Even if you’re happy with your 401(k), brokerage account, and/or individual retirement account (IRA), having these accounts without management won’t maximize your wealth. Your investment portfolio contains these types of accounts as well as other assets, such as stocks, bonds, mutual accounts, and cash on hand, among others. Trying to manage these things on your own can be difficult, but having the right investment apps can help you manage your portfolio so you have peace of mind while making the right decisions. Learn more about portfolio management, the best apps for it, and what features are included.
What Is Portfolio Management?
Portfolio management includes selecting the right investment policy for your needs. The overall goal of portfolio management is to maximize wealth while minimizing risk. This is why simply holding IRAs and similar investment products is not enough—they need to be managed properly. This can be done with a financial advisor. However, there are many investment management apps out there that can perform the same duties without the extra added costs of an advisor.
There are several different types of portfolio management. Active management means there is active selling and buying of securities so that you can maximize your profits. Passive management has a fixed portfolio that matches the ups and downs of the current market. There are also discretionary and nondiscretionary types of portfolio management but these would be handled by an advisor. The four top investment apps for managing your portfolio are listed below.
The Best Investment Apps:
Simplifi by Quicken
This app is a top pick because it’s ideal for newer investors. However, a modest portfolio is best if you choose this app. As of 2022, Quicken offers a one-month free trial for Simplifi, which costs $8.99 per month thereafter. This is a terrific app because it has both the basics of portfolio management and budgeting and personal finance features. Simplifi allows you to merge all of your investment accounts within the app, so you get an overall and concise view of your investment portfolio. You can also add a news feed to the app to closely monitor your stocks. This app does cost money after the one-month free trial. However, there is phone and live chat customer service if you need support.
Mint by Intuit
This app is best for new investors who are new to the world of portfolio management and aren’t ready to pay yet for an app. The app is free but ad-supported. This was picked as a top investment app because it is the revamped version of Mint and Mint.com, which was bought by Intuit. Like Simplifi, you can link all of your investment accounts to get a clear, unified view of your portfolio. This app also includes comparison charts that allow you to compare your investment accounts alongside your savings accounts. It also shows you your investment fees in detail. There is also the option for Mint Premium, which is $4.99 per month as of 2022. The premium version has no ads and has more robust investment features.
Morningstar Instant X-Ray
This app is suited for mutual fund investors looking for portfolio analytics. If you have one portfolio, the app is free. However, adding multiple portfolios costs money, varying on how many you add. This app provides an in-depth analysis of your mutual fund portfolio, such as the one in your 401(k). The analytics features include letting you look at cross-fund asset allocation, the assets owned inside each mutual fund, an expense ratio fee, weightings, and geographic distribution. This is a good app for mutual fund investors but is also a top choice for someone who owns a 401(k) and wants a closer look into their account.
Quicken Premier
This investment app is best suited for more experienced investors who want a deep, in-depth look at their investment portfolio. It is a paid app, with several different tiers depending on the type of features you need. It also offers a “premier” tier with investment portfolio tracking features. Like other apps, you link your investment accounts to get a comprehensive view of where you stand. However, this app also compares your portfolio to standard benchmarks, and you can track any investment opportunities and create stock watch lists. Overall, this app offers nine different investment reports for you to look over, some of which are income generation, total performance, portfolio value versus cost, and asset allocation. The app also integrates with the Morningstar Instant X-Ray app, which allows for further investment portfolio analytics.
