Be Your Own Personal Financial Advisor

Why not be your own financial Advisor?

Why not be your own financial Advisor?

Stocks (MP) Not everyone has $100,000 to start their first investment portfolio, which is the amount any good personal financial advisor would need to even consider you. If you don’t have 100K lying around, there are Personal Financial Advisor Apps to help you manage budgets, organize savings and invest funds.

The world of technology has made available to you new resources on the Internet that makes it easier to become your own personal financial advisor and plans come with reasonable costs, some are absolutely free.

Personal financial advisor apps that work

1. Mint.com happens to be a free web-based personal financial management service for US and Canadian residents created by Aaron Patzer. With over 15 million users Mint.com is quickly leading the pack as the No.1 source for free personal financial advisor software. Did I mention it’s free to sign-up and only takes a few seconds to add new accounts. Mint’s award-winning app helps you track your bills, and watch your bank accounts and credit cards. All bills, due dates and other account details are displayed in one place and you get reminders when bills are due, and alerts when funds are low or credit limits are near. You can schedule bill payments and pay bills with a bank account or credit card. Check also lets you track your monthly spending to see where you might be able to save.

Mint’s primary feature is all about budgeting and tracking expenses, and this is where their service really shines. Budgeting is super easy to set up: after downloading and syncing your transactions they will get auto-categorized into predefined categories. You can create your own subcategories, but unfortunately cannot change the top-level ones. This colossus web application, which launched in 2006, and in 2009 was acquired by Intuit, the makers of Quicken and TurboTax. Personal finance software is also a must if you’re going to be your own financial advisor and Mint sets you on the path.

2. Then there’s FutureAdvisor an online app that helps you manage your investments. The app allows you to link every account tied to your money then untangles the mess-by figuring out exactly how much you’re paying in brokerage fees to zeroing in on which of your mutual funds aren’t doing that great. “We’re similar to Mint.com. We watch over money that enters the long-term investment pool, and in the same way, we make it easier than maintaining spreadsheets,” said Bo Lu, co-founder of FutureAdvisor.

Lu started the website to help friends who couldn’t afford high fee making financial advisors but still wanted a chance at watching their investments grow. Taking into account your age, risk tolerance and overall investments, the FutureAdvisor analyzes your portfolio and alerts you when its time to make changes.

If you’re like most FutureAdvisor users you won’t need to go any further, but for people with more complex portfolio’s that need more guidance, they can sign up for one of two flat fee-based plans:

The $49/yr “Gold Plan” gets you call time with a live advisor and 24/7 portfolio monitoring, or the $195 “Platinum” plan, will get you face-time and unlimited video calls with an advisor.

“Our rates are flat and they don’t depend on how much money you have,” Lu added. “We give advice for free. You don’t have to give us your money, we don’t invest it for you, and we don’t take a percentage (of your assets).” They also don’t work on commission.

In-nut-shell, you should still seek the advice of a personal financial advisor, but you also want knowledge of the game for yourself. Otherwise your financial future is completely in the hands of someone else. And that my friends is not the kind of wisdom you acquired from MoneyPacers.

Don Briscoe
Follow me

Don Briscoe

Finance educator, advisor, and leading voice in the global financial literacy movement.Founder and editor of MoneyPacers.com.He lives and enjoys life with his family in New York.
Don Briscoe
Follow me

Leave a Reply

Your email address will not be published. Required fields are marked *