Empower, previously Personal Capital, is a US-based and SEC-regulated trading platform and advisory firm. Clients can access pensions, robo-advisors and do-it-yourself investing in stocks, mutual funds, fixed-income products and ETFs. Millions of clients trust Empower with their long-term investments, attracted by the suite of free financial planning tools and excellent reputation.
Betterment is a US wealth management and investing company, offering a range of account options, portfolios and ETFs. Established in 2010, the firm has over 800,000 customers and $40+ billion in AUM. With self-directed trading alongside pre-made investment portfolios, savings accounts and debit cards, Betterment caters to a range of financial goals.
Comment by Reviewer
"Empower is best for hands-off investors looking for a US-regulated platform and robo-advisor with free financial planning services. However, investors need to be willing to make a large minimum investment and pay higher than average fees for premium services."
"Betterment is one of the most trusted robo-advisors on the market. It’s great if you want to invest and save for the long-term, especially for new investors looking for a low starting investment and competitive fees."
Pros
Award-winning customer support team
Intelligent budgeting and portfolio management tools
Empower's advisory services are regulated by the SEC
Millions of active users and good industry reputation
Highly rated mobile app available on Apple and Android devices
Beginner-friendly financial dashboard with customizable widgets
Robo-advisor service with pre-built portfolios and investment strategies
Transparent pricing - $4 a month or 0.25% annually for automated investment services
User-friendly and modern platform makes it easy to set goals and track portfolio performance
SEC-registered investment advisor with SIPC protection up to $500,000 coverage per account
Expert insights, investment articles, financial news and product guides available
Pre-built portfolios with auto-rebalancing and reinvestments
No minimum balance makes the firm suitable for beginners
Automated and optimized tax strategies
Cons
Limited choice of payment methods with only wire transfer
0.49% - 0.89% management fees are high vs alternatives
$100,000 is needed for the robo-advisor service
No forex, commodity or crypto trading
No demo account for prospective users
Only available in the US
Access to personalized services and guidance has a $100,000 minimum investment
