5 essential tools for tracking and managing investments

MMadelyn November 18, 2023 7:01 AM

Managing your investments effectively is a crucial aspect of financial planning. With the right tools at your disposal, this task becomes much easier. Today, we're going to delve into five essential tools for tracking and managing investments. We'll discuss their features, pros, cons, and how you can make the most of them.

Investment tools: What are they and why do you need them?

Investment tools are software or applications designed to help you keep track of your investments, manage your portfolio, make informed financial decisions, and ultimately increase your wealth. They can process vast amounts of data in real time, offer analytical insights, and even predict future trends based on historical data.

Why do you need them? Managing investments can be complex, particularly if you have a diversified portfolio. Investment tools make this task easier by doing the heavy lifting for you. They can help you stay on top of your investment game and avoid costly mistakes.

1. Personal Capital

Personal Capital is a popular investment tracking and management tool. It not only allows you to keep track of all your investments in one place but also offers features like retirement planning and budgeting.


  • Comprehensive investment tracking
  • Retirement planning assistance
  • Budgeting tools


  • Premium features require a minimum investment
  • Might be overkill for beginners

2. Mint

Mint is not just a budgeting tool. It also provides features that let you track your investments, and it’s a great tool for beginners who are just starting to dip their toes into the investment world.


  • User-friendly interface
  • Good for beginners
  • Wide range of features


  • Less advanced investment tracking
  • Ads can be intrusive

3. Quicken

Quicken is a comprehensive tool that offers advanced investment tracking and portfolio management features. It’s suitable for more experienced investors.


  • Advanced investment tracking
  • Comprehensive budgeting tools
  • Longstanding reputation


  • Steeper learning curve
  • Requires a subscription

4. SigFig

SigFig is a robo-advisor that offers automated investment management. It’s an excellent tool for hands-off investors.


  • Automated investment management
  • Easy to use
  • Offers investment advice


  • Limited customization
  • Charges management fees

5. Morningstar

Morningstar is a tool offering detailed investment research. It’s a good fit for advanced investors who like to dive deep into data before making decisions.


  • Detailed investment research
  • Wide range of data
  • Portfolio analysis tools


  • Can be overwhelming for beginners
  • Requires a subscription

Investment tools are not a one-size-fits-all solution. The best one for you depends on your needs, your level of investment knowledge, and your comfort level with technology. Use the information above to make an informed choice that suits your individual investment goals. Remember, the best tool is the one that helps you make informed decisions, track your progress, and manage your investments effectively.

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