"This is the magic formula," said Harris. "It's one plus one equals three. I truly believe we've designed the future of financial advice – that ten years from now most financial institutions will be seeking to do what we do today."
"To me, the term 'robo-advisor' is half true," continued Harris. "They are robo, but they're not advisors. Our mission statement is simple: 'Better financial lives through technology and people.' I think that says it all."
Personal Capital is a fiduciary of its clients' money – meaning that it is required to (and desires to) offer advice in the best interest of its clients, not of the firm itself. Brokers are not fiduciaries. Recently approved rules from the Department of Labor are scheduled for implementation in April of this year, and would require even brokers to operate as a fiduciary when selling 401k, 403b and Individual Retirement Accounts. These new rules have faced fierce opposition from brokers and from the well-financed financial services lobby. The incoming administration has indicated it may delay or repeal these rules. Personal Capital believes the repeal of these regulations would be a disservice to all investors attempting to provide for a secure retirement.
To learn more about Personal Capital, visit www.personalcapital.com.
About Personal Capital
Personal Capital is the smart way to track and manage your financial life. Personal Capital combines award-winning online financial tools that provide unprecedented transparency into your finances with personal attention from licensed financial advisors. The result is a complete transformation in the way you understand, manage and grow your net worth. There are over 1.3 million registered users of Personal Capital's free tools.
Disclaimer: Personal Capital Advisors is an SEC registered investment advisor. Any reference to the advisory services refers to Personal Capital Advisors. SEC registration does not imply a certain level of skill or training.
Marianne Ahlmann | Personal Capital | firstname.lastname@example.org
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sec-announces-increased-scrutiny-of-robo-advisors-personal-capital-announces-it-has-already-been-scrutinized-300390721.html
SOURCE Personal Capital