Empower (ex-Personal Capital) Review 2026 – Pros, Cons & Hidden Fees

As financial management tools evolve in 2026, Empower—formerly known as Personal Capital—remains a heavyweight contender for individuals seeking to streamline their money management. While its rebranding reflects expanded services beyond tracking, users still grapple with key questions: Is it truly empowering, or do hidden fees lurk beneath the surface? In this deep-dive review, we’ll dissect Empower’s strengths, weaknesses, and those often-overlooked costs to help you decide if it’s the right fit for your financial journey in 2026.

What Is Empower? A Quick Primer

Empower (previously Personal Capital) launched in 2011 as a free financial dashboard for budgeting, investment tracking, and retirement planning. After being acquired by Empower Retirement in 2020, it pivoted to integrate retirement accounts, offering fee-based advisory services for high-net-worth individuals. Today, it blends automated tools with human guidance—a hybrid approach that appeals to tech-savvy users craving both convenience and expertise.

Core Features in 2026

• Unified Financial Dashboard: Aggregates bank, investment, and retirement accounts in one view.
• Net Worth Tracker: Monitors assets, liabilities, and cash flow in real-time.
• Investment Analysis: Fee-checker tool highlights hidden costs in portfolios.
• Retirement Planner: Projects retirement readiness based on current savings and goals.
• Budgeting Tools: Categorizes spending and links to budgeting frameworks for 2026.

The Pros: Why Empower Shines in 2026

1. Free Tier Remains Robust

Unlike competitors, Empower’s free tools—especially the net worth tracker and investment fee analysis—are invaluable. They rival paid services for basic financial oversight, making them ideal for beginners or those monitoring multiple accounts without advisor fees.

2. AI-Powered Insights

Empower’s 2026 algorithms now leverage machine learning to detect spending anomalies, optimize cash flow, and suggest investment adjustments. For example, it might flag recurring subscriptions or recommend reallocating funds based on life events like a new job or side hustle income.

3. Seamless Retirement Integration

Post-rebrand, Empower excels at merging retirement planning with everyday finance. Users can model scenarios like early retirement or entrepreneurial ventures while tracking progress toward long-term goals.

4. Strong Security Measures

With bank-level encryption and two-factor authentication, Empower remains among the safest platforms for sensitive financial data. For freelancers handling client payments or managing variable income, this peace of mind is non-negotiable.

The Cons: Where Empower Falls Short

1. Limited Customization for Freelancers

While Empower handles standard income well, its budgeting struggles with irregular cash flows. Freelancers might need supplemental tools like income-smoothing templates or goal-setting frameworks to adapt.

2. Advisory Services Are Expensive

Empower’s premium advisory tier (0.49–0.89% AUM) targets high-net-worth users ($100k+). For those seeking affordable guidance, cheaper options like DIY financial coaching or robo-advisors might suffice.

3. User Interface Can Be Cluttered

The dashboard’s 2026 update improved navigation, but new users may still find the sheer volume of data overwhelming. Simplified views for beginners would help, especially for those just starting their blog income journey or side hustles.

The Hidden Fees: What Users Overlook

1. "Free" Investment Check Isn’t Free

While the fee-checker tool is gratis, it only flags costs for accounts linked to Empower. Unlinked portfolios or 401(k)s outside the platform won’t be analyzed—a gap many miss when assuming full oversight.

2. Advisory Wrap Fees

Beyond the AUM fee, advisory clients pay wrap fees for portfolio management. For example, a $500k portfolio could cost $2,450–$4,450 annually—costs not always transparently advertised.

3. Retirement Account Transfer Fees

Rolling over 401(k)s to Empower Retirement may trigger transfer fees from previous providers. Always verify these with your old plan before initiating moves.

4. Premium Subscription Triggers

Advanced features like goal-based rebalancing or tax-loss harvesting require paid tiers. While the free tier handles basics, deeper analytics demand investment in their ecosystem.

When Should You Choose Empower? Ideal User Profiles

1. High-Net-Worth Individuals: Those with complex portfolios needing expert oversight.
2. Retirement Focused Users: People prioritizing 401(k) optimization and long-term planning.
3. Tech-Savvy Budgeters: Users comfortable with automated tools and data integration.

Conversely, freelancers, low-income earners, or DIY investors may find better value in low-cost alternatives or dedicated net worth trackers.

Maximizing Empower in 2026: Pro Tips

• Link All Accounts: For accurate fee analysis, connect every investment account.
• Use the Retirement Planner: Run annual simulations to adjust savings based on science-backed goals.
• Pair with Budgeting Tools: Combine Empower’s dashboard with 2026 budget templates for holistic tracking.

Conclusion: Is Empower Worth It in 2026?

Empower (ex-Personal Capital) remains a powerful ally for centralized financial management, particularly for retirement planning and net worth tracking. Its free tier is unmatched for basic oversight, but hidden fees and advisory costs can strain budgets. For those with complex finances and willingness to invest in premium services, it’s a standout choice. However, budget-conscious users or freelancers might supplement it with specialized tools. As always, align your choice with your specific 2026 financial goals—whether that’s building wealth, launching a sustainable business, or simply gaining clarity in a volatile economy.

FAQ: Empower (ex-Personal Capital) Review 2026

Q: Is Empower truly free?
Empower’s core tools (net worth tracker, budgeting) are free, but advanced features and advisory services require paid tiers.

Q: Can I trust Empower’s fee analysis?
Yes, but only for accounts linked to the platform. Unlinked investments won’t be evaluated.

Q>Does Empower support freelance income?
It tracks irregular income but lacks built-in tools for cash flow smoothing. Pair it with freelance goal-setting guides for best results.

Q: Are there alternatives to Empower’s advisory services?
Yes, robo-advisors like Betterment or DIY coaching offer cheaper options for portfolio management.

Q: Is Empower safe for sensitive data?
Yes, it uses bank-level encryption and multi-factor authentication to protect your financial information.