Wealth Management Services
There are a lot of cloud based options for those of you wanting to save for a holiday, invest some spare cash, or plan for retirement. This is a list (in no particular order) of some of the best services for online savings or wealth management.
WiseBanyan was the world’s first free financial advisor with no minimum account balance, and is built on the principle that investing should be a right, not a privilege. Instead of charging their customers for their standard package, they earn money by offering additional paid services, like Tax Loss Harvesting. Although they have only a small share of the market at the moment (around $35 million in assets), they are a fantastic service for those looking for free or first time advice on savings or investments.
Mint allows you to see your entire financial situation all on one screen; credit cards, savings, ISAs. investments, budgets, insurance, everything you can imagine. Mint updates and analyzes your information in real time, making judgements and suggestions on savings accounts and credit offers available. Their blog even offers financial advice on everything from how to handle student loan debt, to misconceptions about credit cards.
Albert is another financial advice application it compiles your financial data into a single platform, including bank accounts, credit cards, property, loans and investments. Where it differs from Mint is that it’s more focused on giving financial advice and encouraging you to make financial changes, as well as helping you track your everyday spending and budget. And when it offers tips, it pushes you to actually put them into action. For example, if it suggests you start a savings account, it will transfer money across into it for you.
Moneybox is a very simple little IOS (Android coming soon) app that helps you to save little by little. You add card details to the app and then every time you make a purchase Moneybox will ask you if you would like to round up to the nearest dollar or more and save the extra cash. Bank level encryption protects your savings and information and the money you save can be invested in several different ways, through cash, global shares, or property shares. You can withdraw your money anytime, and can spread your investments (no matter how small) across the three different types of investments.
Bank Simple, or Simple, is one of the world’s first completely digital banks. It does everything a normal bank does, digitally, with no branches, and more importantly, no banking fees. You can set savings goals, and it will analyze your spending, to give you a better understanding of how and where you spend your money, and how you could cut down on some spending. It even has a handy little “safe to spend” feature which helps to curb spending in case of emergency!
Betterment is an online investment service aimed at maximising investment returns, using a combination of smart automation to help invest excess cash and analyse your entire financial situation and an expert team of financial advisors and investors. They claim to increase profits by 4.30% when compared to DIY investment. Those with little money to invest don’t have to be put off, the service has no minimum balance or deposit, and can be used to plan retirement savings and to organise your taxes.
Wealthbar is a financial robo-advisor that can help you plan for long-term savings and investments, as well as helping to understand your spending and offer advice on how to save more efficiently. Wealthbar is competitive with a fee of only 0.35%-0.60% and insurance up to $1,000,00 of investment, so your money is definitely safe! The only downside is a minimum investment of $5000, so for smaller investments you may want to consider other services in this list.
Acorns is a robo-investment app that rounds purchase to the nearest dollar and invests the change in exchange-traded funds and bonds. At $1 a month or free for students with a .edu email address, acorn doesn’t cost much, but it is unlikely to make you rich. However, for first time investors, or for those with little to invest, it can be a useful stepping stone to larger investments.
Motif is aimed at investors who have an active interest in investing in individual stocks and securities, and those with experience in doing so. Motif use a very unique system that allows you to pick stocks and investments, based on your personal beliefs and interests. You can choose specific stocks, buying fractional and whole shares, or you can choose from the selection of over 180,00 “motifs” that have been assembled by users and Motif themselves. The “motifs” are a collection of stocks and exchange-traded funds that represent market trends or specific industries.
Personal Capital is another online wealth management service for those with larger investments to handle (the minimum start-up deposit is $25,000), with a specialized department for dealing with investments over $1 million. You can link all your accounts together on the Personal Capital Dashboard to get a full overview of your financial life and net worth and they give you a personal financial advisor to deal with your investments. This service is definitely skewed towards higher end investors, with the costs dropping from 0.89% to 0.49% as you invest over the $1 million threshold.
None of the services included in this list were sponsored or paid for. However, companies interested in being involved in future sponsorship initiatives can contact us to discuss our other programs via: firstname.lastname@example.org
By Josh Hamilton