Personal Finance News
Personal Capital Rebranding to Empower Later This Week
The popular finance tracking platform Personal Capital is prepping for change this week. In an email to customers, the service revealed that it will be changing its name to Empower — matching the name of its parent company. In turn, the platform’s savings account Personal Capital Cash will now be known as Empower Personal Cash.
Despite these changes, the platform states that it will continue to be free and the features will remain the same. Moreover, those who utilize Personal Capital’s advisory services will not see an increase in their fees as a result of this update.
Personal Capital is a financial dashboard that allows customers to link their various banking and brokerage accounts in order to see an overview of their entire financial portfolio. For example, users can track their net worth over time and see their progress. Additionally, the service includes some unique features such as its Retirement Fee Analyzer which shows how their current fees compare to a benchmark and estimates how much of their portfolios’ earnings are being lost to said fees.
According to the company, “on or around” February 16th, the official switchover will occur. When it does, customers will be able to access their accounts by visiting Empower.com, clicking “Login,” and selecting the new “Log in to my Financial Dashboard” option. Customers will continue to use the same credentials as they did on the Personal Capital site. Meanwhile, those using the mobile app will see an automatic refresh to Empower once the changeover happens and they update to the latest version of the app.
This rebranding comes nearly two and half years after Empower closed its acquisition of Personal Capital in August 2020. At the time, Empower’s president and CEO Edmund F. Murphy III said of the purchase, “This is an exciting day for Empower as we progress toward the evolution of an integrated platform to deliver personalized advice, financial wellness and comprehensive financial planning to millions of individual investors and retirement plan participants.”
Additionally, Personal Capital CEO Jay Shah stated, “We are delighted to consummate our combination with Empower today. Our shared vision of holistic, personalized financial planning and solutions to effect better client outcomes only accelerates now that we’ve joined forces.”
Although it may take loyal customers a while to get used to using the new moniker, at this time, it doesn’t seem as though the move from Personal Capital to Empower will mean too many other changes to the platform. Nevertheless, it is an end of an era for a popular product. Hopefully, as promised, the service itself will remain largely the same and continue to help consumers keep on top of their finances.
