Author Topic: What will change now that Empower Retirement acquired Personal Capital?  (Read 2050 times)

Mrs Brightside

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I have to say I was disappointed to realize Personal Capital was purchased recently. I hope that doesn't mean their dashboard/tools will be going away or cost $$. Or become Empower only access. I never used PC for advisory purposes but I haven't found another tool that works so well for tracking net worth. Ironically, the one thing Personal Capital stopped pulling in was our Empower retirement plan a few months back...

https://finance.yahoo.com/news/empower-retirement-acquire-personal-capital-113500170.html

Kayad

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Re: What will change now that Empower Retirement acquired Personal Capital?
« Reply #1 on: August 19, 2020, 11:50:44 PM »
Yikes, didnít know this.  Empower has my employerís 403(b), I hate them because they charge .75% aum annual fee.

iris lily

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Re: What will change now that Empower Retirement acquired Personal Capital?
« Reply #2 on: August 20, 2020, 09:18:07 PM »
Yikes, didnít know this.  Empower has my employerís 403(b), I hate them because they charge .75% aum annual fee.
I just Rolledover $380,000 from Empower to a Vanguard account. I donít have a real point here except to say hey ya hello
Empower person here. Empower was a whole lot easier to get the money from than Transamerica is. I have an IRA with Transamerica and I am jumping through more hoops to Roll it over to Vanguard

the_gastropod

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Re: What will change now that Empower Retirement acquired Personal Capital?
« Reply #3 on: August 20, 2020, 09:28:03 PM »
Hah! I got a random email from Edelman Financial Engines today about my previous employer (a veeeeery small startup) 401k. I was very confused about where they got this info, but this is probably the answer, eh?

Personal Capital fails to integrate with 2/3 of my investment accounts anymore, anyway. May be time to kill this thing.

johndoe

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Re: What will change now that Empower Retirement acquired Personal Capital?
« Reply #4 on: August 20, 2020, 09:32:43 PM »
Is there a good way to backup data (net worth over time) other than images just in case it's eventually not free?

swashbucklinstache

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Re: What will change now that Empower Retirement acquired Personal Capital?
« Reply #5 on: August 21, 2020, 01:13:13 PM »
Is there a good way to backup data (net worth over time) other than images just in case it's eventually not free?
I don't have a good automated way but I definitely update a monthly or quarterly number readout from what PC says my net worth. I do that both "just in case" and because PC doesn't accurately track value-over-time for some of my accounts, though it is up to date when I look at it. That is, every time I log in it thinks all my gains in the past 3 years for one account came that day...

alcon835

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Re: What will change now that Empower Retirement acquired Personal Capital?
« Reply #6 on: August 21, 2020, 08:10:01 PM »
Is there anything else even remotely close to Personal Capital? I'm going to wait them out and see what (if anything) changes, but I want to be ready if they end up ruining it.

I've seen it go well (CapitalOne buying ING Direct, for instance) and don't want to abandon ship just because I dislike Empower.

swashbucklinstache

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Re: What will change now that Empower Retirement acquired Personal Capital?
« Reply #7 on: August 22, 2020, 03:37:04 PM »
Is there anything else even remotely close to Personal Capital? I'm going to wait them out and see what (if anything) changes, but I want to be ready if they end up ruining it.

I've seen it go well (CapitalOne buying ING Direct, for instance) and don't want to abandon ship just because I dislike Empower.
From most to least manual, as far as I'm aware
manual google sheets that can automatically read in stock tickers
gnuCash if you like the nitty gritty and want more than stock tickers
Mint or YNAB if you want high level automation

use2betrix

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Re: What will change now that Empower Retirement acquired Personal Capital?
« Reply #8 on: August 23, 2020, 03:20:02 PM »
I noticed the change in ownership and hope everything remains the same. Itís a great dashboard for tracking.

Ultimately, I still keep a separate log of my month end net worth for my own sake.

monarda

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This is an old thread that I'm reviving because I just talked to a sales person from Empower.

I have some funds with them (my 457(b))
I have some funds with Fidelity (my 403(b))

My IRAs are with Vanguard and Schwab,

They were wanting me to roll everything over into Empower IRA products (traditional and Roth)
and for that they'd offer free financial planning and retirement advising if the balance was greater than 250K. I'm unsure I need these servivces.

I see that consolidation might be a good thing, or maybe not.

Can people relate their stories of dealing with Empower? Is there a reason to move things over to them, or NOT to?


Another Reader

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This is an old thread that I'm reviving because I just talked to a sales person from Empower.

I have some funds with them (my 457(b))
I have some funds with Fidelity (my 403(b))

My IRAs are with Vanguard and Schwab,

They were wanting me to roll everything over into Empower IRA products (traditional and Roth)
and for that they'd offer free financial planning and retirement advising if the balance was greater than 250K. I'm unsure I need these servivces.

I see that consolidation might be a good thing, or maybe not.

Can people relate their stories of dealing with Empower? Is there a reason to move things over to them, or NOT to?

They key point is that you were talking to a "sales person." Paying them to set up an automated portfolio based on their proprietary model makes no sense.  In your shoes, I would stick with Vanguard and Schwab.

Purple_Crayon

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I recently rolled over two 401(k)s into an IRA.

The first was with Empower. It took a total of 11 phones calls, multiple people telling me things that were untrue, and nearly two weeks to get the money sent to VG.

Another provider (Tri-Ad 401k) reached out to let me know that my ER's plan was moving to Empower on x date. I immediately jumped into action to get it rolled before it landed with Empower, and found that it took less than five minutes through their online form.

Empower was fine other than trying to leave them, and, in fairness to them, it may have been exacerbated by the fact that I had a SDBA within my 401(k), which likely complicated things a bit.

halfling

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Nothing has broken in 3 years which is pretty amazing. I do not talk to their sales people.