Power Player: Bill Harris raises yet another $40 million on strength of winning big accounts willing to pay a grown-up price

Personal Capital has a leg-up in the mass production of classic RIA-to-high-net-worth services using technology, people and process, even if the brand elicits shrugs

Author Mia Diamond July 31, 2017 at 11:46 PM

3 Comments

Bill Harris: We are constantly showing what your cash flow is, you have to be good at saving.

Robo-Advisors

James Osborne

Bill Harris

Mark Goines

Personal Capital

Betterment

Bason Asset Management

Vanguard Personal Advisor Services

Jay Shah

Stephen Winks

August 1, 2017 — 8:14 PM

the advice element of Robos are still quite primitive and inexpensive TAMP algorithms. The higher service business model of VanGuard and Personal Capital are focusing of creating personal experience beyond an impersonal TAMP technology. Vanguard and PC would be well served by putting "financial services" (asset/liability study, investment policy, portfolio construction, performance monitor, etc.) back into the financial services business. This preempts conventional brokerage which is opposed to fiduciary duty supporting a high service business model because it triggers fiduciary liability. The inability of brokerage to execute a high service business model for fear of fiduciary liability is the key to personalized advice of the Personal Capital business strategy. SCW

Bill Winterberg

August 2, 2017 — 12:53 PM

Personal Capital selected Pershing Advisor Solutions as the custodian for customer accounts. As of August 2, 2017, I did not see a conflicts statement or disclaimer in your article about this relationship, given the article includes quotes from Mark Tibergien, CEO of Pershing Advisor Solutions, specifically because he is quoted as saying, "I'm very bullish," with respect to Personal Capital. <a href="https://support.personalcapital.com/hc/en-us/articles/201169490-Who-holds-my-money-" rel="nofollow">https://support.personalcapital.com/hc/en-us/articles/201169490-Who-holds-my-money-</a>

brooke southall

August 2, 2017 — 6:49 PM

Bill, Yep, good point. My oversight. Will do.

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Mentioned in this article:

Betterment, LLC
Financial Planning Software
Top Executive: Jon Stein