SILICON VALLEY, Calif., March 27, 2017 /PRNewswire/ -- Digital wealth management firm Personal Capital announced today that its assets under management rocketed past $4 billion, from a base of $2 billion in March of last year.
"Even for the tech business, this is hyper-growth. And for financial services, it's unheard of," said Personal Capital CEO Bill Harris. "Why are we growing so fast? Because affluent American households want to manage their money digitally – like they manage so much of their lives – and we're the best way to do it."
Simultaneously, the average amount clients invest with Personal Capital has grown by 20% over the past year to $340,000, and 38% of the assets are now in accounts with over $1 million.
"The more our clients experience our service, the more they like it," said Harris. "They're investing more money, referring more friends, and staying with us at historically high retention rates – well over 95% annually."
Personal Capital's financial advisory service includes:
- Personal Finance Management (PFM) software – a dashboard for your financial life, available for free at personalcapital.com and on the app stores.
- Financial planning software – including modules for retirement, marriage, college savings, home purchase, health care and more.
- Dedicated financial advisors – highly trained professionals who work with you as true fiduciaries, acting in your best interest, not their own.
"Brokers are salespeople, who can legally sell the financial products that make them the most money," said Harris. "Advisors are fiduciaries, who are required to avoid conflicts of interest and provide the best solutions for you. This is a crucial distinction, because inappropriate products and high fees can rob you of half of your lifetime retirement savings."
"Right now, the financial services industry has descended upon Washington to repeal what's known as the Fiduciary Rule, which protects your 401k and other retirement accounts. Repeal would be tragic for working people's ability to retire with financial security," said Harris, in an appeal to regulators and legislators to stand firmly behind this important consumer safeguard.
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 registered financial advisors. The result is a complete transformation in the way you understand, manage and grow your net worth.
Marianne Ahlmann | Personal Capital | firstname.lastname@example.org
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SOURCE Personal Capital