The past ten years have seen an enormous evolution in technological advancements in diverse industries from healthcare to shopping, gaming, traveling, and more. Particularly with the COVID-19 pandemic, the upsurge in technology for contactless services has been astounding. It is most evident in the increase of mobile payment options and fintech services in banking, wealth management, investment and trading, and more.
The fintech sector has transcended the physical world into the digital landscape, with fintech applications supporting multiple payment forms, investment, online banking, and more.
Consequently, the competition in the fintech sector is growing fiercer, and fintech software development companies like Logiciel Services Pakistan must upgrade their strategies and practices to meet their clients’ demands.
That said, with the rising number of fintech apps, it can be challenging finding one that fits your needs. The blog highlights some of the best investment apps for wealth management. So, if you’re looking for financial advice, check out these apps:
If you need help meeting your long-term financial goals, then Wealthfront is an app to check out. With a minimum fee, it is an excellent Robo-advisor for taxable accounts.
As is the nature of Robo-advisors, they offer automated, algorithm-based financial advice to users keeping their unique portfolio at the forefront of all strategies.
Its financial management services also include banking, automated investing, and savings. Wealthfront features Autopilot that monitors users’ bank accounts and automatically transfers money beyond monthly spending into an investment account or its high-yielding savings account.
In a nutshell, the app is ideal for financial planning, goal setting, banking, investing, and much more. From planning your retirement or saving for college, Wealthfront helps manage your spending and find investment opportunities.
The Betterment investment app offers an intuitive and user-friendly UI and tons of informative content, making it ideal for a beginner investor. With easy account setup, users provide their details, including age, annual income, and financial goal, and the rest is up to Betterment.
The app offers suggestions on asset allocation and its associated risks. Users can personalize the recommendations by altering the percentage of equity against the income in their portfolios. You can also choose between five portfolio types, and the app will inform you in case of any tax implications.
Additionally, Betterment also supports wealth management. It provides tax-loss harvesting for accounts of all sizes and diverse checking and saving recommendations.
Another investment management app for beginners is Acorns. It offers various perks for users, including automated savings and a rewards program for investments.
The app offers two approaches to saving management: Robo-advisor and automated savings. With the combination of the two, users can plan and meet their retirement savings goals. By linking your credit and debit cards with your Acorns account, the app will automatically transfer any spare change from your purchases to your investment portfolio.
One drawback of the app, however, is the management fee is high on small accounts.
Charles Schwab Intelligent Portfolios
Charles Schwab offers diverse investment types, including retirement accounts, mutual funds, and self-directed stock trading. But its distinguishing feature is its Robo-advisor, Schwab Intelligent Portfolio.
The Robo-advisory feature comes with a free and premium version. The free service operates at a $0 advisory fee, but you need a minimum balance of $5000 to access it. Plus, it has doesn’t include a financial planner.
Consequently, the premium version of the Robo-advisor requires a minimum investment of $25,000 and an initial planning fee of $300, then $30 per month onwards for further financial guidance.
It sounds rather costly, but the premium version provides automated investing combined with financial planning and management. Based on your risk profile, you receive a custom portfolio of Schwab ETFs, including cash allocation, deposited in a high-yield Schwab account.
Additionally, the app features various financial planning tools that enable users to link several accounts and track their spending. You can monitor your progress towards your financial goals and make risk assessments of future outcomes.
Manage Your Finances with Investment Management Apps
Finance and investment management are essential for any individual, whether you are an expert investor or an average individual. Automatic investment apps can go a long way in helping you meet your financial goals.
Following AI-based algorithms, these apps provide a custom portfolio that fits your financial needs and helps meet your goals. Plus, since they are automated, they can work behind the scenes without your constant supervision.
That said, experiment with these apps to find the one that suits you before you decide which one to keep.