Empower vs. Quicken: Which One Will Handle Your Money Better?
Reprinted with permission: Barbara Friedberg Personal Finance
The one thing that nearly every successful person does is properly manage their finances. To help you make the best financial management software choice, read this Quicken vs. Empower (formerly Personal Capital) review. You’ll get an in depth look at the features of the free Empower Dashboard and the paid Quicken program, along with pros and cons of both.
I’ve used Quicken for decades and Empower for 8+ years. When I was introduced to Empower, I quickly, linked up my accounts and was impressed with the free investment, retirement, and cash flow features.
I continue to use both Quicken and the free Empower (Personal Capital) reports and money management tools. However, if you’re looking for other options, you can check out some Quicken alternatives here.
It’s important that the financial management software program you choose can accommodate your accounting needs and expectations so read this Quicken vs Empower comparison to decide which one (or both) is for you.
*Disclosure: Please note that this article may contain affiliate links which means that – at zero cost to you – I might earn a commission if you sign up or buy through the affiliate link.
What is Quicken?
Quicken is money management software that’s been around for 30+ years.
Quicken has various plans and charges an annual subscription fee.
Here’s what Quicken offers:
- Banking, credit card, investment, and debt tracking.
- Scores of customizable reports
- Free credit monitoring
- Retirement planning
- Small business and real estate tracking
- Bill pay
What is Empower?
Empower is actually two services. The first is outstanding FREE money, retirement and investment management reports, tracking, and planning tools.
While Empower Advisors is a financial planning and investment management service. The Empower Wealth Management platform is a comprehensive planning firm with financial advisors, cash management and digital investment management.
Read: Empower Review
This review will focus on the free Empower Money Management tools including:
- Net worth tracker
- Savings planner
- Budgeting tools
- Cash flow management
- Retirement planner
- Education planner
- Investment check up
- Fee analyzer
Quicken vs. Empower – Uploading Data
Winner: It’s a tie.
Although Empower used to be the winner in this category, Quicken has improved it’s capacity to link all accounts. At both Empower and Quicken linking and syncing accounts is fast and accurate.
Due to security upgrades, both platforms might request you to reconnect a financial account. Although it’s added effort, it’s worth the financial information protection.
Quicken vs. Empower – Dashboard Home Screen
Quicken inched out Empower with customizable tiles and broader options. While, both the Quicken and Empower dashboard’s show all account listings on the dashboard. That includes bank, investment, credit card, debt and asset (like your home) values. The Quicken dashboard covers:
- Investment Top Movers
- Bills, income and transfers
- Net worth
- Income and Expense graph
- Top Spending categories
- Top payees and recent transactions
Quicken users can customize the time period for each category and encompasses spending, saving and investing details.
But don’t count Empower out. The account values are automatically updated on Empower, while on Quicken, to get current account values, you need to click the “update” icon.
Both platforms show your net worth figure, although Empower also shows a 90-day net worth graph. While the time period is adjustable on Quicken
Empower Dashboard Information:
- Graphs cash balances
- Graphs 90-day investment portfolio growth
- Graphs retirement savings
- Graphs monthly emergency fund amount
- Compares your investment returns – You Index – with those of major market indexes in market movers section.
Quicken Dashboard Information:
- Bills and income reminders
- Top Spending Categories
- Budgeting data is accessed from the budget that you input. You can customize to show budget categories vs. actual spending.
- Calendar view of income and expenses.
Empower FREE Portfolio Review
If you sign up for the free Empower investment management tools, and your aggregate linked accounts are worth more than $100,000, you’re eligible for a free portfolio review, by a financial planner.
Click on the button below, sign up and get your investment portfolio reviewed by a Certified Financial Planner (no strings attached):
Just sign up with the link, connect your accounts and wait for a call from the Empower representative!
Quicken’s dashboard is more comprehensive on the spending and budgeting items, while Empower focuses heavily on investment-related data. We especially like the Empower “You Index” that compares your returns with major benchmarks.
*Disclosure: Please note that this article contains affiliate links which means that – at zero cost to you – I might earn a commission if you sign up or buy through the affiliate link. That said, I never recommend anything I don’t believe is valuable.
Empower compensates Stocktrades Ltd for new leads. Stocktrades Ltd is not an investment client of Empower.