4 Apps that’ll Help Streamline Your Investment Portfolio in 2023

Many financial advisors emphasize the need to have a well-diversified investment portfolio. It can help mitigate the risks associated with market fluctuations and economic downturns.

Investment management app – illustrative photo. Image credit: Austin Distel via Unsplash, free license

To prepare for economic downturns such as recessions and depressions, investors turn to safe investment options such as savings bonds, commodities, stocks, and real estate. In contrast, others opt for risky investments with higher returns, such as cryptocurrency. 

However, it can be daunting to manage an investment portfolio, especially for newbies, regardless of the asset class in question.

This write-up will discuss the best mobile apps to help you manage your investment portfolio in 2023 and the challenges they solve. Let’s start with some of the difficulties these apps may solve for investors looking to manage their investment portfolios in 2023.

Challenges Associated with the Management of Investment Portfolios

Before modern technology, investors relied on manual processes such as paper-based records to manage their investment portfolios. Although technological advancement may have eliminated the accessibility problem, there are other obstacles investors can face when managing their portfolios.

Thankfully, mobile app technology has helped resolve most of these issues. Let’s learn how.

1. Market volatility: The value of high-risk investments, such as digital assets, are extremely volatile. They experience high fluctuations, which can see you to lose lots of money. However, developers have invented a way to track these fluctuations to help investors make necessary adjustments.
2. Risk management: Thanks to mobile technology, investors can now identify and mitigate potential risks associated with modern investments. They can help you create a well-diversified portfolio since they offer research and analysis tools—which can also help you save time when creating a compelling portfolio.
3. Great insight: Lack of information may cloud your judgment as an investor. But with an investing app, you can access vital information such as real-time prices, investment research, and interest rates to help you make informed investment decisions and perform different tasks efficiently. Depending on the assets you are holding, this can be exploiting market fluctuations for profits or redeeming assets such as savings bonds.
4. Automatic investing: Some apps offer automatic investment features that allow you to schedule automatic investments to build your portfolio over time and save you a great deal of time.

Some of the Best Mobile Portfolio Management Apps in 2023

This list is compiled with the needs of both new and seasoned investors in mind. It also caters to individuals/businesses holding safe investments and those with high-risk investments. That said, some of the best apps you can download to your smartphone and help you manage your portfolio from anywhere include;

1.    Empower

Empower (Previously Personal Capital Finance) is a free budgeting app that allows you to track your expenditure and monitor your investment portfolio. Mostly, it uses charts and graphs to help you benchmark your portfolio’s performance against the stock market index.

Besides, it offers features like retirement planning that help you assess your savings and retirement goals.

2.    SigFig Wealth Management

SigFig is a free and registered investment tracking software you can download on your smartphone. The free plan applies to the first $10,000 investment, after which users are subjected to an annual fee of 0.25%.

Some of the features to use on the app include;

• Investment Sync– It allows you to access a real-time view of your portfolio by pooling your investment accounts into a single dashboard.
• Portfolio Tracker– it is an automated analysis tool that summarizes your portfolio’s performance and also makes recommendations on proper asset allocation.

3.    Yahoo Finance

With Yahoo Finance, investors can create track performance plans and sync all their portfolios across multiple devices. This software sends you alerts in real-time to stay informed of the happenings in financial markets.

Another vital feature is the “Real-Time News. It offers market data, press releases, and commentaries.

4.    Mint by Intuit 

Intuit Mint is a personal financial management app that helps users to track their investments. It is ideal for cost-conscious investors because it can allow them to monitor the performance of each account they link, including total investments.

By installing Adobe Flash on your device, you can see a graph representation of how your portfolio is performing. This includes the previous five days, one month, six months, and one year performances. 

Final word

Factors such as risk tolerance and financial goals play a huge role in how you invest. For you to achieve your financial goals, you must have the right information, which is readily available in portfolio management tools like those mentioned above. They can help you avoid emotional investing as well as monitor and rebalance your portfolio to manage risks.

All things considered, ensure the app you choose aligns with your financial goals.