Note: Personal Capital was acquired by Empower in 2020 and became part of Empower Personal Wealth in 2023.
Office address: 8525 E. Orchard Road, Greenwood Village, CO 80111
Website: personalcapital.com
Year established: 2009
Company type: financial services
Employees: 10,000+ (Empower)
Expertise: wealth management, retirement planning, investment advisory, tax optimization, financial planning, cash management, portfolio analysis, digital financial tools, robo-advisory services, fiduciary investment services
Parent company: Empower Annuity Insurance Company of America (EAICA)
Key people: Edmund Murphy III (CEO); Carol Waddell (president); Craig Birk (chief investment officer); Steven Stillman (SVP); Andrew Eldridge, Lauren Ochoa, and Joel Clausen (VPs)
Financing status: corporate-backed or acquired
Personal Capital was a digital wealth management company in the US. It combined online financial tools with human advisors to help users manage their money. The firm aimed to give clients a complete picture of their financial lives. Empower acquired the business in 2020, and the business was later rebranded as Empower Personal Wealth.
Personal Capital started in 2009 when Bill Harris and his co-founders launched a new fintech venture. The firm first operated as SafeCorp Financial Corp., then rebranded to Personal Capital in 2010 to better match its consumer focus.
It publicly rolled out its platform in 2011, stepping into the digital wealth space at an early time. In 2012, the company registered with the US Securities and Exchange Commission as an investment adviser, which made its advisory function official.
From there, Personal Capital built a digital-first service that blended powerful software with access to human financial advisors. Its dashboard let users view investments, debts, cash, and retirement accounts together, giving a clear picture of their financial lives.
Millions of people used the free tools, and tens of thousands became advisory clients seeking tailored investment and planning help. By 2020, the company managed more than $13 billion in assets from offices across the US.
That momentum attracted Empower Retirement, which agreed in 2020 to acquire Personal Capital in a deal worth up to $1 billion. The transaction included $825 million at closing, plus up to $175 million linked to future growth milestones.
After regulatory approvals, the acquisition was completed, and Personal Capital was made into a wholly owned subsidiary. Jay Shah, formerly Personal Capital’s CEO, became president of the subsidiary and reported to Empower’s president and CEO, Edmund Murphy.
The acquisition eventually paved the way for a full rebrand of the consumer wealth business. In early 2023, Personal Capital’s name was retired and Empower Personal Wealth was launched as the new retail wealth division.
The well-known Personal Capital dashboard lived on under the new brand, alongside offerings such as Personal Strategy+ and Empower Personal Cash. By 2025, he division had surpassed $100 billion in assets under administration. It also helped drive strong earnings growth for the whole company as more Americans sought digital tools paired with professional advice.
McNabb believes there is still lots of opportunity for technology to help advisors become more efficient and serve clients better.
Shah, formerly CEO of Personal Capital, will replace Larry Raffone, who will transition to become chairman of the board.
Although its efforts to meld its businesses met with some opposition, the company's revamped platform will provide great returns for users and investors, Bill Crager says.
