You don't learn about investing by staring at a crystal ball but you might get some tips staring into your smartphone screen.
A big part of any strategy to become financially independent is a sound investment strategy. The more you know the better decisions you make and these apps have a vast array of resources and tools to help.
Notable mentions on must have apps include your broker's app. Majority of brokers including Fidelity, ScottTrade, AmeriTrade, etc have their own apps that let you track your investments performance. Most of these apps help you check news and quotes.
Betterment is an online investing app designed for “Investors on the go”, but I think that they had more in mind when they came up with the app. The reality is, they’ve made it simple enough for someone who doesn’t know how the market works to invest. Really, the system is designed for the newbie. With most investment platforms, you have to choose the companies you’d like to invest in. That process not only takes a lot of research, it takes quite a bit of understanding of market trends. However, when it comes to Betterment, they make those tough choices for you. (Open Betterment.com Account)
Motif Investing is an investing tool that takes an unconventional approach. As investors, we naturally want to choose the best group of stocks, but before Motif, groups of stocks weren’t available to us. Instead, we had to dig through several different options and build our own group, or profile. With Motif, instead of having to deal with the time consuming headache of choosing stocks, you choose Motifs instead. Motifs are groups of up to 30 stocks that all fall in the same category. For instance, if you were interested in investing in emerging technology, chances are, you’d be able to find a motif with that theme.
(Open a Motif Investing Account)
FutureAdvisor is an all-inclusive investment management service. The company is the brainchild of data scientists, finance specialists, and computer programs; and their tools are so impressive that they are backed by the same venture capital firm that backed Google and PayPal. They offer management of tradition taxable investments as well as many IRA options. It’s also important to remember that FutureAdvisor is not a company that holds your investments. Just like Wealthfront holds your investments through Apex, FutureAdvisor manages investments held by Fidelity and TD Ameritrade.
(Open a FutureAdvisor.com Account)
Wealthfront is an investment portfolio management app with a heavy emphasis on asset allocation with low fees. The entire management program is based on the Modern Portfolio Theory (MPT) which we’ll get into a bit later in more detail. It’s also important to understand that Wealthfront doesn’t actually hold your portfolio; they provide the management of your portfolio that’s held with Apex Clearing Corporation. We’ll also talk a little bit about what that means later in this review, but for now, just know it’s not necessarily a bad thing. (Open a Wealthfront Account)
Personal Capital is a money management app designed to help you manage every piece of your financial life from your checking and savings accounts to debts, investments and more. The platform shows you exactly how much money you’re bringing in every month, how much money you’re spending, and where that money is going. It also shows you your investments, net worth, and much more. Aside from the money management app, Personal Capital is also a registered financial advisor. So, they can show you how your money is being spent, saved, and invested now, as well as give you advice on how to invest your money for the future. (Open Personal Capital Account)
Do you have any investment app that's worth a look? Let us know.