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The 3 Best Tools for Portfolio Management

Modern investors need modern tools. Technology has profoundly altered the world of investing in a number of important ways. It is now possible for traders to manage their portfolios on the go using a smartphone or laptop.

Investors with lots of assets to juggle will want a simple way of managing them all at once. There are numerous portfolio management tools available, so how is a diligent investor to decide which one is right for them?

Whether you’re a professional investor or you’re currently studying a finance management course, such as this online course from Suffolk University, understanding how portfolio management tools work will be very beneficial.

Let’s take a look at some of the best portfolio management options available today.

Personal Capital

Personal Capital is one of the best free portfolio management tools on the market today. This platform, which can be accessed on both mobile and desktop, also comes packed with tons of useful features that no investor will want to be without.

It’s easy to get set up with Personal Capital and synchronizing your portfolios is a breeze. Once you’ve synced everything up, you will then have access to your personal dashboard, which gives you an overview of your accounts and the ability to manage your portfolio.

The multitude of tools available through Personal Capital provides more than enough capability for any modern investor who wants to manage their portfolio using an all-in-one tool. Their investment check-up tool is among the best proprietary tools across the entire industry. The investment checkup tool ascertains whether you can increase the returns on your portfolio without substantially increasing the risk involved.

Mint

Head over to Mint.com and you can get set up with their web-based portfolio management software. It’s not often that you find software this good so easily available, and totally free! Mint shares many features and tools with Personal Capital, offering similar capabilities in terms of managing your accounts through the software.

Mints tools are great for beginners; the whole suite is easy to pick up and use. If you haven’t used any portfolio management software in the past, Mint is a great package to start with. More advanced investors might want to look for a more feature-laden option, but Mint is ideal for people who are just getting started.

Quicken Premier 2019

Quicken has been the go-to software package for managing finances for decades now. As you would expect of a software package that comes with this kind of pedigree, Quicken Premier is a refined and streamlined toolset that makes managing investment portfolios easy.

Quicken offer their services through an annual subscription model, unlike the two options above. However, it is well worth the asking price, offering an advanced feature set in addition to mobile, desktop and browser-based access.

Once you have synced all of your accounts together, you will have access to one of the most powerful financial management tools on the market. Among the many killer features Quicken Premier offers, some of the most noteworthy are:

  • Detailed money and investment reports that offer extensive and deep customization options. This makes it easy to get an overview of the current health of your investments whenever you need one.
  • These reports include capital gains, rate of return, the performance of assets against the market average, tax reports and a plethora of others.
  • The ability to download your investment account and track the performance of individual assets within your portfolio.

In addition to managing investments, Quicken offers tools to track income and expenses and manage budgets of all varieties. If you are looking for a tool that can help you to manage money in any circumstances, Quicken will fit the bill.

While using Quicken is usually simple and painless, some users have reported problems with synchronizing accounts with certain credit card providers. This doesn’t appear to be a widespread issue, and it is unclear whether the issue is on the end of the card providers or the software developers. It shouldn’t put you off using Quicken, but it is worth being aware of.

Managing your portfolio efficiently is a skill that takes time to develop for any investor. As your portfolio grows, you will have to juggle a growing number of assets and monitor the performance of multiple industries simultaneously. Portfolio management is much easier with the right tools and the three software packages above should cover all investors. The first two free packages are excellent for beginners, while Quicken can offer more advanced users the more advanced features they need.