and shows you the tax cost ratio, the turnover ratio, and the expense ratio, among other important details. It’s a free tool that could also end up saving you money in the long run.

Personal Capital’s mutual fund fee calculator

If you like to have access to your financial accounts while on the go, you’ll want to check out Personal Capital’s mobile app for iPad and iPhone. The app provides all of the great features found on Personal Capital’s online Dashboard, but also gives you access to the Universal Checkbook tool. The Universal Checkbook lets you link your checking accounts and move money between accounts or send money. All it takes is a snapshot of one of your checks, and with just a few taps, you can send money to anyone, anywhere.

Sign up for your free account today at PersonalCapital.com.

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Disclaimer. This communication and all data are for informational purposes only and do not constitute a recommendation to buy or sell securities. You should not rely on this information as the primary basis of your investment, financial, or tax planning decisions. You should consult your legal or tax professional regarding your specific situation. Third party data is obtained from sources believed to be reliable. However, PCAC cannot guarantee that data's currency, accuracy, timeliness, completeness or fitness for any particular purpose. Certain sections of this commentary may contain forward-looking statements that are based on our reasonable expectations, estimate, projections and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not a guarantee of future return, nor is it necessarily indicative of future performance. Keep in mind investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.