Empower Net Worth App: Complete Guide to the Free Financial Dashboard
Introduction
Managing money across multiple accounts can feel overwhelming. Bank accounts, credit cards, investment portfolios, retirement funds, and loans all live in different places, making it hard to see the full picture. The Empower net worth app solves this problem by bringing everything together in one free dashboard.
Formerly known as Personal Capital, Empower Personal Dashboard is a free financial tool that helps users track their net worth, plan for retirement, and monitor investments. Forbes has called its features the “Best for Tracking Net Worth” and awarded it 4.5 out of 5 stars. CNBC also recommends it as a tool that lays out all your income and expenses while providing access to professional investment advice.
This guide explores everything you need to know about the Empower net worth app, what it does, how it works, who it’s for, and whether it’s worth your time.
Quick Facts
| Feature | Details |
|---|---|
| App Name | Empower Personal Dashboard |
| Former Name | Personal Capital |
| Price | Free (no paid version) |
| Platforms | iOS, Android, Web |
| Key Features | Net worth tracking, retirement planning, budgeting, investment analysis |
| Forbes Rating | 4.5/5 stars, “Best for Tracking Net Worth” |
| iOS App Store Rating | 4.7/5 |
| Google Play Rating | 4.2/5 |
| Parent Company | Empower (second-largest retirement plan recordkeeper in the US) |
| Assets Under Administration | Over $2 trillion |
| Users | More than 19.5 million individuals |
What Is the Empower Net Worth App?
The Empower net worth app is a free personal finance dashboard that aggregates all your financial accounts into one place. It shows your complete financial picture, what you own (assets) minus what you owe (liabilities), giving you a clear view of your true net worth.
Think of it as a financial control center. Instead of logging into separate apps for your checking account, credit cards, 401(k), IRA, mortgage, and investment accounts, Empower connects them all automatically. You see everything on one screen, updated in real time.
The app goes beyond basic tracking. It offers retirement planning tools, investment analysis, budgeting features, and educational resources, all without charging a fee.
Key Features of the Empower App
Net Worth Tracking
The core feature of the Empower app is its net worth tracker. It calculates your net worth by subtracting your total liabilities (debts, loans, mortgages) from your total assets (cash, investments, real estate, retirement accounts). The app displays this as a graph showing changes over the past 365 days, helping you spot trends and measure progress.
Understanding your net worth is crucial because it gives you a single number that represents your overall financial health. As the app puts it, “Understanding this number can help you make smarter decisions about how to manage your money.”
Retirement Planning
Empower includes a retirement planner that shows whether you are on track to retire by your target date. You can adjust and compare different scenarios, simulate recessions, and test how changes in savings rate or retirement age would affect your outcome. The app’s Lifetime Income Score provides a snapshot of retirement readiness.
Budgeting and Cash Flow Management
The app organizes your spending and savings automatically by date, category, or merchant. You can set a monthly budget and see whether you are tracking over or under your plan. The cash flow section shows money flowing in and out, comparing progress with the previous month.
Investment Checkup
Empower analyzes your investment portfolio by comparing your current allocation to an ideal target allocation designed to minimize risk and maximize returns. It checks for allocation imbalances and helps you understand the fees you are paying.
Security Features
The app uses multiple layers of security to protect your financial data, including biometric identification and multi-factor authentication. Empower states that it never sells your personal information to third parties.
How Much Does Empower Cost?
Empower Personal Dashboard is completely free. There is no paid version of the tool. However, Empower does offer additional paid advisory services for users who want professional investment management. The dashboard itself remains free regardless of whether you use these services.
This makes Empower unique among financial apps. Many competitors offer free versions with limited features and paid upgrades. Empower gives you the full dashboard at no cost.
History and Background
The Empower app has an interesting history. It was originally created as Personal Capital, a digital wealth management firm founded in 2009 by Bill Harris and Robert Foregger. The app was designed to help people manage their finances and replace multiple banking apps.
In June 2020, Empower Retirement announced it would acquire Personal Capital for up to **$1 billion** in enterprise value, $825 million at closing and up to $175 million for planned growth. The acquisition closed in August 2020.
In 2023, the business was rebranded as Empower Personal Wealth. Today, Empower is the second-largest retirement plan recordkeeper in the United States, administering over **$2 trillion in assets** for more than **19.5 million individuals**. In 2024, Empower achieved record base earnings of $973 million, up 30 percent from the previous year.
Pros and Cons of the Empower App
What Works Well
Comprehensive financial picture. The app connects all your accounts in one place, giving you a complete view of your finances that would otherwise require logging into multiple platforms.
Excellent net worth tracking. Forbes rated it the best app for tracking net worth, and users consistently praise this feature.
Free. Unlike many financial apps with premium tiers, Empower offers its full dashboard at no cost.
Retirement planning tools. The retirement planner and Lifetime Income Score provide valuable insights that many free apps lack.
Strong security. Multiple layers of encryption and authentication help protect your data.
What Could Be Better
Mixed user reviews. While the iOS App Store rating is strong at 4.7 out of 5, Google Play reviews average only 4.2 out of 5, and some users report issues with bugs and having to reconnect accounts repeatedly. Trustpilot ratings are even lower at 1.5 out of 5.
Basic budgeting features. The budgeting tools are simpler than some dedicated budget apps. NerdWallet notes that “Empower Personal Dashboard is more of a net worth tracker than a budget app.”
Dated user interface. Some users feel the UI feels dated compared to newer fintech apps.
Transaction categorization issues. Some users report that the app miscategorizes transactions and requires manual correction.
Underwhelming customer support. The chatbot has been described as underwhelming, often prompting users to leave messages for human representatives.
Who Should Use the Empower App?
The Empower net worth app is best suited for
People with multiple financial accounts. If you have a checking account, savings, credit cards, a mortgage, a 401(k), and investment accounts spread across different institutions, Empower brings them all together.
Those focused on retirement planning. The retirement tools are among the app’s strongest features.
Investors who want fee analysis. The investment checkup helps you understand what you are paying in fees and how your portfolio is allocated.
Anyone who wants a free net worth tracker. If your primary goal is tracking net worth without paying for a subscription, Empower is an excellent choice.
The app may be less suitable for users who primarily want detailed budgeting tools or who prefer a more modern interface.
How to Get Started with Empower
Getting started with the Empower Net Worth app is straightforward:
- Download the app from the Apple App Store or Google Play Store.
- Create an account by registering with your email address.
- Link your financial accounts by providing login credentials for each institution. Empower uses encryption to protect this data.
- View your dashboard to see your net worth, cash flow, investments, and retirement progress.
The app is available on both iOS and Android platforms, and you can also access your accounts through the web version.
Frequently Asked Questions
What is the Empower Net Worth app?
The Empower Net Worth app, formerly known as Personal Capital, is a free personal finance dashboard that aggregates all your financial accounts into one place. It tracks your net worth, helps with retirement planning, monitors investments, and provides budgeting tools.
Is the Empower app really free?
Yes, Empower Personal Dashboard is completely free. There is no paid version of the dashboard. However, Empower does offer additional paid advisory services for users who want professional investment management.
How does Empower calculate net worth?
The app calculates net worth by subtracting your total liabilities (debts, loans, mortgages) from your total assets (cash, investments, real estate, retirement accounts). It shows this as a graph tracking changes over time.
Is Empower safe to use?
Empower uses multiple layers of security, including biometric identification and multi-factor authentication. The company states that user credentials are encrypted and that employees do not have access to accounts. Empower also says it never sells personal information to third parties.
What happened to Personal Capital?
Personal Capital was acquired by Empower Retirement in 2020 for up to $1 billion. The app was rebranded as Empower Personal Dashboard in 2023.
How does Empower compare to other budgeting apps?
Empower excels at net worth tracking and retirement planning but offers more basic budgeting features than dedicated budget apps. It is the only genuinely free option that provides a complete financial picture, including spending, net worth, and investment portfolio, in a single dashboard.
Can I use Empower without linking my bank accounts?
The app is designed to aggregate all your financial accounts. While you could technically use it without linking accounts, you would miss the core functionality that makes the app valuable.
Does Empower offer investment advice?
Empower provides investment analysis tools and educational resources. It also offers paid advisory services through Empower Advisory Group, LLC, for users who want professional investment management.
Conclusion
The Empower net worth app offers a powerful, free solution for anyone who wants to see their complete financial picture in one place. Its net worth tracker, retirement planning tools, and investment analysis features make it a valuable tool for financial planning. Forbes recognition as “Best for Tracking Net Worth” and strong App Store ratings suggest that many users find it genuinely useful.
However, the app is not without its flaws. Mixed reviews on Google Play and Trustpilot, basic budgeting features, and occasional bugs mean it may not be the right fit for everyone. Users primarily interested in detailed budgeting might prefer dedicated budget apps, while those focused on net worth and retirement planning will find Empower an excellent choice.
What matters most is that the app helps you understand your finances better. As the saying goes, you cannot manage what you do not measure. Empower makes that measurement easy, accessible, and free.
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