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Daily Capital

SigFig vs. Personal Capital

Automated investment advisors make investing accessible for the average person, but you may not know where to start.

Nobody wants to be a slave to their investments. What if you could take the guesswork out of your investment strategies and let technology handle it for you?

When considering SigFig vs. Personal Capital, both automate much of the planning and investing process. Because most investors don’t have the time or resources to stay up-to-date with what is going on in the world of investments, both platforms offer various tools and calculators to find exciting portfolio opportunities.

Whether you opt for Personal Capital vs. SigFig, you can keep your eyes on what matters most in life without being buried by the details of your finances.

About Personal Capital

Personal Capital provides digital wealth management and full-service advisors available by phone. As of November 2021, it managed $21.8 billion in assets and has more than 3 million dashboard users.

The platform caters to high-net-worth individuals. But no matter your wealth level, you get access to the best resources, like planning tools, and financial dashboards, to monitor your portfolio.

Personal Capital also links your financial accounts for a convenient all-in-one overview of your financial picture. You can connect IRAs, 401ks, mortgages, loans, checking and savings accounts, and credit cards in one place.

Besides the resources and tracking tools, Personal Capital has human advisors available. You can talk to a professional planner and develop a personalized plan to meet your goals.

About SigFig

SigFig is a robo-advisor investment management software. It works exclusively with Fidelity, TD Ameritrade, and Schwab accounts.  As of December 2021, SigFig has $1.4 billion in managed assets with nearly 30,000 customers.

SigFig has low-cost ETFs to help build your portfolio and is especially suited for new investors. Users can connect their brokerage or IRA accounts, and the platform analyzes your investments to make recommendations. It uses the information you provided to suggest and execute trades.

The service focuses on the value of automatic trades and rebalancing, such as dollar-cost-averaging, where you invest regular amounts over a period of time. SigFig also emphasizes tax efficiency and tax-harvesting to help you make the most of your investment dollars.

With SigFig, existing Fidelity, Schwab, and TD Ameritrade users get free access to a portfolio dashboard. However, you need a managed account to access specialized features like tax harvesting, reinvestment, and rebalancing.

Personal Capital vs. SigFig: Account Types

Personal Capital and SigFig provide a variety of account types to help you meet your investment goals.

Worth noting, these two services are different from budgeting software like Mint, YNAB, and Quicken. Instead, Personal Capital and SigFig emphasize investment selection, asset balance, retirement, and relevant taxes. As a result, they are more similar to portfolio management services like Vanguard and Wealthfront.

Comparing SigFig vs. Personal Capital will show that all account types aren’t available on both platforms.

Personal Capital Account Types SigFig Account Types
  • Individual taxable accounts
  • Joint taxable accounts
  • Traditional IRA accounts
  • Roth IRA accounts
  • SEP retirement account
  • Trusts
  • Cash management accounts
  • Individual taxable accounts
  • Joint taxable accounts
  • Traditional IRA accounts
  • Roth IRA accounts
  • SEP retirement accounts
  • Trusts

Personal Capital vs. SigFig: Features and Accessibility

Personal Capital and SigFig both use technology to support their investment strategies. However, both highlight access to human financial advisors. Personal Capital users with at least $100,000 in investment assets include unlimited access to advisors. SigFig has a much lower threshold for access to financial management at $10,000.

SigFig provides full access to the platform on various devices such as phones, tablets, and desktop computers. When you set up your account, you walk through the goal-setting process for retirement and wealth-building. However, it lacks calculators, tools, and non-retirement goals like saving for house down payments and college.

Personal Capital lets you import other banks, credit cards, and other investment accounts to get a more precise financial overview. In addition, the system features Smart Withdrawal, proprietary software that helps you maximize retirement income. The downside is Personal Capital’s mobile app features aren’t as robust as their desktop computer platform.

Personal Capital vs. SigFig Pricing and Fees

Both SigFig and Personal Capital charge a fee to manage your assets. However, both also give you free access to their portfolio tracker regardless of whether they manage your investments.

Fees and Requirements Personal Capital SigFig
Minimum deposit $100,000 $2,000
Portfolio tracker Free without managed assets Free without managed assets
Managed account fee 0.89%: $100,000-$1 million

0.79% up to $3 million

0.69% up to $5 million

0.59% up to $10 million

0.49% over $10 million

Free: $2,000-$10,000

0.25%: Over $10,000

Trade fees None; all-inclusive None; all-inclusive
Access to financial advisors Included in managed acct fee Included in managed account fee of at least $10,000
Access to real estate specialist Included in managed acct fee Not available
Access to investments individual stocks and ETFs Limited to specific low-cost ETFs

Personal Capital vs. SigFig: Security and Customer Service

Customer service and security are crucial factors when comparing SigFig vs. Personal Capital.

With both, your data and investments are protected with 256-bit encryption. You also have the option to add fingerprint and two-factor authentication methods to protect access to your account.

The SIPC (Securities Investor Protection Corporation) protects accounts against missing and fraudulent assets on both platforms. But remember that SIPC doesn’t cover loss due to market fluctuations.

For Personal Capital clients with over $200,000 invested, they receive their dedicated advisor’s number to call directly. By contrast, SigFig customers can reach a representative via a general customer service phone number or live chat during standard banking hours.

Who Should Use SigFig?

Before you decide which is right for you, consider what is SigFig? It’s a robo-advisor that’s best suited for newer investors. It hits home if you’re looking for a basic portfolio management dashboard for your Fidelity, Schwab, or TD Ameritrade investments.

The portfolio tracker is free to use even if you don’t opt to have SigFig manage your investments. The fees are low, and SigFig only requires a $2,000 minimum deposit to get the fully-featured service. Customers who have at least $10,000 invested with SigFig enjoy unlimited access to their human representatives.

Who Should Use Personal Capital?

Personal Capital’s program is tailored to the needs of more experienced investors. It’s typically best if you have more complex assets, higher net worth, and want a full-service financial advisor. Since the minimum investment is $100,000, Personal Capital is out of reach for most new and less experienced investors.

However, for those preferring to work with a financial advisor but pay lower fees, Personal Capital has robust features to meet those needs. Personal Capital also appeals to investors looking for more powerful digital tools like net worth or college savings planning, not just asset allocation.

Get Started with Personal Capital

 

Author is not a client of Personal Capital Advisors Corporation and is compensated as a freelance writer.

The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. Compensation not to exceed $500. You should consult a qualified legal or tax professional regarding your specific situation. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money. Any reference to the advisory services refers to Personal Capital Advisors Corporation, a subsidiary of Personal Capital. Personal Capital Advisors Corporation is an investment adviser registered with the Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training nor does it imply endorsement by the SEC.

Andy Hill is a husband and father of two kids. His personal finance goal? To give his family the best life possible and strengthen their family tree for generations to come. In 2016, he launched Marriage, Kids, & Money, a blog and podcast about young family finance. In 2020, he and his wife achieved a personal goal of becoming millionaires in less than 10 years. Now, they thrive on helping others do the same.
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