Best Portfolio Management Apps Of April 2024 (2024)

Forbes Advisor has compiled a selection of the best investing apps for portfolio management. Our list looks at the best options for different types of self-directed investors, from beginners who are just getting started to advanced investors with sophisticated needs.

• Empower – Best Free Investment Management App
• Simplifi by Quicken – Best Investment Management App for Beginning Investors
• Quicken Classic Premier – Best Investment Management App for Experienced Investors
• Morningstar Portfolio X-Ray – Best Investment Management App for Mutual Fund Investors
• Ziggma – Best Investment Management App for Active Investors

Forbes Advisor’s list of best investment apps for portfolio management considers the needs of a diverse range of investors, from beginners to sophisticated stock pickers. We examined a broad range of investment apps and selected those that charge low or no fees and offer superior features.

Our picks are divided between apps that are easier to use and tailored to new investors who want basic tools and ones designed to meet the complex requirements of experienced investors who want comprehensive analytical tools.

To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates investing products.

Portfolio management is the practice of analyzing, selecting and monitoring a group of assets—for example, stocks, bonds and cash—to achieve established financial goals. The manager seeks to achieve these objectives with a specified time horizon and level of risk in mind. Investors may choose to manage their own portfolios or entrust the task to professionals.

To successfully manage a portfolio, it’s necessary to thoroughly understand vital concepts such as diversification, asset allocation and rebalancing. An active manager builds a portfolio by buying and selling assets with the goal of outperforming the broader stock market, often represented by the S&P 500. A passive manager replicates the composition of a chosen index to achieve similar results.

Portfolio management apps are desktop programs or mobile apps that aggregate data from your various investment accounts. They give you a view of which stocks you hold, how many shares of each stock you own and, in some cases, your current profit or loss from each investment.

Why use another app when your brokerage account or 401(k) already tells you this information? Most investors have more than one account—maybe a couple of tax-advantaged retirement accounts and also a taxable brokerage account—and portfolio management apps help them track all their assets in one place.

This sort of useful functionality provides investors with a holistic view of all their investments across different accounts and platforms. Anybody who wants to stay on top of all of their investments would benefit from employing a portfolio management app.

Any good portfolio management app will have these key features:

• Performance dashboard. Every portfolio management app, whether free or an upgraded subscription version, will have a dashboard that allows you to see your total portfolio composition and performance at a glance, using real-time data. The best apps will link to all your accounts to give you a complete overview of all your balances and activity.
• Tracking and planning features. Apps also typically offer a variety of reporting functions as well as asset allocation and portfolio monitoring tools, and access to charting and research capabilities. A retirement planner and calculator will help track progress toward your goals, incorporating all of your retirement accounts.
• Relevant news updates. A dividend calendar should notify you of upcoming payments and other stock-related corporate actions.
• Comparison tools. You should also be able to view attributes such as the performance of benchmark indices and compare them to your own performance.

Different investing portfolio management apps provide different features. The app you choose should correspond to your level of expertise and the amount of time and energy that you spend tracking your investments.

One critical feature to look for is the ability to link the portfolio management app to all of your accounts, including checking and savings accounts, credit cards and loans. This gives you a holistic view of your entire net worth, which is a key goal of using a portfolio management app.

Once you have done your research and selected the portfolio management app that is right for you, the rest is fairly straightforward:

1. Download the app.
2. Set up a profile and login credentials.
3. Link your accounts.
4. Start monitoring your portfolio.

The above platforms share the same high-level security protocols as your bank or investment brokerage firm, including two-factor authentication, encryption and third-party security protocols. However, not all portfolio management software will provide you with the same security protection as the apps listed above.

This means that tracking your investments on the above platforms should be as safe as making the investments themselves. But no online system is entirely safe from hacks. It’s always recommended to make use of the maximum level of security protocols that a given platform allows.

If you are looking for an alternative way to manage your portfolio, you do have options.

• Online brokers. If your portfolio is relatively simple and you don’t have many accounts to manage, you may opt to simply log in to your online accounts and manage your investments there. However, if you have multiple accounts across several brokerages, this may become burdensome and you may find it difficult to monitor the big picture of your financial situation.
• Financial advisor. Hiring a financial advisor to manage your portfolio could be a good option if you want more personal investment guidance. The main tradeoff, of course, is that financial advisors are more expensive than managing your investments yourself. If you pursue hiring a financial advisor, do your research and fully understand the fees involved.
• Robo-advisors. Some investors use robo-advisors to manage their portfolios as a middle ground between managing their investments themselves and hiring a financial advisor. Robo-advisors use algorithms to automatically create and rebalance portfolios with little or no human involvement. They are typically cheaper than hiring a financial advisor but require a less hands-on approach than individual management.

Even if you choose to use one or more of the above methods for portfolio management, downloading a free investment management app could still be a good idea to see real-time changes and updates to your investments and net worth in one place.

Managing an investment portfolio requires you to balance your financial goals, risk tolerance and time horizon. Start by setting clear goals. Define short-term needs and long-term aspirations, whether it’s retirement, education or other life milestones. This will guide the selection of investment assets.

Diversification is the cornerstone of your investment portfolio. Allocating among different asset classes—stocks, bonds, real estate and cash—helps you manage risk. A diversified portfolio cushions you from losses in one sector with gains in another, and it prepares you to face inevitable market downturns.

Regular monitoring is crucial. Economic conditions, market trends and personal circ*mstances constantly change. Review and rebalance your portfolio to ensure it remains aligned with your goals. Avoid frequent trading, as it can lead to increased costs and emotional stress.

Risk management is paramount. While higher returns often correlate with higher risk, it’s vital to find a balance that suits your risk appetite. Avoid putting all your funds into high-risk assets. Emergency funds are also crucial to avoid having to sell investments during a downturn.