The 2 Best Alternatives to Quicken Software

Quicken is one of several well-known, widely used, and highly successful financial software programs developed by Intuit, Inc. (INTU). Intuit subsequently sold its personal financial management tool to private equity firm H.I.G. Capital in 2016.  

Quicken offers users services from basic checking and savings account management and budgeting, all the way to portfolio analysis and management features such as capital gains tracking. There are Windows-based versions of the program available as well as for Mac that's compatible with Apple's operating system.

Although manufactured for a number of global markets, Quicken remains focused largely on a North American customer base. While Quicken has dominated its niche market since its first release in 1983, there are a number of similar, alternative products available and which are increasingly challenging its dominance.

1. Empower

Empower represents an attractive and less expensive alternative to Quicken for individuals who prefer a cloud-based program—and one that offers extensive investment management tools. In fact, as of March 31, 2024, it had $1.6 trillion in assets under management (AUM).

The basic Empower financial services package, which includes account tracking, budgeting, bill paying, and other basic services, is free. However, Empower makes its money primarily from individuals, with a minimum of $100,000 in assets, who choose to upgrade to the personal wealth management services the company offers. Fees begin at 0.89% for the first $1 million of assets managed and range down to 0.49% (for accounts over $10 million) per year. Empower's fees are significantly lower than average for full wealth management services.

With the paid wealth management service, clients are assigned a personal financial advisor and receive all the usual services a client expects from a wealth management company, including tax and estate planning, tax-loss harvesting, advice on insurance, educational funds for children, and any other necessary services to provide full financial management for clients.

But even the free personal finance services offered are extensive and competitive with what is offered by Quicken. Included are services such as budgeting, a retirement planner, net worth analyzer, and an investment allocation target checker. The budgeting component includes a cash flow tool that allows individuals to input income and spending, and then receive weekly, monthly, or annual analyses of their projected cash flows.

The retirement planner can be used to map out a retirement plan, and then to monitor how closely the user is adhering to the plan. This feature allows users to set spending and savings goals, track income events, and project the future value of their investment portfolios. Its asset allocation component determines a user's risk tolerance profile and then makes appropriate investment allocation recommendations. The comprehensive features and the flexibility of input variables offered in this module compare favorably to any comparable service, free or paid.

Empower has received good reviews on a number of levels, one being that it offers better account synchronization than most programs of this type. It also receives high marks for customer service, a rare plus for a free financial services software program. Empower offers much more in-depth investment analysis and planning than Quicken. It also offers enhanced security through its use of multi-factor authentication.

Empower services are accessible by computer, tablet, or cellphone.

2. Banktivity (iBank)

Debuting in 2004, iBank was designed by IGG Software specifically for Apple's operating systems—at first, macOS (for desk- and laptops), and later iOS (for iPhones and iPads). IGG re-christened it Banktivity in 2016.

Aiming to serve as a personal or small business financial management program, Banktivity offers a myriad of financial services, including bank, credit card, loan, and investment account management. Features not included in Quicken but that come standard with Banktivity include multicurrency functionality and variable loan amortization. Its platform for reviewing all of an individual's financial accounts can be found on one central dashboard: checking, savings, money market, equity and fixed-income investments, retirement accounts, loan accounts, and brokerage accounts.

With its continually updated charts, Banktivity stands out for the detailed income, expense, and investment performance analysis it offers, tracking buys and sells of stock shares, dividends, and stock options.

The program also allows for easy production and printing of custom financial reports.