Welcome to Personal Capital, a personalized money management solution for a better financial life. You are just minutes away from enjoying Personal Capital’s award-winning financial dashboard (“Dashboard”), allowing you to make sense of your whole financial picture wherever you are. With the Personal Capital Dashboard, you can effortlessly track all of your personal finances - account balances, cashflows, transactions and holdings - from the convenience of your computer, tablet or phone. Before you get started, we ask that you take a few minutes and read the important Terms of Use Agreement below. We look forward to your use of our Dashboard.

Terms of Use Agreement

1. Description of our Services

Our goal is to provide you with a personalized money management solution for a better financial life. Our services (“Services”) are comprised of the following features, delivered to you through our Dashboard, marketing partners, and through communications with our professionals, as follows:

Financial account aggregation
We offer financial account aggregation, where Personal Capital, acting as your authorized agent, will retrieve your financial account information, such as your account balances, transactions and holdings, from financial institutions you designate. Financial account aggregation is an optional Service you may utilize by providing financial account credentials, allowing us to securely connect with third-party financial institutions to present your financial information on our Dashboard. Our account aggregation Services are regularly refreshed, providing you with up-to-date financial account information.

Financial visualizations
Your financial account information, collected through account aggregation or manual account information you provide, is used to display your consolidated financial picture. Financial visualizations include charts, detailed transactional data and other financial account data that we present to you, summarizing your financial life at a glance.

Financial insights
Your financial account information, along with optional personal and financial information you may provide, are used to generate financial insights. We utilize your aggregated account data, along with stated assumptions or information you provide, to share important financial observations that can make you aware of your overall financial picture and opportunities to improve it.

Financial consultations
You may be eligible to receive a free financial consultation from a registered investment advisor. The consultation is optional and may be offered directly to eligible Dashboard users or through our marketing partners. A financial consultation is a personalized analysis of your financial situation, based on information gathered from your use of our Dashboard or interactively with a registered advisor, to make you aware of potential risks and opportunities within your current financial situation. Your participation in this Service may result in an offer to enroll in our wealth management services, which are separate from the free financial consultation Service. We refer to those who enroll in our wealth management service as “Clients.”

2. About Personal Capital

Personal Capital Technology Corporation and/or its affiliates (“Personal Capital”, “we”, “us” or “our”) provide a complete financial solution for a better financial life. Our award-winning Dashboard provides tools to understand your whole financial picture, up-to-date, at a glance from one secure place. Additionally, our affiliate, Personal Capital Advisors Corporation (“PCAC”), offers personalized investment portfolios, based on an understanding of your financial situation and goals. Our offerings are designed to reduce the stress of meeting your financial goals and tracking your financial affairs, allowing you to enjoy life on your terms.

Personal Capital Corporation is a Delaware corporation, established October 22, 2009, and headquartered in Redwood City, CA, with offices in San Francisco, CA, Denver, CO, Dallas, TX and Atlanta, GA. Personal Capital Corporation has three primary operating subsidiaries:

• Personal Capital Technology Corporation: Personal Capital Technology Corporation (“PCTC”) develops and manages our Dashboard and related Services. PCTC also develops and manages other non-investment related marketing, product, and operations activity for Personal Capital.
• Personal Capital Advisors Corporation: PCAC provides discretionary and non-discretionary investment advisory services to retail investors, and operates as an investment advisor registered with the SEC under the Investment Advisers Act of 1940, as amended. Any investment advisory services are offered only by PCAC.
• Personal Capital Services Corporation: Personal Capital Services Corporation (“PCSC”) manages our Personal Capital Cash Program, which provides services to customers who have opened a Personal Capital Cash Program account (when available).

3. Agreement and Acceptance Of Terms

This Terms of Use Agreement, along with any exhibits, disclosures, addendums or amendments hereto, as the same may be amended or modified from time to time (collectively, this “Agreement”) constitutes an agreement between you and us which sets forth the terms and conditions applicable to your access and use of our Dashboard and our other Services that we offer to you through the Dashboard or through our registered professionals. In this Agreement, we refer to those who use our Services collectively as “users.”

Some of our Services are provided through Personal Capital and others through companies affiliated with Personal Capital as described in Section 2. The wealth management services PCAC provides to Clients are set forth in separate agreements between those Clients and PCAC. In addition, the services PCSC provides to Personal Capital Cash Customers are set forth in separate agreements between those customers and PCSC.

Your use of the Dashboard and/or Services is subject to our Privacy & Security Statement, which explains how we gather, use, disclose and manage your personal information. Terms used but not defined in this Agreement have the meanings provided to them in our Privacy Policy.

Please read this Agreement and our Privacy Policy carefully. THIS AGREEMENT REQUIRES ALL DISPUTES TO BE RESOLVED BY WAY OF BINDING ARBITRATION. THE TERMS OF THE ARBITRATION CLAUSE APPEAR IN SECTION 19 OF THIS AGREEMENT.

By accessing or using the Dashboard or any Service, you understand and agree to be bound by the terms and conditions of this Agreement and the Privacy Policy as they may be amended from time to time in the future. If you do not agree to this Agreement, then you may not use the Services. You also agree that:

• You are able to enter into legally binding contracts, and you agree that this Agreement legally binds you in the same manner that a signed, written, paper contract does. You may not use the Dashboard or Services in any manner or attempt to access the Dashboard or any Service if you are not willing to be bound and abide by this Agreement.
• WE ARE NOT RESPONSIBLE FOR THE FINANCIAL OR OTHER PRODUCTS AND SERVICES OR FOR THE ACCURACY OF THE DATA OBTAINED FROM THIRD-PARTY SITES THAT ARE DISPLAYED OR REPORTED THROUGH OUR THE DASHBOARD OR ANY OF OUR SERVICES. While the Dashboard and Services provided by Personal Capital may provide significant assistance in helping you manage your finances, you should consult with a professional financial advisor before making investment decisions or deciding on significant changes to your personal financial strategy.
• We reserve the right to change or modify this Agreement or our Privacy Policy, or modify or discontinue any portion of the Services or features and functionality provided through the Dashboard, from time to time. If we decide to change this Agreement or our Privacy Policy, we will post such changes on the Dashboard or on our website, and such changes will be effective at such time. We reserve the right to modify or temporarily discontinue your access to the Dashboard or portion thereof, or any Service, with or without prior notice to you. You agree that we shall not be liable to you or any third party for any modification of the Dashboard, the Services, this Agreement, or your access to the Dashboard or Services.
• The Dashboard and Services are intended to be accessed and used only by individuals that have reached the legal age of majority in the jurisdiction where they are located, which may be 18 years or older, depending on the jurisdiction. You may not use or access this Dashboard or any Service unless you have reached the legal age of majority in the jurisdiction where you are located.

4. Dashboard and Services - Disclaimers

By using the Services, you understand and acknowledge that the investment results you could obtain from investment information and financial insights provided by Personal Capital cannot be guaranteed. All investments entail a risk of loss and you may lose money. You also understand that all investments are subject to various market, currency, economic, political, business and other risks. Investments, particularly those in international stocks and stocks of smaller companies, present numerous risks, can be very volatile and can result in a loss of principal. International investments include risks of currency fluctuation, political and economic instability and differences in financial reporting in addition to the risks present in domestic investments. Investments in smaller companies may involve greater risks than investments in larger, more mature companies. The value of debt securities frequently is reduced (sometimes dramatically) by increases in interest rates. While the financial insights we provide may assist in helping you manage your finances, you should consult with a professional investment advisor before making investment decisions or deciding on significant changes to your personal financial strategy.

At the sole discretion of Personal Capital, and for select users only, wealth management services may be offered or solicited through a personal advisor (“Personal Advisor”). All Personal Advisors are registered investment advisor representatives of PCAC. Your election to become a Client is subject to your explicit enrollment and acceptance of a separate agreement and related fee schedule; all such wealth management services are separate from the Dashboard and related Services defined within this Agreement. Please read the disclosure brochure, available at www.personalcapital.com, which explains this separate wealth management service in more detail.

5. Acting As Your Authorized Agent

By accessing and using the financial aggregation Service, you expressly authorize and direct Personal Capital, on your behalf, to electronically retrieve your account information maintained by third-party financial institutions with which you have a legally binding customer relationship (“Account Information”). Subject to our privacy procedures as described in the Privacy Policy, Personal Capital may work with one or more third-party financial service technology providers to access and retrieve your Account Information.

FOR PURPOSES OF THIS AGREEMENT AND SOLELY TO OBTAIN AND PROVIDE THE ACCOUNT INFORMATION TO YOU AS PART OF THE SERVICES, YOU GRANT PERSONAL CAPITAL A LIMITED POWER OF ATTORNEY, AND APPOINT PERSONAL CAPITAL AS YOUR ATTORNEY-IN-FACT AND AGENT, WITH FULL POWER OF SUBSTITUTION AND RE-SUBSTITUTION, FOR YOU AND IN YOUR NAME, PLACE AND STEAD, IN ANY AND ALL CAPACITIES, TO ACCESS THIRD PARTY SITES, SERVERS OR DOCUMENTS, RETRIEVE INFORMATION AND USE YOUR INFORMATION WITH THE FULL POWER AND AUTHORITY TO DO AND PERFORM EACH AND EVERY ACT AND THING REQUISITE AND NECESSARY TO BE DONE IN CONNECTION WITH SUCH ACTIVITIES, AS FULLY TO ALL INTENTS AND PURPOSES AS YOU COULD DO IN PERSON.

YOU ACKNOWLEDGE AND AGREE THAT WHEN PERSONAL CAPITAL IS ACCESSING AND RETRIEVING ACCOUNT INFORMATION FROM THIRD PARTY SITES, PERSONAL CAPITAL IS ACTING AS YOUR AGENT, AND NOT AS THE AGENT OF OR ON BEHALF OF ANY THIRD PARTY. YOU AGREE THAT THIRD-PARTY ACCOUNT PROVIDERS SHALL BE ENTITLED TO RELY ON THE FOREGOING AUTHORIZATION, AGENCY AND POWER OF ATTORNEY GRANTED BY YOU. You understand that the Services are not endorsed or sponsored by any third-party account providers accessible through the Services.

6. Your Registration Information

In order to use our Dashboard or any of the Services, you will first need to create a Personal Capital user account (“Account”) through the Dashboard. To establish an Account you must provide Personal Information (as defined in our Privacy Policy) that is collected on the secure enrollment page. See the Privacy Policy for further information.

7. Your Electronic Disclosure Consent

By providing your email to enroll for use of our Services, you consent to receive all notices and information regarding our Services and other offerings electronically. Electronic communications may be posted on our Dashboard and/or delivered to your registered e-mail address. All communications in electronic format will be considered to be in “writing,” and to have been received no later than five (5) business days after posting or dissemination, whether or not you have received or retrieved the communication. Your consent to receive communications electronically is valid until you end your relationship with Personal Capital as stated in Section 17. It is your responsibility to provide us with true, accurate and complete e-mail addresses, contact and other information related to this disclosure and to maintain and update promptly any changes in this information. You may print a copy of any electronic communications and retain it for your records. We reserve the right to terminate or change the terms and conditions on which we provide electronic communications and will provide you notice thereof in accordance with applicable law.

SMS/Text Messaging Service

You may receive SMS/text messages from Personal Capital about account-related news and alerts and/or promotional offers for Personal Capital products and services. By enrolling in Personal Capital’s services, you agree to receive text messages from Personal Capital to your mobile phone number provided, and you certify that your mobile number provided is correct and that you are authorized to enroll the designated mobile number to receive such text messages. You acknowledge and agree that the text messages may be sent using an automatic telephone dialing system and that standard message and data rates may apply. Consent to receive text messages for promotional purposes is not required as a condition of purchase or use of the Services. The text messaging may not be compatible with all mobile phone models. Personal Capital is not responsible for any delays upon sending or receiving text messages.

To unsubscribe from text messages at any time reply STOP, END or QUIT to any text message you receive from Personal Capital. You consent that following such a request to unsubscribe, you may receive one final text message from Personal Capital confirming your request. Note that unsubscribing from promotional and/or account-related texts will not prevent Personal Capital from sending you text messages for security and authentication purposes.

8. Cost of Service

Your use of the Dashboard and related Services are offered free of charge. We may offer you additional services, such as wealth management services provided by PCAC, which you may elect to participate in or not, for a fee. Personal Capital reserves the right, in its sole discretion, to amend or change it pricing policy for its current Services or any additional services that we may offer.

9. Data and Data Integrity

The overall integrity and quality of the data presented by Personal Capital to you is an important element in providing you with a high quality and accurate picture of your personal finances. Personal Capital, however, is not responsible for and cannot guarantee the accuracy or timeliness of Account Information we retrieve on your behalf directly, from third-party technology providers, from third-party financial institutions where your accounts are held, or from third-party research/market data providers used to provide the Services.

Personal Capital may not be able foresee or anticipate technical or other difficulties which may result in failure to obtain data, personalization settings or other service interruptions. Personal Capital assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications or personalization settings. Personal Capital encourages you to periodically confirm the valuation or execution price of particular investments through independent sources, such as an investment adviser, broker-dealer or other financial institution.

10. Other Obligations While You Use the Services

Confidentiality: You agree and understand that you are responsible for maintaining the confidentiality of your Account’s login information and password. You should also maintain appropriate anti-virus and anti-malware software on your computer, so that your Account login information is not compromised through your own negligence. If you receive evidence that someone has committed fraud by accessing your Account you must contact us IMMEDIATELY at [email protected].

Accurate and Up-to-Date Information: Our Services depend on your providing us with complete, accurate and up-to-date information, both now and in the future about yourself and your accounts. In turn, we will provide you with online security as described in our Privacy Policy. Those assurances are conditioned upon your provision of correct contact and account information to us, and never misrepresenting to us your identity or account registration information (e.g., for the use of your third-party websites and accounts).

You agree that you will NOT do any of the following: (i) engage in behavior that will put your personal information at unnecessary risk, such as leaving, transmitting, or publishing your Login or passwords; (ii) use our Dashboard, Services or any of your accounts for illegal purposes, (iii) use our Dashboard or Services to transmit anything that is unlawful, libelous, intended to harass or violate the rights of another; (iv) resell or make any commercial use of the Dashboard or Services, as they are intended solely for your use as an end user; (v) reverse engineer or decompile any technology associated with the Dashboard or Services, including but not limited to any software applications, Java applets or plug-ins associated with the Services; (vi) use any robot, spider, webcrawler, scraper, deep link or similar automated extraction or data gathering mechanism, program or tool to access, copy or monitor our Dashboard or Services or any portion thereof without our prior written consent; (vii) post or transmit any file or email which contains viruses, worms, Trojan horses or any other damaging or destructive elements; or (viii) create/register accounts or aggregate financial institutions with the Service through unauthorized means, including but not limited to, by using an automated device, script, bot, spider, crawler or scraper; or (ix) transfer or resell our Dashboard or Services.

Consent to Recording. You consent to the recording of any electronic or written correspondence and any or all telephone conversations between you, us and any of our Affiliates in connection with this Agreement or the Services and agree and understand that recordings may be submitted in evidence in any legal proceeding relating to this Agreement. For compliance and regulatory purposes, we reserve the right to keep an audit trail of all financial insights or investment advice that we provided to you.

11. Confidentiality and Feedback

We always welcome your correspondence, feedback, comments, complaints and suggestions (collectively, “Feedback”) as this will help us improve our Services. You agree that all Feedback becomes our confidential information (“Confidential Information”). In addition, any of our trade secrets, computer software, product specifications as well as any non-public technical, financial or business information that we share with you is also our Confidential Information. You agree not to disclose or share any of our Confidential Information with any third party, including, without limitation, any members of the press or colleagues. Feedback may be submitted to [email protected].

12. Third Party Software and Service Providers

To facilitate our provision of the Dashboard and Services, we license software, tools and services from third-party providers. From time to time, we may revise this Agreement as requested by our third-party providers and require that you agree to additional pass-through terms with respect to such third-party providers. In the event that any use of the services of such third-party providers results in you leaving our Dashboard and entering the site of a third-party provider, then you will be subject to the terms of service or use and the privacy policy of such third-party provider, so please review such terms carefully. Also, when you use or access the sites of your financial services providers, you will be subject to their terms of use/service and online policies, and your use of their services constitutes your agreement to their online terms and policies. Personal Capital may provide experiences on social media platforms such as Facebook®, Twitter® and LinkedIn® that enable online sharing and collaboration among users who have registered to use them. Any content you post, such as pictures, information, opinions, or any personal information that you make available to other participants on these social platforms, is subject to the terms of use and privacy policies of those platforms. Please refer to those social media platforms to better understand your rights and obligations with regard to such content.

13. Financial Services and Third-Party Offers

Investment advice provided by PCAC refers to any recommendations, suggestions, analysis, or opinions given to you through a Personal Advisor concerning buying, selling, holding, evaluating or analyzing any security or related type of investment. Investment advice provided by PCAC also refers to any recommendations, suggestions, analysis, or opinions given to PCAC’s users through the services concerning buying, selling, holding, evaluating or analyzing any security or related type of investment.

PCAC can provide more extensive advisory services, such as discretionary money management, under a separate advisory agreement with you.

Personal Capital and Third-Party Offers: Some parts of the Services may, either today or in the future, be supported by advertising or marketing partnership relationships. We will always disclose when a particular Personal Capital third-party offer is sponsored or when a third party compensates Personal Capital in connection with the sponsored offer.

14. Ownership, Copyright, and Trademark

The technology and content used to offer, or provided in connection with, the Services, including but not limited to our Dashboard, browser software plug-in, smart phone software and tablet software, are either owned by us or licensed by us from third-party licensors. Such content includes the look and feel of our Dashboard, all our promotional materials, and in general include all text, graphics, photographs, illustrations, images, videos, tutorials, notices, software and other content, which is protected by the copyright law of the United States and international treaties, trademark and patent laws, and other intellectual property laws. As part of the Services, we grant you a nonexclusive, limited, royalty-free, revocable license during the term of this Agreement to use our Dashboard content strictly to facilitate your personal, non-commercial use of our Services. Personal Capital, the Personal Capital logo and other marks are our registered trademarks and service marks. For a list of trademarks, see Trademarks. All other product names and company logos found on promotional materials are the trademarks or service marks of their respective owners. Except as indicated in this paragraph, you may not copy, reproduce, perform, create derivative works from, republish, upload, post, transmit, or distribute in any way whatsoever any of our content, information or trademarks without our express, written consent.

15. Disclaimer of Representation and Warranty; Disclaimer of Liability

NOTWITHSTANDING ANYTHING STATED IN THIS AGREEMENT TO THE CONTRARY, PERSONAL CAPITAL, LICENSORS AND AGENTS REPRESENT THAT THE PERSONAL CAPITAL SERVICES AND THE SITE ARE PROVIDED “AS IS” AND “AS AVAILABLE” WITHOUT WARRANTY OF ANY KIND. PERSONAL CAPITAL, ITS LICENSORS AND AGENTS ASSUME NO RESPONSIBILITY FOR ERRORS OR OMISSIONS MADE BY YOU, OR ERRORS OR OMISSIONS IN THE CONTENT, INFORMATION OR OTHER DATA AND DOCUMENTS WHICH ARE REFERENCED BY, LINKED TO OR PROVIDED BY OR THROUGH THE SERVICES AND/OR THE WEBSITE. PERSONAL CAPITAL, ITS LICENSORS AND AGENTS EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND REGARDING THE SERVICES AND ALL INFORMATION, PRODUCTS AND OTHER CONTENT INCLUDED IN OR ACCESSIBLE FROM THE SERVICES, WHETHER EXPRESS OR IMPLIED. WITHOUT LIMITATION, PERSONAL CAPITAL DISCLAIMS THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. YOUR USE OF THE SERVICES AND ALL INFORMATION, PRODUCTS AND OTHER CONTENT (INCLUDING THAT OF THIRD PARTIES) INCLUDED IN OR ACCESSIBLE FROM OUR SITE IS AT YOUR SOLE RISK.

WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, PERSONAL CAPITAL,ITS LICENSORS AND AGENTS WILL NOT BE LIABLE FOR THE ACCURACY OR RELIABILITY OF ANY DATA, INFORMATION OR CONTENT, FOR ANY SERVICES INTERRUPTIONS, OR FOR ANY FAILURE OR DELAY RESULTING FROM ANY ACTS OF FORCE MAJEURE OR ACTS THAT ARE OTHERWISE OUTSIDE OF PERSONAL CAPITAL’S OR ITS LICENSORS’ OR AGENTS’ REASONABLE CONTROL, OR ANY INTERNET OR TELECOMMUNICATIONS FAILURE OR YOUR INABILITY TO ACCESS THE SERVICES OR THE WEBSITE. NOR CAN PERSONAL CAPITAL OR ITS AFFILIATES, LICENSORS OR AGENTS GUARANTEE THE COMPLETE SECURITY OF THE SERVICES OR THE WEBSITE, THAT THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU THROUGH THE SERVICES WILL MEET YOUR EXPECTATIONS OR THAT ANY ERRORS IN THE TECHNOLOGY WILL BE CORRECTED. YOU AGREE THAT ANY DOWNLOADS OF CONTENT OR MATERIALS RELATED TO THE SERVICES OR THE WEBSITE IS DONE AT YOUR OWN RISK AND YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER/SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF OR ACCESS TO ANY SUCH MATERIALS. IN ADDITION, WE CANNOT ALWAYS ANTICIPATE TECHNICAL OR OTHER DIFFICULTIES WITH THE SERVICES, EITHER PRESENTLY OR AS THEY EVOLVE; THE SERVICES MAY CONTAIN BUGS, ERRORS OR OTHER PROBLEMS, WHICH MAY RESULT IN LOSS OF DATA OR SETTINGS. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES; ACCORDINGLY, SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO YOU. NEITHER PERSONAL CAPITAL NOR ITS CONTENT PROVIDERS SHALL BE RESPONSIBLE FOR INVESTMENT AND OTHER FINANCIAL DECISIONS, DAMAGES, OR OTHER LOSSES RESULTING FROM USE OF THIS WEBSITE. NEITHER PERSONAL CAPITAL NOR ITS CONTENT PROVIDERS SHALL BE CONSIDERED AN "EXPERT" UNDER THE SECURITIES ACT OF 1933. NEITHER PERSONAL CAPITAL NOR ITS CONTENT PROVIDERS WARRANT THAT THIS WEBSITE COMPLIES WITH THE REQUIREMENTS OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, THE SECURITIES AND EXCHANGE COMMISSION OR ANY SIMILAR ORGANIZATION OR REGULATOR OR WITH THE SECURITIES LAWS OF ANY JURISDICTION.

16. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE LIABILITY OF PERSONAL CAPITAL, ITS AFFILIATES, LICENSORS AND AGENTS TO YOU SHALL NOT EXCEED ONE HUNDRED U.S. DOLLARS ($100). PERSONAL CAPITAL, ITS LICENSORS AND AGENTS SHALL NOT IN ANY EVENT BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES OF ANY KIND, OR FOR DAMAGES MEASURED BY LOST PROFITS, OR FOR DAMAGES FOR LOST OPPORTUNITY, LOSS OF GOODWILL, LOSS OF USE, LOSS OF DATA OR OTHER INTANGIBLE OR SPECULATIVE LOSSES, EVEN IF PERSONAL CAPITAL HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, RESULTING FROM THE USE OR INABILITY TO USE THE SERVICES OR THE WEBSITE; THE COST OF SUBSTITUTE GOODS OR SERVICES; ANY PRODUCTS, DATA, INFORMATION OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO, THROUGH OR FROM THE SERVICES; UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA, STATEMENTS OR CONDUCT OF ANYONE RELATED TO THE SERVICES; THE PERFORMANCE OR NON-PERFORMANCE OF ANY THIRD PARTY ACCOUNT PROVIDER SITE, EVEN IF THE PROVIDER HAS BEEN PREVIOUSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; OR ANY PROVIDER OR THIRD PARTY WEBSITE, OR ANY OTHER MATTER RELATING TO THE SERVICES OR THE WEBSITE. Some jurisdictions do not permit the limitation or exclusion of certain categories of liability, so some of the above limitations may not apply to you.

THE SERVICES MAY BE AVAILABLE THROUGH A COMPATIBLE MOBILE DEVICE, INTERNET AND/OR NETWORK ACCESS AND MAY REQUIRE SOFTWARE. YOU AGREE THAT YOU ARE SOLELY RESPONSIBLE FOR THESE REQUIREMENTS, INCLUDING ANY APPLICABLE CHANGES, UPDATES AND FEES AS WELL AS THE TERMS OF YOUR AGREEMENT WITH YOUR MOBILE DEVICE AND TELECOMMUNICATIONS PROVIDER. PERSONAL CAPITAL MAKES NO WARRANTIES OR REPRESENTATIONS OF ANY KIND, EXPRESS, STATUTORY OR IMPLIED AS TO: (i) THE AVAILABILITY OF TELECOMMUNICATION SERVICES FROM YOUR PROVIDER AND ACCESS TO THE SERVICES AT ANY TIME OR FROM ANY LOCATION; (ii) ANY LOSS, DAMAGE, OR OTHER SECURITY INTRUSION OF THE TELECOMMUNICATION SERVICES; AND (iii) ANY DISCLOSURE OF INFORMATION TO THIRD PARTIES OR FAILURE TO TRANSMIT ANY DATA, COMMUNICATIONS OR SETTINGS CONNECTED WITH THE SERVICES.

17. Ending Your Relationship with Personal Capital

This Agreement will continue to apply until terminated by either you or us as set out below. If you want to terminate your legal agreement with us, you may do so by closing your Account.

Please use the directions below to close your Account:

Email [email protected] from the email address associated with your Account, indicating“CANCEL” in the subject line of the message. After confirming you are the Account owner we will remove your accounts, transactions, and login information from our records and will only continue to retain such information as we are required by law to retain.

We reserve the right to terminate our legal agreement with you (by providing an email notice of such termination): (i) if you have breached any provision of this Agreement (or have acted in a manner which clearly shows that you do not intend to, or are unable to comply with the provisions of this Agreement); (ii) if we believe we are required to do so by law (for example, where the provision of the Services to you is, or becomes, unlawful); (iii) if we no longer offer any of the Services you utilize; (iv) if you no longer agree to the terms and conditions of this Agreement; or (v) for any other reason or no reason, in our sole and absolute discretion. The termination of this Agreement will not affect any of our rights or your obligations arising under this Agreement prior to termination.

18. Governing Law and Venue

This Agreement and any Services provided hereunder will be governed exclusively by the laws applicable in the State of California, excluding its provisions on conflicts or choice of law. Subject to the arbitration provision below, you irrevocably and unconditionally consent to submit to the exclusive jurisdiction and venue of the state courts in San Mateo County, California or federal court for the Northern District of California with respect to any dispute or litigation arising under this Agreement or as the result of any Services.

19. Arbitration

ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE SERVICES, THIS AGREEMENT OR THE BREACH, TERMINATION, ENFORCEMENT, INTERPRETATION OR VALIDITY THEREOF, INCLUDING THE DETERMINATION OF THE SCOPE OR APPLICABILITY OF THIS AGREEMENT TO ARBITRATE, SHALL BE DETERMINED BY BINDING ARBITRATION RATHER THAN A COURT IN SAN JOSE, CALIFORNIA BEFORE A SOLE ARBITRATOR. THE ARBITRATION SHALL BE ADMINISTERED BY JAMS PURSUANT TO STREAMLINED ARBITRATION RULES AND PROCEDURES, AND THE ARBITRATOR SHALL APPLY THE LAWS APPLICABLE IN THE STATE OF CALIFORNIA. JUDGMENT ON THE AWARD MAY BE ENTERED IN ANY COURT HAVING JURISDICTION AS SPECIFIED ABOVE UNDER “GOVERNING LAW AND VENUE.” THIS CLAUSE SHALL NOT PRECLUDE PARTIES FROM SEEKING INJUNCTIONS OR OTHER FORMS OF EQUITABLE RELIEF OR PROVISIONAL REMEDIES IN AID OF ARBITRATION FROM A COURT OF APPROPRIATE JURISDICTION. YOU AGREE THAT ALL DISPUTES MUST BE BROUGHT IN YOUR INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING. BY ENTERING INTO THIS AGREEMENT AND AGREEING TO ARBITRATION, YOU AGREE THAT YOU ARE WAIVING THE RIGHT TO FILE A LAWSUIT AND THE RIGHT TO A TRIAL BY JURY. IN ADDITION, YOU AGREE TO WAIVE THE RIGHT TO PARTICIPATE IN A CLASS ACTION OR LITIGATE ON A CLASS-WIDE BASIS. YOU AGREE THAT YOU HAVE EXPRESSLY AND KNOWINGLY WAIVED THESE RIGHTS. IN ANY ARBITRATION, THE ARBITRATOR MAY, IN THE AWARD, ALLOCATE ALL OR PART OF THE COSTS OF THE ARBITRATION, INCLUDING THE FEES OF THE ARBITRATOR AND THE REASONABLE ATTORNEYS’ FEES OF THE PREVAILING PARTY, AND SHALL DETERMINE THE PREVAILING PARTY FOR THIS PURPOSE.

20. Claims of Copyright and Trademark Infringement

If you believe that your intellectual property is being used on the website or the Dashboard in a way that constitutes copyright infringement, please provide our Designated Agent (set forth below) the following information (as required by Section 512(c)(3) of the Digital Millennium Copyright Act):

• Identification of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works at a single online site are covered by a single notification, a representative list of such works at that site;
• Identification of the material that is claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled, and information reasonably sufficient to permit Personal Capital to locate the material on our website or the Dashboard;
• Information reasonably sufficient to permit us to contact you, such as an address, telephone number, and, if available, an electronic mail address, if different from your registered profile with Personal Capital;
• A statement that you have a good faith belief that use of the material in the manner complained of is not authorized by you, your agent, or the law; and
• A statement that the information in the notification is accurate, and under penalty of perjury, that you are authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.

The information specified above must be sent to Personal Capital’s Designated Agent, whose contact information is as follows:

Attention: Privacy & Security
Personal Capital Corporation and its wholly owned subsidiaries
3 Lagoon Drive
Suite 200
Redwood City, CA 94065
Call toll-free 855-855-8005
Visit www.personalcapital.com
Email us at [email protected]

Please note that Section 512(f) of the Digital Millennium Copyright Act may impose liability for damages on any person who knowingly sends meritless notices of infringement. Please do not make false claims. Any information or correspondence that you provide may be shared with third parties, including the person who provided the allegedly infringing material. Upon receipt of a bona fide infringement notification by the Designated Agent, we will remove or disable access to the infringing material, notify the user that it has removed or disabled access to the material, and, for repeat offenders, to terminate such user's access to the Service.

If you believe that your content should not have been removed for alleged copyright infringement, you may send Personal Capital’s Designated Agent a written counter-notice with the following information:

• Identification of the copyrighted work that was removed, and the location on the website or Dashboard where it would have been found prior to its removal;
• A statement, under penalty of perjury, that you have a good faith belief that the content was removed as a result of a mistake or misidentification; and
• Your physical or electronic signature, together with your contact information (address, telephone number and, if available, email address).

If a counter-notice is received by the Designated Agent, we may send a copy of the counter-notice to the original complaining party informing that person that it may replace the removed material or cease disabling it in 10 business days. Unless the copyright owner files an action seeking a court order against the user, the removed material may be replaced or access to it restored in 10 to 14 business days or more after receipt of the counter-notice, at our discretion.

21. Change of Terms

We may revise this Agreement at any time, and therefore we suggest that you check this Agreement from time to time. We may notify you of any changes at the e-mail address associated with your Account and you agree to accept email communications, links to and/or our posting of any revised Agreement on our Dashboard, and you agree that any of these means of our communicating a change in the Agreement constitutes adequate notice to you. Your continued access or use of the Dashboard or any of the Services indicates your agreement to be bound by any such revisions.

22. Indemnification

You agree to indemnify, defend and hold us and any of our affiliates, licensors and agents, and all of their officers, directors, employees, agents, information providers and licensors harmless from and against any and all third-party claims, damages, liability and costs (including attorneys’ fees and costs) incurred by any of these parties that arise out of or are caused by your use of our Services and/or our Dashboard, your violation of this Agreement, your infringement of any intellectual property rights, or violation by any user of your Account. In the event that there are third party claims against you for which you properly seek damages from us under this Agreement, or we are subject to any claim for which we have the right to be indemnified by you, we reserve the right at our expense in the case of claims by third parties against you, and at your expense in the case of claims for which we have the right to be indemnified by you, to assume the exclusive defense and control of any such claim, and you agree that in any event no such claim can be settled without our written consent.

23. Not a Legal or Tax Advisor

We make managing your personal finances convenient and as streamlined as possible. However, neither we nor our Services give, offer or render tax or legal advice. Before making financial or investment decisions, we recommend that you contact an investment advisor, or tax or legal professional. PCAC separately offers and provides investment advice.

24. Waiver and Severability

We do not waive our rights by delaying or failing to exercise them at anytime. If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law, or regulation of any governmental agency, local, state, or federal, the validity or enforceability of any other provision of this Agreement shall not be affected.

25. Section Headings

Section headings in this Agreement are for convenience of reference only, and shall not govern the interpretation of any provision of this Agreement.

26. English Language Controls

Any translation of this Agreement is provided for your convenience. The meanings of terms, conditions and representations herein are subject to definitions and interpretations in the English language. Any translation provided may not accurately represent the information in the original English.

27. User Referral Program

Personal Capital’s Referral Program (the “Referral Program”), allows users (“Referring User” or “Referring Users”) to receive benefits in the form of referral incentives (“User Incentive” or “User Incentives”) by referring friends (“Referred Friend” or “Referred Friends”) to become new users of Personal Capital’s Dashboard.

Eligibility

Eligible Referred Friends may also receive User Incentives. To qualify for User Incentives, a Referred Friend must sign up for the Dashboard through the individualized referral link provided in the Referring User’s Dashboard. The Referred Friend must link at least one valid investment account (e.g. brokerage, 401k, IRA) containing a balance of more than $1,000 USD within 30 days of registering for the Dashboard. Referred Friends must agree to Personal Capital’s Terms of Use and the terms and conditions of the Referral Program as described in this section. Accounts that do not qualify as valid investment accounts include bank, credit or debit card, Paypal, Stash, Acorns, Kapitall, Groundfloor, WageWorks HSA, Coinbase, digital currency exchanges, and manual investment accounts.

The Referral Program is only available to friends who are first-time users of the Dashboard and link a unique investment account. Investment accounts that have already been linked to any Personal Capital user account are ineligible. Personal Capital user accounts that have previously been closed or deleted are also ineligible.

User Incentives

If a Referred Friend successfully completes the required enrollment process as described in this section, both the Referring User and the Referred Friend will qualify to receive User Incentives. User Incentives may include offers for gift cards, Personal Capital Cash funds, physical goods, access to live or online events, or donations to organizations. The scope, variety, type, or amount of User Incentives may change and vary by promotion and will be disclosed in promotional materials. User Incentives may be delivered by physical mail or electronically to the registered emails of Referring Users and Referred Friends. Personal Capital employees are not eligible to receive User Incentives.

Client Incentives

Clients may also participate in the Referral Program. If a Client refers a friend who becomes a Client, both the Client (“Referring Client” or “Referring Clients”) and the Referred Friend may receive additional promotional referral incentives (“Client Incentive” or “Client Incentives”) from Personal Capital Advisors Corporation (“PCAC”) in the form of 3 months of free advisory services for both the Referring Client and the Referred Friend who becomes a trading client of PCAC. Referred Friends who receive 3 months of free advisory services as a result of becoming trading clients must maintain the minimum qualifying account balance (minus any losses related to trading or market volatility, or margin debit balances) with PCAC during the term of the 3 month free period. No increased management fees or additional fees will be charged to the Referred Friend who becomes a client of PCAC as a result of participating in the Referral Program. Personal Capital’s Part 2A Form ADV brochure can be found here. Personal Capital employees are not eligible to receive Client Incentives.

Promotions offered through the Referral Program are not valid with any other offers. Except as required by law, User Incentives cannot be transferred for value or redeemed for cash. The Referral Program is available only to U.S. residents. User Incentives are void where prohibited. Unless otherwise specified, third parties, including those whose names may be associated with certain User Incentives, are not sponsors of the Referral Program or any other Personal Capital promotion or offer.

Additional Referral Program terms

Referring Users may not receive more than 30 User Incentives in 30 days and may not receive more than 100 total lifetime User Incentives.

Referring Users and Referred Friends may be issued IRS Form 1099-MISC tax forms for User Incentives that collectively exceed $600 in value. As a result of participating in the Referral Program, Referring Users and Referred Friends may be subject to tax reporting and are responsible for tax obligations arising from the receipt of User Incentives.

Referring Users agree not to: use individualized referral links for commercial purposes; make individualized referral links available to the general public via commercial websites (e.g. blogs, Reddit, Craigslist, coupon websites, Wikipedia); use paid social media, paid searches, or any other paid advertising to distribute individualized referral links; send individualized referral links to any deals, coupon, bonus, or rewards email distribution lists; spam anyone with referral invitations, including mass emailing, texting, or messaging individuals that the Referring Users do not know; or use automated systems, bots, or programmed scripts to distribute, post, or share individualized referral links.

Personal Capital is not responsible for incorrect entries of information, failure to use a Referring User’s individualized referral link, or any other failure on the part of Referred Friends to meet the standards for qualifying for User Incentives. Using an ad blocker may adversely affect Personal Capital’s ability to determine account eligibility for the Referral Program. Final determination of eligibility for promotions offered by the Referral Program will be at the sole discretion of Personal Capital.

Individuals who participate in Personal Capital’s Affiliate Program may not participate in the Referral Program.

Personal Capital reserves the right to terminate any promotions associated with the Referral Program at any time and to refuse or recover any User Incentive if Personal Capital determines that the User Incentives were obtained under wrongful or fraudulent circumstances, that inaccurate or incomplete information was provided by the Referred Friend in opening an account with the Dashboard, that any rules or regulations have been or would be violated, or that any Terms of Use have been violated. Personal Capital reserves the right to review and investigate referral activities and suspend user accounts or modify referrals at Personal Capital’s sole discretion.

Personal Capital may update the terms of the Referral Program at any time without prior notice. If Personal Capital modifies the terms of the Referral Program, it will post the modification on Personal Capital’s website, which will become effective upon posting. Continued participation in the Referral Program after any modification will constitute consent to such modification.

More information on Personal Capital Cash, including terms and disclosures, can be found here.

28. Entire Agreement

The Agreement, including the separate Privacy Policy and any other documents referred to herein, represents the entire understanding between both you and us regarding the Services (as defined herein) and the subject matter hereof and supersedes any prior statements or representations. In the event of a conflict between the terms of this Agreement and the terms of an exhibit, amendment, schedule, addendum or disclosure, the terms of the exhibit, amendment, schedule, addendum or disclosure shall prevail but, solely as to the subject matter herein.

RIA Disclosure

Advisory services are offered for a fee by Personal Capital Advisors Corporation, a wholly owned subsidiary of Personal Capital Corporation. Personal Capital Advisors Corporation is a registered investment advisor with the Securities and Exchange Commission ("SEC"). SEC registration does not imply a certain level of skill or training. Investing involves risk. Past performance is not a guarantee or indicative of future returns. The value of your investment will fluctuate, and you may gain or lose money.

General Disclosures

This website ("Site") is operated and maintained by Personal Capital Corporation ("Personal Capital"). Nothing on this Site should be construed as a solicitation or offer, or recommendation, to buy or sell any security. Advisory services are offered for a fee by Personal Capital Advisors Corporation, a wholly owned subsidiary of Personal Capital Corporation. Personal Capital Advisors Corporation is a registered investment advisor with the Securities and Exchange Commission (“SEC”). SEC registration does not imply a certain level of skill or training. Financial advisory services are only provided to investors who become Personal Capital Advisors Corporation Clients ("Clients") pursuant to a written Client Account Agreement, which investors are urged to read and carefully consider in determining whether such an agreement is suitable for their individual facts and circumstances. Investing involves risk. Past performance is not a guarantee or indicative of future returns. The value of your investment will fluctuate, and you may gain or lose money. All charts, figures, and graphs are for illustrative purposes only. There can be no assurance that a hypothetical, or actual performance shown on the Site, will lead to the expected results shown or perform in any predictable manner. Individuals featured on this Site or portrayed in Personal Capital ads are not actual clients of Personal Capital Advisors Corporation.

Performance Disclosures

Each comparative benchmark is a mix of total return for a portfolio of exchange traded funds intended to represent a blend of five major asset classes: US Equities, International Equities, US Bonds, International Bonds and Alternatives. Asset allocations of the comparative benchmarks are similar to respective Personal Strategies and serve as a reasonable benchmark for a basic long-term diversified approach with a similar risk level. All Personal Strategy returns are net of fees. The respective blended benchmark allocations, individual strategy assignment, and associated rebalancing are characteristics of a professionally managed portfolio. As such, a hypothetical quarterly fee of 0.2075% was deducted from all comparative benchmark returns except those used for Tactical America, which is a single asset class. This represents the average fee of all Clients at the time it was calculated in June 2017.

• Representative Benchmark: 57.3% US Equities (VTI), 28.7% International Equities (VEU), 3.4% US Bonds (AGG), 0.6% International Bonds (IGOV), 10.0% Alternatives (equal split VNQ/IAU/DBC) [Inception Date 9/30/2011]
• Representative Benchmark: 50.0% US Equities (VTI), 25.0% International Equities (VEU), 12.7% US Bonds (AGG), 2.3% International Bonds (IGOV), 10.0% Alternatives (equal split VNQ/IAU/DBC) [Inception Date 9/30/2011]
• Representative Benchmark: 41.7% US Equities (VTI), 20.8% International Equities (VEU), 23.4% US Bonds (AGG), 4.1% International Bonds (IGOV), 10.0% Alternatives (equal split VNQ/IAU/DBC) [Inception Date 12/31/2011]
• Representative Benchmark: 33.3% US Equities (VTI), 16.7% International Equities (VEU), 34.0% US Bonds (AGG), 6.0% International Bonds (IGOV), 10.0% Alternatives (equal split VNQ/IAU/DBC) [Inception Date 12/31/2011]
• Representative Benchmark: 26.7% US Equities (VTI), 13.3% International Equities (VEU), 42.5% US Bonds (AGG), 7.5% International Bonds (IGOV), 10.0% Alternatives (equal split VNQ/IAU/DBC) [Inception Date 12/31/2011]
• Representative Benchmark: 100.0% US Equities (VTI) [Inception Date 9/30/2011]

VTI - Vanguard Total Stock Market ETF - The investment seeks to track the performance of a benchmark index that measures the capitalization weighted investment return of the overall US stock market.

VEU - Vanguard FTSE All-World ex-US ETF - The investment seeks to track the performance of the FTSE All-World ex US Index, which measures the investment return of stocks of companies located in developed and emerging markets outside of the United States.

AGG - iShares Core U.S. Aggregate Bond ETF - The Fund seeks investment results that correspond generally to the price and yield performance of the total United States investment grade bond market as defined by the Barclays Capital U.S. Aggregate Bond Index.

IGOV - iShares S&P/Citigroup Intl Trsry Bond - The Fund seeks investment results that correspond to the price and yield performance, of the S&P/Citigroup International Treasury Bond Index Ex US (the Index).

VNQ – Vanguard REIT - The fund employs an indexing investment approach designed to track the performance of the MSCI U.S. REIT Index.

IAU – iShares Gold Trust – The trust seeks to reflect generally the performance of the price of gold.

DBC – Powershares DB Commodity Index Tracking Fund - The Fund is based on the DBIQ Optimum Yield Diversified Commodity Index Excess Return Index. The Fund invests in sectors, such as light sweet crude oil (WTI), heating oil, natural gas, Brent crude, gold, silver, aluminum, zinc, copper grade A, corn, wheat, soybeans and sugar.

SPY – SPDR S&P 500 ETF Trust - The investment seeks to track the price and yield performance of the S&P 500 Index. The S&P 500 is composed of 500 selected stocks and captures roughly 80% of available U.S. market capitalization.

For each composite personal strategy, quarterly and annual figures for 2012 were calculated as an average of actual client portfolio returns within those respective strategies. Only accounts trading for the full calendar year were included. For Q4, 2011, only accounts trading for the full quarter were included. For both composite personal strategies and comparative benchmarks, full year, year to date, and since inception returns are derived by linking respective quarterly returns. Past performance is not a guarantee of future return, nor is it necessarily indicative of future performance. All investments involve risk, including the potential for loss of principal. Performance is shown net of fees and reflects the reinvestment of interest and dividends. Personal Strategies generally employ investments in an array of individual securities and ETFs representing domestic equities, international equities fixed income and alternative investments such as real estate and commodities. ETF-only strategies were not considered in performance calculations. Accounts in the composite are billed on a tiered fee schedule and larger accounts generally pay a lower overall fee rate than other accounts. Prior to 2019, accounts with greater than ten percent individual custom restrictions resulting in greater than two percent difference in performance results were not included in composites. Post 2019, all portfolios deviating more than two percent from the median composite return, in either direction, were excluded. Individual account performance will vary depending upon the amount of assets under management and the timing of any additions and withdrawals and may be higher or lower than the performance depicted. Performance for employee and other affiliated accounts has been recalculated to reflect full, standard fee schedules.

Blog & Third Party Disclosures

Personal Capital’s blog on this Site is for informational purposes only and does 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. Certain sections of this commentary may contain forward-looking statements that are based on our reasonable expectations, estimates, projections, ,and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.

This Site may contain links to other third-party websites, including links to the websites of companies that provide related information, products, and services. These external links are provided solely for the convenience of visitors to this Site, and the inclusion of such links does not necessarily imply an affiliation, sponsorship, or endorsement of those links. Personal Capital does not endorse, approve, certify, or control these external Internet addresses and cannot guarantee or assume responsibility for the accuracy, completeness, efficacy, timeliness, or correct sequencing of information located at such addresses. The performance and composite information shown on this Site uses or includes information obtained from third-party sources. Third-party data is obtained from sources believed to be reliable but Personal Capital cannot guarantee the accuracy, timeliness, completeness, or fitness of any third-party data.

Investment Checkup Disclosures

The Investment Checkup is intended to provide insight based on the accounts you have aggregated on the Personal Capital dashboard and other information you have provided. Because there is no way to know all information about your finances or your personal situation, comments or analyses may be incomplete or inaccurate. All insight provided represents a courtesy extended to you for educational purpose and 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.

Comparative analysis, including Monte Carlo analysis, is intended to illustrate hypothetical performance of various allocation strategies based on a long-term historical asset class performance and is not meant to imply actual performance or results.

Much of the analysis does not include taxes or fees, which can have a material impact. It is not possible to invest directly in an index without incurring expenses, which will lower the actual return.

Investment Checkup includes content supplied by companies that are not affiliated with Personal Capital. Please refer to Investment Check FAQ for additional information, including data sources.

Retirement Fee Analyzer Calculations Disclosure

There are many elements to retirement fees, some are more clearly disclosed than others. The key components to the costs associated with retirement accounts are:

• The fees for the funds that you are invested in. These are indicated in the expense ratio column and are based on the fees as disclosed by the fund providers.
• Plan administrative and advice fees. These are the fees that are passed on to you from the plan administrator and cover record keeping and advice. They can range from 0% in very large plans, to over 1% in plans for smaller companies. We provide a slider that you can move to represent the fees charged by your plan administrator. You can change this number to match your plan administrative and advice fee. For 401k’s, this data should be available in the recently required disclosure statement or from your company's benefits administrator.
• Unpublished fund fee data. Specialty funds sometimes charge fees that can range from 0.5% to over 3% and are not plainly disclosed. For 401k’s, this data should be available in the recently required 401k disclosures statement and on your plan administrator’s website. We allow you to set the fund fees for the group of funds for which there is no publicly available data.

We use your current age and selected investment account balances as a starting point for estimating the impact of fees on your retirement goals. We factor in the typical retirement age, expected future contributions (employee and employer), an estimate of inflation and return on investment based on historical trends, matching or supplemental contributions from your company and spouse, and lastly fund, administrative and advice fees, some of which are based on specific funds you currently own in your account(s). From this data we calculate your estimated total retirement contributions, earnings, and the effect of fees on your total return over time and present this information graphically so you can easily see what you would have in retirement before and after fees. The information provided is for informational purposes only and is based on certain assumptions and historical data. No guarantee is made with respect to performance. You may wish to seek the advice of a professional in planning your retirement.

Retirement Planner Disclosures

The calculations in the Retirement Planner are based solely on information provided by the user, data based on the accounts that users have aggregated on the Personal Capital dashboard, historical market returns, and the assumptions shown or selected. Because there is no way to know all information about your finances or your personal situation, analysis may be incomplete or inaccurate. All insight provided represents a courtesy extended to you for illustrative purposes only and you should not rely on this information as the primary basis of your investment, financial, or tax planning decisions. No representations, warranties, or guarantees are made as to the accuracy of any estimates or calculations. Personal Capital is not liable for any damages or costs of any type arising out of or in any way connected with your use of this calculator. The information provided in Retirement Planner does not serve, either directly or indirectly, as legal, financial, or tax advice and you should always consult a qualified professional legal, financial, and tax advisor for your specific situation.

Calculation Assumptions

This Retirement Planner tool is intended to provide a basic sense of how your portfolio may grow and support your stated spending goals. It also gives you an easy way to see how adjustments to the most important variables (saving rate, spending rate and retirement age) can impact you. All results are presented in today’s dollars, inflation adjusted at 3.5%, unless changed by the user. Projections utilize Monte Carlo simulation, with the median scenario and 10% worst cash scenarios highlighted. The portfolio survival percentage represents the percent of the simulations which ended at age 92 or the selected life expectancy age, with a balance above $0. Growth and volatility assumptions are based on historical asset class returns and correlations using the users’ aggregated asset allocation or a moderate, well-diversified asset allocation with 8.4% annual return and 11.4% standard deviation of return, if not available.

Data sources: Ibbotson Associates, MSCI, Standard & Poor’s, World Gold Council, BP.com, US Energy Information Administration, Robert Shiller Online, MIT Center For Real Estate, Yahoo Finance. Calculations are based on the long-term historical performance of asset class proxies: S&P 500, MSCI EAFE until 2000 and MSCI ACWI ex-US post 2000, 10 Year U.S. Treasuries, 10 Year Foreign Government Bonds, and 30 Day T-Bills. Alternative asset class represented by a hypothetical index of 50% real estate and a 50% gold/oil combination. Portfolio standard deviation, correlation, and expected returns are based on average annual performance included in source data: domestic equities since 1926, international equities since 1970, domestic and international fixed since 1926, alternatives since 1970 and cash since 1926.

Returns do not account for fees or trading costs. It is not possible to invest directly in an index. We chose a default inflation number higher than current levels to help account for low current interest rates which may lead to lower future investment returns, as well as the impact of fees. For simplicity, we assume no taxes on portfolio growth, but tax all portfolio withdrawals (spending above income) at 20% unless edited by the user. While not precise, we believe this is an effective way to roughly approximate the impact of taxes regardless of the composition of assets in taxable or tax-deferred retirement accounts.

Fee and Account Disclosures

Recommendations and fees may vary for each Client. Advisory fees are calculated based upon the amount of assets being managed (as detailed further in Personal Capital Advisors Corporation’s Form ADV Part 2).

Personal Capital Advisors Corporation does not make any representations regarding the execution quality of orders placed with our brokerage partner. However, Personal Capital Advisors Corporation does monitor the execution quality of transactions to ensure that Clients receive the best overall trade execution pursuant to regulatory requirements.

Tax and Tax-loss Harvesting Disclosures

Personal Capital Advisors Corporation does not represent in any manner that the tax consequences described as part of its tax-loss harvesting activities will be achieved or that Personal Capital Advisors Corporation's tax-loss harvesting activities will result in any particular tax consequence. The tax consequences of the tax-loss harvesting activities that Personal Capital Advisors Corporation may pursue are complex and uncertain and may be challenged by the IRS. The information with regard to this activity was not prepared to be used, and it cannot be used, by any Client to avoid penalties or interest.

Clients should confer with their personal tax advisors regarding the tax consequences of investing with Personal Capital Advisor Corporation and engaging in the tax-loss harvesting activity, based on their particular circumstances. Clients and their personal tax advisors are responsible for how the transactions conducted in an account are reported to the IRS or any other taxing authority on the Client’s personal tax returns. Personal Capital Advisors Corporation assumes no responsibility for the tax consequences to any Client of any transaction. We are not tax professionals. Clients should consult qualified legal or tax professionals, such as tax attorneys or CPAs, regarding their specific situation.

Trademarks

Personal Capital, the Personal Capital logo, and other marks are registered trademarks and servicemarks of Personal Capital Corporation. Other third-party marks displayed are trademarks of their respective owners, and the use of such trademarks does not imply an association with those third-parties or an endorsement of any third-party goods or services.