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Empower and Quicken are both financial management software programs that can be used to track and manage your personal finances. Both programs offer a range of features and tools for budgeting, tracking expenses, managing investments, and more. However, there are some key differences between the two programs that you should consider when deciding which one is right for you.
Note: Personal Capital is now Empower. Empower Personal Wealth, LLC (“EPW”) compensates TopFinancialTools.com for new leads. TopFinancialTools.com is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
Key Differences Between Quicken and Empower
One of the main differences between Empower and Quicken is the type of service they offer. Empower is a web-based financial management platform that provides a range of tools and services for managing your finances, including budgeting, investment tracking, and financial planning. In contrast, Quicken is a desktop software program that is installed on your computer and provides similar tools and services for managing your finances.
Another key difference between the two programs is their focus. Empower is primarily geared towards helping users manage their investments and long-term financial planning, while Quicken is more focused on everyday budgeting and expense tracking. Empower offers a range of features and tools for tracking and analyzing your investments, including portfolio tracking, performance analysis, and tax optimization. It also offers financial planning services, such as retirement planning and estate planning. Quicken, on the other hand, offers a range of budgeting and expense tracking features, such as the ability to create a budget and track your spending, as well as bill pay and bill management tools.
One key advantage of Empower is its integration with online banking and financial institutions. Empower can automatically import your financial data from a wide range of sources, including bank accounts, credit cards, and investment accounts. This can save you time and effort in tracking and managing your finances. Quicken also offers integration with online banking and financial institutions, but the range of supported institutions is generally smaller than what is offered by Empower, especially with investment accounts.
Another important factor to consider is the cost of the two programs. Empower is free to use, with some paid services available for users who want additional features or financial planning services. Quicken, on the other hand, is a paid software program, with prices ranging from around $30 to $100 depending on the version you choose.
In summary, Empower and Quicken are both useful financial management software programs that offer a range of tools and services for managing your finances. Empower is a web-based platform that is primarily geared towards investment management and long-term financial planning, while Quicken is a desktop software program that is more focused on everyday budgeting and expense tracking. Empower offers a modern, intuitive interface and automatic integration with a wide range of financial institutions, while Quicken has a more traditional interface and a smaller range of supported institutions. Ultimately, the right choice for you will depend on your specific financial management needs and preferences.
Nate Phillips has been using Quicken and TurboTax for over 20 years. He has spent part of that time as a Quicken beta tester, helping identify bugs and annoyances with Quicken updates before they are released. Nate holds a master’s degree in Computer Science and has numerous technology certifications.