eric rosenberg and mom

Personal Capital offers free investment analysis tools that help you better understand your investments across multiple accounts.
While the company has a paid investment management service, the online dashboard is free and has helped me save me thousands of dollars in fees.
Newly helping my parents with their finances, I’m planning to plug their accounts into Personal Capital to get a better understanding of their costs and allocation.
Open your own account with Personal Capital today and stop paying unnecessary fees »

Part of getting older sometimes means helping our parents. While I still look to my parents for wisdom on a wide range of topics, when it comes to money, I am the clear family expert.

The time has come for me to start helping my parents with their money a bit more, and I’m starting with a trust left to my mom by my grandmother. When managing a new investment account for the first time, I’m going to plug into Personal Capital as step one.

Personal Capital is my favorite investment analysis tool

I signed up for Personal Capital myself way back in October 2012. I use the app to better understand my portfolio and how all of my investments fit together across multiple accounts. I don’t log in every day, but I do like to check in at least every few months to make sure my investments are running the way I want.

Once my mom’s money moves into her new trust account, I’m going to open a brand new Personal Capital account for her investments. We have different financial needs and target retirement dates, so it wouldn’t make sense to add her investments to my Personal Capital account. I want to see her investments independent of mine.

However, I have the same ultimate goal using Personal Capital for my money and my mom’s: I’m looking to save money on fees and ensure our investments are optimized for our different goals and needs.

Personal Capital is great for analyzing investment fees

My mom’s trust has been held by a small trust management company that charges outrageous fees and put her money in some high-fee funds, so the first thing I’m trying to do is save her money on fees. While I can’t go back in time and undo the thousands she paid before I started helping, those fees are getting slashed big time on my watch.

The first place I’ll focus once her account is transferred to the new brokerage, which doesn’t charge any recurring fees, is the fees charged by each individual fund. To do so, I’ll use the Retirement Fee Analyzer in Personal Capital.

The statements my mom has been getting from her old investment manager didn’t include any of this information. While it’s easier to find when you have an account at a major brokerage, it’s quick and simple with Personal Capital when you have accounts at any supported brokerage.

Personal Capital helps clarify portfolio allocation

As someone in my mid-30s with a long time before I …read more

Source:: Business Insider

      

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I’ve been using the same app to manage my money for 7 years, and I like it so much I’m teaching my mom to use it, too

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