Saving for retirement is tough enough without having to manage multiple investment accounts. With the sudden increase in the number of tax-advantage accounts, many individuals use several if not more than a dozen retirement accounts. An investment tracking tool can help manage all of those accounts in one place, and below are the three best investment tracking apps that one can exploit every day.
Three Types of Investment Management Tools
All portfolio management tools are often divided into three types—linked accounts, manual entry, and spreadsheet-based tools. Each has pros and cons.
With linked account apps, an investor can connect their investment accounts to the web tool. All the investment portfolios are then uploaded into the app, which then presents the user with data about their investments. These tools are the foremost convenient to use and offer bank-level security. Still, some could also be reticent about providing login details to their investment accounts.
The second quiet online investment tracking tool requires manual entry of investment data. These tools involve a lot of manual effort to enter a portfolio and keep investment portfolio data updated. But they do not require any entry of account login information.
The final category is the use of a spreadsheet. While spreadsheets can’t provide the extent of study that other sorts of investment tools provide, many prefer control over the knowledge that comes with a spreadsheet. And if one uses Google Sheets or MS Excel, it often won’t pull in information about investments, including price.