Personal Capital vs Quicken 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
 
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In the world of personal finance management, two prominent players have earned their stripes: Empower (formerly known as Personal Capital) and Quicken. Both platforms offer a plethora of financial tools and services to help users take control of their money.

In this comprehensive comparison, we’ll delve into the strengths and weaknesses of these platforms, ultimately favoring Quicken for its tailored solutions for personal finance management. Let’s explore how these financial giants stack up against each other.

Personal Capital is Better for:Quicken is Better for:
Investment tracking and retirement planning.Business accounting requirements.
Managing personal financial accounts.Payroll and inventory management.
Tracking investment portfolios.Comprehensive business accounting features.
Retirement planning tools.Customizable invoicing.
Budgeting features.Business expense tracking.
Spending reports.Extensive financial reporting.

Introducing the Platforms

Empower (formerly Personal Capital)

Empower is a robust personal finance app that goes beyond traditional budgeting and expense tracking. With an emphasis on proactive saving, cash-back opportunities, and convenient cash advances, Empower aims to assist users in taking control of their financial health. 

The app comes with a sleek interface, a range of analytical tools, and the Empower Visa debit card, offering a seamless experience for managing finances. Through features like spending categorization, automatic savings, and customizable budget limits, Empower provides an all-in-one solution for financial management.

For a detailed review of Empower, you can refer to the Empower Review.

Quicken

Quicken, on the other hand, is a financial management software platform that excels in catering to both personal and business accounting needs. It is well-known for its extensive feature set, making it a top choice for individuals and businesses alike. Quicken offers a range of tools, including payroll management, inventory tracking, customizable invoicing, and comprehensive business expense tracking.

Check out my review of Quicken for a deeper dive into the company and its offerings. Quicken has another platform under its umbrella called Simplifi – check out my full Simplifi review as well.

Personal Capital (Empower) logo Quicken
Type of Service Personal finance management and investment tracking Personal and business accounting, expenses
Best Use Personal financial management and investment tracking Ideal for personal and business accounting
Customer Support Email and in-app support available Phone, chat, and email support
Pricing $8 per month with a 14-day free trial Various plans starting at $35.88 per year
User-Friendliness Intuitive interface for finance management Professional setup, may require accounting
Current Promotion

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Modest Money Overall Rating
4.5 rating based on 5 ratings
4.5 rating based on 5 ratings

Factor 1: User-Friendliness

Quicken offers a professional setup suited for business accounting requirements

  • Empower (formerly Personal Capital) provides an intuitive interface tailored for personal financial management.
  • Quicken is favored for its ease of use, making it superior for personal finance management.

Empower’s user interface is designed with the individual user in mind, making it simpler to manage personal finances without extensive accounting knowledge. Its dashboard and reporting features are straightforward, allowing users to easily track their spending, investments, and savings goals.

Empower excels in user-friendliness for personal finance management. Its intuitive interface and ease of use make it the preferred choice for individuals looking to take control of their finances.

Quicken, while robust and feature-rich for business use, requires a foundational understanding of accounting principles, which might be overwhelming for personal use. Its setup and features are geared towards professionals, making it less intuitive for those without accounting experience.

Quicken, with its professional setup, may be better suited for business accounting requirements, but it falls short in terms of user-friendliness for personal finance management.

Factor 2: Investment Tracking

Empower offers comprehensive investment tracking tools

  • Quicken provides basic investment tracking features.
  • Empower excels in investment tracking – offering a wide range of tools to monitor your investment portfolios and analyze their performance.

Empower (formerly Personal Capital) stands out in the realm of investment tracking. It provides a comprehensive suite of tools to help users monitor their investment portfolios effectively. With features such as real-time performance tracking, asset allocation analysis, and insights into fees, Empower caters to both beginners and experienced investors.

Whether you have a diversified portfolio or multiple investment accounts, Empower’s investment tracking capabilities can provide valuable insights to help you make informed financial decisions.

Quicken offers basic investment tracking features, making it suitable for users with simpler investment needs. While it allows you to track investments and view portfolio performance, it lacks the depth and sophistication found in Empower’s investment tracking tools. Quicken’s investment tracking capabilities are better suited for individuals with straightforward investment portfolios.

Factor 3: Budgeting and Expense Tracking

Empower excels in budgeting and expense tracking with features like spending categorization

  • Quicken offers solid budgeting tools but with a focus on business accounting.
  • Empower is the preferred platform for users seeking comprehensive budgeting and expense-tracking solutions.

Empower (formerly Personal Capital) takes the lead when it comes to budgeting and expense tracking. Its user-friendly interface and advanced features, such as automatic spending categorization, make it an excellent choice for individuals who want to stay on top of their finances.

With Personal Capital (Empower), you can set budget limits for various spending categories and receive alerts when you’re approaching your limits. The platform’s emphasis on proactive saving and expense management sets it apart in this category.

Quicken, while offering solid budgeting tools, is primarily designed for business accounting. Its features and setup are more complex and may be better suited for professionals. While it can be used for personal budgeting, it lacks the simplicity and user-friendliness that Empower offers for personal finance management.

Factor 4: Retirement Planning

Empower provides robust retirement planning tools

  • Quicken offers basic retirement planning features.
  • Empower is the preferred choice for users looking for comprehensive retirement planning solutions.

When it comes to retirement planning, Empower shines with its comprehensive suite of tools and features. Empower allows users to set retirement goals, track their progress, and optimize their retirement accounts. The platform provides valuable insights into retirement savings, Social Security benefits, and retirement income projections.

With Empower, you can confidently plan for your retirement future, making it an ideal choice for those focused on long-term financial goals.

On the other hand, Quicken offers basic retirement planning features but is primarily designed for personal and business accounting. Its retirement planning tools are less extensive compared to Empower, making it a less suitable option for individuals who want comprehensive retirement planning solutions.

The Verdict

In this matchup between Empower (formerly Personal Capital) and Quicken, both platforms have their strengths. Empower shines in investment tracking and retirement planning, making it an excellent choice for users focused on long-term financial goals and managing their investment portfolios – click here to get started with Empower.

On the other hand, Quicken excels in personal and business accounting, offering a wide range of features for budgeting, expense tracking, and financial management. Go here to explore all of the Quicken brand offerings.

The winner ultimately depends on your specific financial needs. If you prioritize investment tracking and retirement planning, Empower is the clear winner in these categories. However, if you require robust personal and business accounting tools, Quicken is the preferred choice.

For the sake of this matchup, we are giving the edge to Personal Capital (Empower), because they came out on top in 3 out of the 4 factor sections.

Learn More About Empower (formerly Personal Capital)

Learn More About Quicken