Wealth management is not only for the wealthy. It is for anyone at any income level that wants to build wealth for the future. Many of the people that we consider wealthy today did not start out that way. They built their wealth over many years by making smart decision and taking the time to manage their wealth carefully. Today, smartphones, tablets, and computers make wealth management simple with the creation of apps that are effective and easy to use. Here are some of the best wealth management apps that can be used by people of all income levels.
Acorn takes a novel approach to wealth management, automating it so you do not even have to think about it. It works by taking the transactions of a linked credit card or debit card, rounding up the transactions to the next dollar and investing the difference into low-cost exchange-traded funds. Fees for the service are not high. Accounts with less than $5,000 invested are charged $1 per month, while accounts that have higher balances are charged 0.25 percent a year. There are no minimum balances and no fees for withdrawing money from the account.
Betterment provides a platform that allows anyone to invest what they can when they can afford it. The investor can deposit money into their investment account at any time – when they get paid, when they receive a bonus, when they get their income tax refund, etc. Betterment charges its fees on a sliding scale. Investors that contribute at least $100 monthly will be charged a fee that equals 0.35 percent of their average annual balance. If the investor has a minimum balance of $10,000, the fee drops to 0.25 percent and those with a 100,000 minimum balance pay a fee of 0.15 percent. If the person does not invest at least $100 per month, they are charged a flat fee of $3.
Loyal3 is another good wealth management app for investing small amounts of money when you can afford it. For as little as $10, you can purchase stock in some of your favorite companies, including Amazon, 21st Century Fox, Best Buy, and Walt Disney. Your money is invested in the stocks that you choose and you can log in at any time to see the current value of your holdings. There are no fees charged for enrollment, transactions, or account transfers and there is no minimum account balance. There are upper limits on investments – $10,000 maximum per IPO and $2,500 per month for non-IPO stock.