Web-based applications or apps are slowly creeping into every part of our lives. From banking to shopping to monitoring your home—everything can be found in the palm of you hand on your smart phone. Investing is no exception. If you are a physician investor who likes to be tied to the movements of the stock market and wants to manage a portfolio in real time, an app may be the best tool in your investing arsenal.
Opinions vary as to the best apps available and, of course, you should make your selection based on your individual needs. Here are a few of the options that rise to the top. Personal Capital’s Free Financial Dashboard. According to Forbes, this free app gives you a complete and organized way to manage your holdings. You link your accounts to the platform including your 401(k), individual retirement accounts (IRAs), investment accounts, bank accounts, and credit cards. The app takes all this information and provides you with insights into your financial health. The app also sorts your investments by assets class and gives you the ability to understanding your investing through tracking, comparisons, and a provides a high-level approach to this dense information.
Sharesight. This stock tracking software is touted by Young and the Invested as providing a broad range of tracking capabilities including the ability to track over 40 exchanges worldwide as well as fixed interest and investment properties. Sharesight also has high-level sorting capabilities that can give you an overview of the movements of your investments. The dividend tracking feature is particularly helpful in determining which stocks are paying off with regularity. Sharesight is a paid service but does offer a free trial to start.
Wealthfront. Bankrate.com characterizes Wealthfront as an app for the more sophisticated investor. For a small fee this app will manage your portfolio for you by allocating funds to low-fee ETFs while balancing risk according to your projected targets. In a way this is a set-it-and-forget-it option for investing. You deposit money into your account and the app does the rest. It works with both taxable accounts as well as IRAs.