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Nearly every successful person manages their money well. This comparison of Quicken and Empower (formerly Personal Capital) looks at the free Empower dashboard versus the paid Quicken software, highlighting features, strengths, and weaknesses to help you choose—or decide to use both.
Background and usage
I’ve used Quicken for decades and Empower for more than eight years. Empower’s free tools impressed me with easy account linking and strong investment, retirement, and cash flow features. I still use both: Quicken for detailed, customizable reporting and Empower for its free investment analysis and snapshot views.
Account linking and syncing
Both platforms link accounts quickly and accurately. Occasional security-driven reconnects can be required by either service; the extra step helps protect your financial data.
Dashboards and overview
Quicken offers more customizable dashboard tiles and broader options for tracking spending, saving, and investing. You can adjust time periods and drill into categories. Empower focuses more on investments and updates account values automatically; Quicken requires clicking update to refresh values. Both show net worth, cash flow (income vs. expenses), and 30-day spending; Empower additionally displays a 90-day net worth graph. Overall, Quicken gives more depth on spending and budgeting, while Empower emphasizes investment performance and benchmarking.
Mobile apps and budgeting tools
Both platforms have mobile apps. Quicken sends user-control alerts; Empower delivers real-time updates. For simple budgeting, Simplifi by Quicken is often a better choice than Empower. If you want straightforward budgeting help, Simplifi or other budget-first apps may suit you better than Empower’s investment-centered view.
Investment tracking and reports
Empower excels at automatic updates and provides strong investment-tracking features, including an investment checkup, allocation views, and fee analysis that highlights costly funds. Empower’s free reports give a clear picture of portfolio health and suggest improvements.
Quicken offers a wider range of reports and greater customization—by asset, account, and time period—and can produce tax-specific and comparative spending reports. However, Quicken’s investment values require manual updating to reflect current prices unless you refresh accounts. If you need highly customizable reports, Quicken is superior; if you want automated investment analysis and fee comparisons, Empower leads.
Retirement planning and financial advice
Both platforms include retirement planning tools. Empower’s free investment checkup and fee analyzer are valuable for optimizing portfolios. For paid advisory services, Empower Advisors provides access to certified planners and wealth management for a fee.
Quicken includes in-depth planning tools as well: a financial planner that models income, taxes, inflation, savings, assets, and liabilities, and lets you run “what if” scenarios. Quicken also offers a Debt Reduction Planner and other planning features that are helpful for detailed personal financial planning.
Budgeting and expense tracking
Quicken is better suited for creating and managing budgets. It lets you set budget categories, compare actual income and expenses to the budget, and generate detailed category reports—useful for small businesses or tax preparation. Empower shows income vs. expenses but does not let you create category-based budgets. For straightforward budgeting, Simplifi is a simpler alternative.
Cost and value
Empower’s dashboard and reports are free to use. Users with assets over certain thresholds may receive outreach from Empower about paid advisory services. Quicken is a paid subscription with multiple versions; its more advanced budgeting and reporting features come at a cost. Many users find that combining Empower’s free tools with Quicken’s paid features gives the best of both worlds.
Security and data storage
Both services prioritize security. Quicken stores data locally by default (cloud option available), uses strong encryption for data transfer, and includes a password vault. Empower requires two-factor authentication, uses AES-256 encryption, and restricts employee access to password information. Both maintain robust firewalls and protections for user data.
Customer support
Quicken provides an active user forum, detailed FAQs, live chat, and phone support (with premium support available for a fee). Empower offers in-app help, email, and phone support; customers who pay for advisory services can consult financial advisors directly.
Data portability and limitations
Quicken supports account reconciliation and bill pay. Empower cannot import Quicken data; you must link financial accounts directly to Empower to build your snapshot. Linking is generally quick and straightforward.
Alternatives
If Quicken or Empower aren’t a fit, consider:
– Simplifi by Quicken for basic budgeting
– YNAB (You Need a Budget) for envelope-style budgeting
– Tiller for spreadsheet-based money management
– CountAbout for Quicken-compatible imports at lower cost
– Stock Rover for advanced investment research and portfolio management
Bottom line
If you want automated investment insights, fee analysis, and a free, investment-focused dashboard, sign up for Empower. If you need deep customization, detailed budgeting, tax reports, and the ability to manipulate and export data, Quicken is worth the subscription. For many users, using Empower’s free tools alongside Quicken’s robust reporting delivers the most comprehensive financial picture.
