Take Control of Your Wealth: Top Apps for Portfolio Management

1. Empower

Empower is a robo-advisor designed to cater to the requirements of passive investors. It also provides highly-rated, free tools for managing investment portfolios.

Without subscribing to the robo-advisor service, you can still utilize Empowers highly-rated investment management tools. The only minor inconvenience is that you might receive a phone call and a sales pitch from an Empower representative, which is a small trade-off for accessing this valuable resource.

Once you connect your investment accounts to Empower, the platform compiles your data and gives you an overview of your total net worth and an estimated value of your home. The software includes various reports and analyses, as well as banking, investing, and planning tools, each with multiple reports.

The investing section gives you a snapshot of your total holdings across all connected accounts, the sector weighting of the holdings, performance statistics, asset allocation, and more.

Empower’s retirement fee analyzer computes your total expense ratio across all your investments. It then displays the amount of fees you’ll pay over time and their impact on your portfolio returns.

The planning section includes information on savings, a fee analyzer, an investment check, and an excellent retirement planner. There’s also a fantastic retirement tool that allows you to experiment with different saving and spending scenarios.

2. Simplifi by Quicken

Simplifi is a new entrant in Quicken’s array of financial management tools. It’s promoted as a straightforward budgeting and personal finance app, complete with fundamental portfolio management features.

Users connect their financial accounts to Simplifi, incorporating checking and savings accounts, credit cards, loans, and investment accounts. Simplifi then offers a comprehensive perspective on your financial status and provides recommendations for enhancement.

When you link investment accounts like IRAs, 401(k)s, and brokerage accounts to Simplifi, you receive a consolidated view of your total investment portfolio balance across all connected accounts.

The Investment app presents a dashboard view of how the total balance and each individual balance have evolved over time. It also provides a comprehensive list of holdings across your accounts and a news feed for all the stocks you own.

You have the option to filter by retirement accounts only, taxable brokerage accounts, or any combination of individual accounts that you prefer. The dashboard offers a neat interface, and the customizable investment tracking chart displays various views of investment growth by account and an overall view.

While Simplifi is not free, the fees are reasonable, and it offers phone and chat customer service. A one-month free trial lets you test out the app before purchasing. If you’re a new investor who’s not ready to pay for these tools, consider the free Mint investment app.

3. Mint by Intuit

Established in 2006, Mint is the pioneer of personal financial management apps. Now under the ownership of Intuit, Mint is an excellent option for novice investors with smaller balances, fewer assets, and basic portfolio management requirements.

Users can connect their financial accounts to the Mint investment app, including checking and savings accounts, credit cards, loans, and investment accounts. The platform then monitors your spending, sends financial alerts, and offers free credit monitoring from TransUnion.

Mint’s investment portfolio management tools provide a comprehensive view of your total balance across all connected portfolios. You can observe your asset allocation across accounts and compare your returns to market benchmarks. The fee tracker displays the amount you’re paying in investment fees and the extent to which they are diminishing your returns.

We particularly appreciate the comparison charts that visually demonstrate the returns of savings accounts versus investment accounts, encouraging users to adopt better long-term investing habits. Mint collaborates with a limited number of crypto exchanges to track your Bitcoin holdings, but it does not support any other cryptocurrencies.

Mint’s basic features are suitable for those new to investing. It’s worth noting that Mint collaborates with financial companies to cover the cost of the free service. There is a monthly subscription service for Mint Premium, priced at $4.99 per month, which removes ads and offers a few advanced features unrelated to investing. Users receive recommended financial products on the investment app based on their financial situation, although some may find this intrusive.

4. Morningstar Instant X-Ray

Morningstar is a highly regarded name in investment research, particularly known for its mutual fund rankings. Its flagship product, Morningstar Investor, provides extensive data access and research tools for stocks and funds.

The Instant X-Ray feature, unique to the Morningstar platform, offers a comprehensive, detailed analysis of a mutual fund portfolio, such as the one you likely have in your 401(k) account. Users with a paid Morningstar Investor account can save multiple Instant X-Ray portfolios, while a free version allows you to analyze a single portfolio.

Users input each mutual fund in a portfolio into the Instant X-Ray tool. It then generates a report that displays the various assets owned within each fund in your portfolio, along with an overview of your cross-fund asset allocation, sector weightings, geographic distribution, and expense ratio fee.

The report conveniently highlights any asset overlap among different funds. It provides valuation ratios and compares them with relevant benchmarks, offering a snapshot of how your mutual fund investments stack up against an ideal portfolio.

Overall, Morningstar’s Instant X-Ray can assist you in determining whether your mutual fund portfolio is well-diversified and if the holdings within the funds in your portfolio align with your investment goals.

Most retirement investors seeking insights into their current 401(k) account should find the one-portfolio free version of Instant X-Ray sufficient.

Professionals wishing to track multiple mutual fund portfolios might consider subscribing to Morningstar. This also grants you access to a wide array of research resources and other features like screeners, watchlists, and net worth tracking.

5. Quicken Premier

Quicken is a robust budgeting and financial planning platform that has been in existence for several years. It offers a plethora of features, including excellent tools for tracking your investments, making it the top choice for seasoned investors seeking a comprehensive portfolio management solution.

Quicken provides four service levels: Starter, Deluxe, Home and Business, and Premier—with the latter being the most suitable for tracking investment portfolios.

Users can connect their financial and investment accounts to the Quicken platform, ranging from IRAs to 401(k) accounts to taxable brokerage accounts. The platform presents a consolidated view of your total investment portfolio across accounts, allows you to establish asset allocation objectives, compares your actual allocation to these objectives, and contrasts your portfolio’s performance with common benchmarks. You can examine the asset allocation at the portfolio level, account level, or individual security level.

You have the ability to track investment opportunities and create stock watch lists. There’s an exceptional retirement planner, investment activity reports, performance data, and buy/sell previews. Almost all features can be customized.

There are nine investment reports that highlight asset allocation, income generation, total performance, and portfolio value versus cost.

Quicken Premier directly integrates with Morningstar’s Instant X-Ray tool, which we discussed earlier. This direct integration is beneficial as it eliminates the need to manually input your mutual fund holdings into Morningstar’s tool when using Quicken.

Methodology

The Forbes Advisor’s compilation of the best investment apps for portfolio management takes into account the requirements of a wide variety of investors, from novices to advanced stock selectors. We evaluated a vast array of investment apps and chose those that offer superior features and charge minimal or no fees.

Our selections are split between investment apps that are user-friendly and catered to new investors seeking basic tools, and those designed to accommodate the intricate needs of seasoned investors desiring comprehensive analytical tools. The primary reference for this list can be found at Robo-Advisor Pros.

For more information about our rating and review methodology and editorial process, please refer to our guide on how Forbes Advisor evaluates investing products.

What Are Portfolio Management Apps?

Portfolio management apps, whether they are desktop programs or mobile applications, consolidate data from your various investment accounts. They provide a snapshot of the stocks you own, the quantity of each stock you hold, and in some instances, your current profit or loss from each investment.

You might wonder why you need an additional app when your brokerage account or 401(k) already provides this information. The reason is that most investors have more than one account—perhaps a few tax-advantaged retirement accounts and a taxable brokerage account—and portfolio management apps assist them in monitoring all their assets in one location.

This kind of valuable functionality offers investors a comprehensive view of all their investments across different accounts and platforms. Anyone who wants to keep track of all their investments would find a portfolio management app beneficial.

How to Choose a Portfolio Management App

Different portfolio management apps for investing offer varying features. The app you select should align with your level of expertise and the amount of time and effort you dedicate to monitoring your investments.

A crucial feature to consider is the app’s ability to link to all of your accounts, including checking and savings accounts, credit cards, and loans. This provides a comprehensive view of your total net worth, which is a primary objective of using a portfolio management app.

The best portfolio management apps should also offer an overarching view of all your investment assets across each of your accounts, with the capability to dissect useful performance metrics for each asset type.

Are Portfolio Management Apps Safe?

The platforms mentioned above employ the same high-level security protocols as your bank or investment brokerage firm. These include two-factor authentication, encryption, and third-party security protocols. However, not all portfolio management software may offer the same level of security protection as the apps listed above.

This implies that tracking your investments on the aforementioned platforms should be as secure as making the investments themselves. However, no online system is completely immune to breaches. It’s always advisable to utilize the highest level of security protocols that a given platform permits.

How To Manage Your Investment Portfolio

Overseeing an investment portfolio necessitates a balance between your financial objectives, risk tolerance, and time frame. Begin by establishing clear objectives. Identify immediate needs and long-term goals, whether they’re retirement, education, or other significant life events. This will inform your choice of investment assets.

Diversification is the foundation of your investment portfolio. Distributing investments among various asset classes—such as stocks, bonds, real estate, and cash—assists in risk management. A diversified portfolio mitigates losses in one sector with gains in another and equips you to handle inevitable market downturns.

Consistent monitoring is essential. Economic conditions, market trends, and personal circumstances are always changing. Regularly review and rebalance your portfolio to ensure it continues to align with your objectives. Refrain from frequent trading as it can lead to increased costs and emotional stress.

Risk management is of utmost importance. While higher returns often come with higher risk, it’s crucial to strike a balance that aligns with your risk tolerance. Avoid investing all your funds into high-risk assets. It’s also important to have emergency funds to prevent having to sell investments during a market downturn.

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