The best investment management platforms are a lot more comprehensive than apps that give you a top-down view of your investments. Even though most of these apps are dedicated to this goal, some apps go beyond these criteria and provide a holistic picture of your finances.
Whether it’s banking information or your outstanding loans – these apps have mastered every facet. Whatever your financial needs, you’re always going to find an investment management app. That said, here’s the list of investment management platforms you should try.
1. Webull
Webull is an app-based trading platform that is considerably more advanced when compared to its counterparts. There are no account minimums and customers can trade stocks and other investment options without any commission. Investors who do use Webull know that it has one of the lowest prices in the industry.
However, new investors can take advantage of the “play money” feature, too. This teaches budding investors how to trade stocks while taking them through a demo.
2. Robinhood
Robinhood started gaining traction in the market since it was one of those first applications in the market that offered stock trading without any commissions. This made it a lot easier for a first time investor to start their own portfolio. Even though several applications offer the same features, Robinhood still stands out in a few ways.
Robinhood also does not have any inactivity fee or a minimum account balance requirement. Furthermore, it has a friendly interface that makes it stand out amongst other trading platforms. However, there are a few drawbacks you must remember.
For instance, it doesn’t integrate with retirement accounts and offers limited customer support. But because of its non-existent fee structure, it still remains as one of the top players in the investment management mobile app industry.
3. Mint
This is a free web-based finance software that lets you keep a pulse on your credit cards, bank accounts, investment accounts, and loans. This software is often compared to Quicken. However, unlike Quicken, there are no mandatory (and annoying) software updates. With Mint, you can set a budget, track what you spend, and then create financial goals.
Moreover, this software also has over 15 million users, which makes it one of the most popular investment management software in the market today. Every time a user logs in, Mint updates their information, making it easy to see where you’re spending your money.
4. Morningstar
Originally, Morningstar is an investment research firm that gives analytical scores on the following investment products:
- Bonds
- ETFs
- Stocks
- Mutual funds
They manage over $220 billion assets and have been operating since 1984. If you’re a long-term investor, this is perhaps one of the best services you can avail. If you signed up for Morningstar Premium, on the other hand, you could use the insights the app provides to improve your performance in the investment market.
This is a subscription-based model that gives investors information about several different kinds of investments. Even though the service costs $199 a year, you can get a discount for signing up for multiple years.
5. Betterment
Betterment was one of the first few companies in the robo-advisory space. To this date, it’s still one of the best options you can choose. With Betterment, you can create a risk and age appropriate portfolio that can help you meet your long-term investment goals. It requires no minimum balance and has a low management fee. It also has tax-loss harvesting, which is rare in the case of low-balance brokers.
However, users can also use a cash management account to earn interest on their idle cash. For intermediate and beginner investors, Betterment is a brilliant choice. Solely based on user-friendliness, it is one of the highest rated apps in the industry.
6. TD Ameritrade
TD Ameritrade offers two different mobile applications, and if you want, you can connect your account to both of them. That said, their simpler app is a lot easier to use and is perhaps more suitable for beginners. It gives you a convenient way to buy and sell stocks or to check your account.
The second option, “Thinkorswim” is designed for traders who trade actively and has almost the same functionality as the desktop version. The feature set TD Ameritrade offers can easily rival some of the best brokers in the industry. At their will, customers can open any account, and access a massive library of stock research and educational sources.
If you’re a passive trader, TD Ameritrade has a brilliant robo-advisor platform, too. Moreover, the Thinkorswim platform also has unique “paper money” feature as well.
7. Charles Schwab
Charles Schwab offers a stellar application that is fit for IRA investing, but it can also handle your banking and investing needs. This way, you can manage a diversified portfolio of assets when you’re on the go.
In comparison, other stock brokers offer you applications that have a limited feature set, and to utilize function, you have to stay connected to the internet.
8. Personal Capital
Unlike every other platform on this list, Personal Capital does not offer a robo-advisor or a brokerage account. Instead it’s a net worth tracking, financial advisory and a budgeting platform built to enhance your investment strategy.
You can integrate all of your financial accounts on this platform, including brokerages, banks, and even the 401(k). Quite simply, this app gives you a peep into your entire digital or physical financial life. It has amazing retirement planning features, and you can use all of them for free. The way they make money is by selling their financial advisors’ services. That said, even the free services are quite useful.
Conclusion
Not sure which platform to choose? There’s one thing you should remember. The definition of “best” is subjective in this case, since every investor has unique requirements and demands from the platform they use. Instead, it would be a better idea to first understand your financial goals, and how you want your finances to be managed.
It’s also imperative to analyze the costs that come with these platforms. Once you’ve made a decision, hop on to a platform and turn on autopilot!
Good luck!
