Quicken vs. Personal Capital Review: Which One Is the Best Money Management Tool?
Quicken vs. Personal Capital: Which One Will Handle Your Money Better?
The one thing that every successful person does is properly manage their finances. To help you make the best financial management software choice, read this Quicken vs. Personal Capital review. You’ll get an in depth look at the features of the free Personal Capital Dashboard and the paid Quicken program, along with pros and cons of both.
I’ve used Quicken for decades and Personal Capital for less than three. Yet, when I was introduced to Personal Capital, I linked up my accounts (very quickly) and was blown away with the free features.
I continue to use both Quicken and Personal Capital.
It’s important that the financial management software program you choose can accommodate your accounting needs and expectations so read this Quicken v.s. Personal Capital comparison to decide which one (or both) is for you.
Quicken vs. Personal Capital – Uploading Data
Personal Capital wins hands down. Linking and syncing accounts was fast and accurate with Personal Capital. The platform updates automatically.
Quicken is poor at syncing accounts. Users must initiate updates. I frequently call financial institutions’ customer service to re-link accounts to Quicken.
Quicken vs. Personal Capital – Dashboard Home Screen
Personal Capital is stronger on the investment related information and Quicken is more focused on budgeting data.
Both the Quicken and Personal Capital dashboard’s show all account listings on the dashboard. That includes bank, investment, credit card, debt and asset (like your home) values.
As previously mentioned, Personal Capital’s account values are automatically updated. Quicken’s aren’t. Both platforms show your net worth figure, although Personal Capital also shows a 90-day net worth graph.
Both platforms show cash flow information – monthly income vs. expenses.
Both platforms show 30-day spending by account.
Next, here’s where the dash boards vary.
Personal Capital Dashboard Information:
- Graphs cash balances
- Graphs 90-day investment portfolio growth
- Graphs retirement savings
- Compares your investment returns with those of major market indexes in market movers section.
Quicken Dashboard Information:
- Bills and income reminders
- 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.
Quicken vs. Personal Capital – Apps Flexibility / User-Friendliness
Both programs have their mobile application counterparts that will let you access your financial information on the go. While Quicken sends user control alerts, Personal Capital gives real time financial updates.
Quicken vs. Personal Capital -Investment Tracking
When it comes to investments, Personal Capital beats Quicken due to it’s automatic updating. Although Quicken comes close with additional reports.
Personal Capital is distinct from Quicken in that it is both a paid investment manager and a free financial dashboard. Whereas, Quicken is a paid money management software program.
After the signing up for Personal Capital you gain access to the following investing-related reports:
- Net Worth and Account Balances
- Cash Flow Analysis
- Investment Returns
- Asset Allocation View
- Retirement Fee Analyzer
- Investment Check-up
With Personal Capital you receive a picture of your current financial situation, help managing your investments and how your investing can be improved. Quicken doesn’t offer this type of feedback.
Quicken is more cumbersome when it comes to tracking investment values. The lack of an automatic investment value feature adds time to the analysis process. Yet, Quicken provides a variety of investment reports as well:
- Asset Allocation
- Investment income
- Investment Performance
- Investment Transactions
- Investment Values vs. Cost Basis
Quicken vs. Personal Capital – Advice and Planning
Quicken offers more in-depth retirement planning and debt management and lacks Personal Capital’s investment fee analysis and investment checkup.
Retirement – Personal Capital analyzes your portfolio and determines how you’re set up for retirement. You get a likelihood of reaching retirement financial goals along with planning tools and recommendations.
Quicken has a “Lifetime Planner” that allows you to input date and determine how various scenarios will affect your ultimate retirement. This feature includes income, tax rate, inflation, savings, investments, and expenses details. Quicken’s planner feature is more interactive than Personal Capital’s retirement planner.
Investment Check up – Personal Capital analyzes your portfolio and makes investment recommendations. The analysis of my personal portfolio showed that it was too conservative. Personal Capital made specific investment recommendations.
For a fee, Personal Capital will manage your entire investment portfolio and provide access to Certified Financial Planners for financial planning and questions.
Fee Analysis – Personal Capital analyzes your investment fees and compares them to an average benchmark. Quicken lacks this feature.
Savings Goals – Quicken helps you save for future goals such as a summer vacation or college and “hides” these funds from view.
Debt Reduction – Quicken has a Debt Reduction Planner to help you create a plan to eliminate debt. Personal Capital does not.
Quicken vs. Personal Capital – Budgeting
Quicken is better suited to budgeting than Personal Capital.
Budgeting – Quicken allows you to create a budget by category and compares your actual income and expenses with your budget.
Personal Capital allows you to view income vs. expenses, but doesn’t have a feature to create a budget.
Tracking Income and Expenses
Both platforms provide views of income and expenses.
In Quicken you can create and assign budget categories, but not in Personal Capital.
In Quicken you can also view reports and income by categories. This is very handy if you’re running a small business or at tax time.
These are Personal Capital’s Budget Reports:
- Cash Flow Analysis
- Income Report
- Spending Report
These are Quicken’s Budget Reports:
- Current or Historical Budget or Graph
- Itemized Categories
- Itemized Payees
- Spending by Category – Report or Graph
- Spending by Payee – Report or Graph
- Current Spending vs. Average Spending by Category and Payee – Report or Graph
- Current Income and Expense by Category and Payee – Report or Graph
If you’re not ready to pay up for Quicken, Mint allows you to create a budget for free. And they’re both owned by Intuit.
Quicken v. Personal Capital – Fees
The Personal Capital Dashboard and reports are free. So, there is every reason to sign up, link your accounts and make use of their features.
Quicken has several versions as well as a subscription model (prices are subject to change).
Some advanced Quicken features weren’t covered in this Quicken vs. Personal Capital review.
Quicken v. Personal Capital – Security
Quicken is a desktop program and information is stored locally, although you can upload it to the cloud. I personally have a dedicated desktop computer upon which I store my Quicken data and don’t use the cloud option. I also don’t access Quicken from my laptop or phone.
Quicken has 256-bit encryption to protect data transfer from your financial institution. There’s also a “password vault” that protects your institutional passwords.
Personal Capital requires two factor authentication to enter the site. The data is encrypted with military grade AES-256. Employees don’t have access to any password type information.
Finally, both sites have vigorous firewalls to protect their servers.
Quicken v. Personal Capital – Final Wrap up
Each of the financial management programs have their advantages and disadvantages.
If you’re seeking an in depth money management tool with help slashing debt and tracking individual budgeting item then Quicken wins.
If you don’t need in-depth budgeting but want to view, track and analyze your investments, and see if you’re on track for retirement the Personal Capital is great.
If you want it all, for free, go with the free Personal Capital dashboard and free Mint.com.
But if you like the in-depth budgeting and financial reports and planning, then pony up for one of the Quicken versions.
I’m content using both Quicken and Personal Capital, but am disappointed that Quicken is not better at linking financial accounts.
*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.