The old world of investment involved handing your money over to a financial advisor. Investors would get a quarterly statement to check on their portfolio and had very little involvement in their personal investments. The Internet dramatically changed investment. Suddenly investors could easily access any information they wanted about a stock, bond, or mutual fund. Online brokerage accounts empowered individuals to take charge of their own investment portfolio.
Once again, technology is re-shaping the way investors receive information and view their finances. Mobile technology capitalizes on this information shift and makes personal investing infinitely more accessible to everyone. These are the top five new apps that are leading the way for next generation investors.
Acorns makes the idea of investing your spare change a reality. Connect any debit card or credit card to your Acorns account, and choose one of the five investment strategies based on your personal level of risk tolerance. Every time you make a purchase with a linked credit or debit card, your transaction is rounded up to the next dollar and the change is invested into your Acorns account. Acorns is great because it is simple and literally takes just pennies to start investing. This is my favorite new app because I love how brilliantly simple it is.
Set a long-term investment goal, set up automatic deposits into your investment account, and the Betterment financial experts set up a financial plan to help you reach your goal. You can specify your level of risk tolerance, but you do not have to pick any individual investments. Betterment allows you to set up a regular investment account, a Roth IRA, traditional IRA, or managed trust account.
Like Acorns, SavedPlus takes money from your account every time you make a transaction and invests for you. SavedPlus, however, takes your specified percentage of each transaction. Money saved can be deposited into the bank account of your choice.
Scutify is a great tool for hands-on investors because it scours social media and compiles what news outlets, financial bloggers, and other investors are posting. Users are able to interact with Scutify All-Stars through the app to seek advice on particular investments. More experienced investors can make sentiment calls and showcase their stock picking prowess to the community.
5. Shares 2
If you are already invested in the stock market, Shares 2 is a great way to keep track of your stock investments. You enter in your stock investment information, and the app will keep you up-to-date on the current stock price as well as your current investment gains or losses. You can’t search for other market information from the app, but it is a simple way to keep track of your stock positions.