In a jiffy, how much do you have in your savings account? Also, what proportion of your portfolio is invested in your top five stock positions?
Nobody expects you to know the answers to these questions off the top of your head, especially if you’re a passive investor who has their finances handled by a robo-advisor or human financial adviser.
However, you should be able to monitor your holdings with relative ease. While keeping tabs on your investments via an app might be helpful, not all of them are made equal. It’s not hard to tell which ones are the best and which ones are not.
Apps for Tracking Investments
In terms of monitoring investments, these are the top applications currently accessible. Each excels in one particular area, such as simulating the experience of using a spreadsheet to keep track of your finances or giving advanced financial insights without the need for a costly adviser.
Our top option, even in its free edition, has a remarkable breadth and depth of features and capabilities, making it suitable for both do-it-yourself and automated investors.
- Money Management Software: Personal Capital
Top honors go to Personal Capital, which has a wide range of useful features that make it suitable for both experienced day traders and dedicated index investors. Its investment tracking features may be used without paying a dime.
Further bolstering Personal Capital’s standing is the app’s all-encompassing nature. It’s designed to consolidate all of your financial data into one location, including savings and checking accounts, investments, loans, cash value
Almost every investment account in the United States is compatible with Personal Capital. When you’ve done that, you’ll be able to see your asset allocations, positions, and account balances in real time. Some really helpful tools that access your synchronized accounts are:
- The image below depicts a retirement simulator that may help you determine whether or not you will be able to retire with the amount of money you want and whether or not you will live comfortably in retirement.
- A pie chart or bar graph depicting the percentage of each asset class, industry, and other relevant categories in your overall portfolio.
- A calculator that breaks down just how much money you’re spending on portfolio management
- Mint is the best app for increasing your financial literacy.
Originally, Mint was only a free piece of budgeting software, but it quickly gained popularity and inspired a whole industry.
Unlike its humble beginnings as a spreadsheet-based tool, Mint has evolved into a feature-rich, free service. Your investment portfolio is just one of the many external accounts that can be synced with Mint so that you can get real-time updates on your portfolio’s performance, allocations, and more.
However, Mint’s unique focus on user education sets it apart from the competition. Insights and recommendations to increase your financial capability and literacy will be displayed alongside your investment allocations and positions (pictured). Encouragements to put more money into tax-deferred accounts, advice for lowering the impact of investment losses, and recommendations for suitable financial products are all examples.
Additional tools available in Mint help users better manage their money and get a handle on their financial futures.
- Budgets that allow you to define your own spending categories and restrictions
- Credit monitoring 24/7
- Individualized insights that may help you save or invest additional funds.
- An expenditure tracker that automatically monitors your real-time cash flow.
- A bill negotiating service that might reduce your fixed costs.
- Best for Tax Management: Quicken Premier
Another piece of high-powered budgeting software that allows real-time investment tracking is Quicken Premier.
Quicken Premier costs around $6 per month compared to Mint’s free version, but it has a considerably more comprehensive interface for managing investments.
Its advanced tax administration features are particularly noteworthy. Tax reports may be created automatically to assist busy traders in keeping track of tens, hundreds, or even thousands of cost basis numbers come tax time, and individual insights can be used to maximize tax savings. The monthly fee for Quicken Premier includes these extra features:
- You can see how far your portfolio may be out of balance in the picture, thanks to a chart showing both your actual and goal allocations.
- A consolidated view of all of your bills in one place
- Application for paying bills internally
- Investments in privately-held enterprises, such as stock options or equity, may be linked to a public stock market.
- There are more than a dozen tools for analyzing and researching your portfolio and its investments.
- Best for Sophisticated Insights Without an Advisor: Full View Fidelity
If you already have an investing account with Fidelity, you can upgrade to Fidelity Full View at no cost to you. It provides an all-encompassing perspective of your portfolio’s performance over time by displaying real-time balance data from your Fidelity accounts and linked outside investment accounts. Your cryptocurrency, retirement, and tax accounts may all be linked together.
In addition to a full wealth statement, Fidelity Full View also provides access to the eMoney advisor-level platform (pictured below). After some practice, eMoney can provide you with the same kind of advice on personal finance as a human financial counselor, but without the costly advising charge.
With Fidelity’s robo-advisor service, Fidelity Full View is included at no additional cost, saving you anywhere from $3 per month to 0.50% of assets under management yearly. Notable extras include:
- A dynamic record of transactions among interconnected accounts
- Real-time tracking of cash flow
- DIY financial planning instruments to facilitate long-term investment choices
- Custom cost categorization
- Individualized budget planning
- Best for Hands-Off Investors: SigFig
When it comes to monitoring investments, SigFig, a robo-advisor, stands out for its exceptional depth and breadth, both internally and outside. The key is that unlike other robo-advisors, where people are either completely missing from the consumer experience or are only available to higher-net-worth customers, SigFig relies on a staff of human specialists.
And that’s why SigFig is the finest portfolio tracker for those who want to sit back and watch their investments grow with no involvement. There are other things worth mentioning as well:
- Free management of the first $10,000, then 0.25 percent of assets under management yearly.
- Unrestricted access to investment advisors irrespective of account balance
- No transaction fees
- In-place account management – there is no need to transfer funds from other brokerages if you already have a relationship with the firm.
- Fee and risk assessment at no charge
- Morningstar Portfolio Manager is the best for tracking individual stocks.
Anyone who buys and sells stocks often should sign up for a free Morningstar account, which grants access to the Morningstar Portfolio Manager.
As you can see in the image below, the UI is astonishingly simple. Gain/loss, account balance, and shares owned for each position are readily apparent. If you want access to Morningstar’s unique ratings for stocks and ETFs as well as their in-house market research papers, you’ll want to upgrade to Morningstar Premium.
Features beyond the basic:
- Individual portfolio stocks receive their own news and analysis feeds.
- Quickly compare stocks’ core metrics including future price to earnings (P/E), price to book value (P/B), and dividend yield.
- Adjustable cost basis for maximum tax efficiency
- Quotes for major indices are delayed.
How much do apps for tracking investments cost?
There are free mobile applications available for tracking investments. You don’t have to have a relationship with a financial advisor to use Personal Capital to keep tabs on your investments and wealth; the service is free for everyone.
Most other investment tracking applications need upfront payments. Most basic investment trackers are free, but more advanced applications might cost hundreds of dollars annually.
How to Select the Finest Investment Tracking Application
Which investment tracking software should you use? Take a step back and catalog all the potential platforms. Then, select a candidate based on the criteria we’ve laid down here:
- Pricing and charges
- Syncing with external financial accounts
- Capabilities for portfolio analysis
- Tracking your net worth outside of your financial portfolio
- Simpleness of usage
- Insights and financial advice
- Capabilities in investment management
Maybe think about it from a different angle. Finding an investment monitoring software that fulfills your essential investing requirements is of paramount importance.