In today’s technology-driven world, people use applications on their mobile devices to do everything from running a business to tracking their health to attacking barnyard animals using a virtual slingshot loaded with birds. It’s no wonder, then, that there are hundreds of apps aimed at offering financial resources, but which are the best financial investment apps for you to use? Many people stick with the apps offered by the brokerage company that handles their investments, which is certainly simple and effective, but there are a host of other useful financial tools for you to consider.
SigFig: Robust and User-Friendly for Any Investor
Available online and with Android and iPhone apps, SigFig wrangles data from more than 90 brokerages, allowing you to track stock market investments alongside your 401(k) and IRA accounts. You can easily call up charts to check risk and asset allocation, literally putting professional financial tools in the palm of your hand. SigFig moves beyond a mere app and into the realm of wealth management because it monitors your portfolio every week and flags hidden fees and overcharges, as well as alerting you to underperforming funds and suggesting alternative financial investments.
Motif Investing: Good for Small and First-Time Investors
Daily Finance recently offered a list of suggested apps for people looking for financial resources. Their number one pick, Motif Investing, offers iPhone users and anyone with access to a web browser a chance to create portfolios that focus on a specific sector. Your customizable portfolio can track up to 30 stocks based on whatever “motif” you pick, such as biotech, the housing recovery, or even political or social justice themes. While not necessarily robust or diverse enough to handle all of your financial investment needs, the Motif Investing app offers small and first-time investors a chance to get their feet wet. The service charges a commission of $9.95 per portfolio, with a $250 minimum investment.
Bloomberg: An Industry Leader for a Reason
Since the 1980s, Bloomberg has been synonymous with financial resources, including investing, economic news, and financial resources. Bloomberg provides financial organizations with software, analytics, and news, and offers a host of market and business information via Bloomberg News, three magazines, a global TV network, and a radio station. Their excellent and free app, available for iPhone, Android, Blackberry, and Windows Phone, provides real-time investment tracking and allows you to access interactive charts to view historical performance of your financial investments, putting all of the features of the Bloomberg website in one place for you to use.
Personal Capital: Investment and Budget Tracking in One
Often, apps that take on too many tasks fail to do any of them well, but that is not the case with Personal Capital. This free service, available via web, iPhone, and Android, provides financial tools to allow you to look at your overall financial picture by tracking investments, bank accounts, and credit cards. Need to transfer money between accounts or make a payment? Personal Capital can do that, too. If you’re interesting in contacting a financial expert, you can pay for their services, but those who turn to other sources for advice can still make use of the Personal Capital app.
Getting More In-Depth Information
While these apps can boost your understanding of your own financial investments and even help you gain some financial know-how, you may discover that you have questions or needs beyond what these basic financial tools offer. Thankfully, the Financial Doctor, Chuck Price, provides a wealth of information for beginning investors on his website, radio program, and in his new guide to wealth management, Investing Simplified.