How to choose the best wealth tracking software

Ashish

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How much money do I have? How are my investments performing? Where is my wealth? How can I share my information with my loved ones? Simple questions that don’t always have simple answers. If you are like most of the wealthy people I know, you might have a spreadsheet that you update with irregular frequency to get a snapshot of your total wealth.

But those spreadsheets are hard to maintain, don’t always give you all the details you might need, and updating them is very time-consuming. Using a wealth tracking app instead might be a useful replacement. Moreover, using a dedicated app becomes more and more important as the value and complexity of your total wealth increases.

The best wealth tracking software criteria

So you have decided to drop your spreadsheet and move your information to a dedicated wealth tracking software. But with all the possible options (Personal Capital, YNAB, Delta, Mint, Exirio, Money Minx, Finary, Wealthica, Kubera…) out there, how do you choose one?

Multi-currency

If your financial life is 100% in US Dollars you might use any of the tools here but if you have any assets or investments in other currencies, the options quickly narrow down to half the list. A good wealth tracker app must be able to easily convert the value of your assets according to the currency that you prefer. US Dollar only: Personal Capital, YNAB, Min. Multi-currency: Delta, Exirio, Money Minx, Finary, Wealthica, Kubera, Cova (3 currencies only).

But, if you have assets in non-major currencies, make sure those are covered in your app of choice as not all multi-currency offerings cover all currencies in the world.

Multi-asset class

What good is a wealth tracking app if you can’t track all your wealth? You probably need an app that tracks all classes of assets: stocks, ETFs, bonds, real estate, crypto, startups, alternative investments, etc.

In the list, these are the contenders where I managed to add all those options with total flexibility: Exirio, Money Minx, Finary, and Wealthica.

Some of the others do offer the option but they don’t provide enough flexibility around currencies (or other parameters) to be useful.

Security

Needless to say, your financial information must be safe. All the sensitive and non-sensitive info must be secured by the company issuing the app. For instance, all your data must be encrypted.

I haven’t found news of any security breaches in any of these providers but I did like that Exirio offers a bug bounty program to all-white hackers in the world; a clear sign of how seriously they take security. Always put your money where your mouth is. 

Budgeting

Do you want to track your monthly income, expenses, and savings? If so, YNAB, Mint, or Personal Capital are your best alternatives. The other apps don’t seem to offer this functionality.

Note that I’ve also seen plenty of domestic alternatives to budgeting apps in other countries but I had limitations to try them all from my home. 

Historical transactions and return metrics

 You must also be able to track all the transactions you made as well as your current balance.

This is very important if you are involved in making payments, and or are interested in saving your money and budgeting.

With the growth of Artificial Technology, a wealth tracking app must also be able to come up with your spending and budget analysis on a periodic basis.

Additionally, it must remind you of when your bills are due and can include the option for you to pay your bills.

Tracking your transactions is important when you are saving and or investing long-term for the future.

Multi-device

It’s the 21st century. You probably want to use your desktop/laptop computer for tasks with a lot of information to handle but also have access on your mobile whenever you need it.

I couldn’t test all the features and options for all device types but I did notice that, when some vendors claim to offer mobile apps, those apps can have very restricted functionality, making them useful only to read but not to enter new information. Personally, I like to be able to enter a new transaction when it happens and not when I am sitting at my desk. The most feature-rich apps I could find were Exirio and Wealthica.

Connections to external institutions

If you want convenience, you probably don’t want to update all your financial information manually every month. When connected to your financial institutions and crypto exchanges/wallets, a portfolio tracking app must be able to pull all the information automatically.

Most of the available options offer this option but be careful and check that a) your financial institutions are available and b) you won’t be charged extra when connecting more than 1 or 2 institutions.

Available for most geographical regions

A good app also supports almost all of the international regions. Since the present world is now interconnected, it must support at least all of the major regions of the world.

Some of these apps seem clearly focused on specific geographies: Personal Capital (you even need a US phone number), Mint, YNAB in the USA; Wealthica in Canada; Finary in France; whereas Exirio, Money Minx, Delta, and Kubera seem to be location agnostic. Having said that, as long as your currencies of choice are available, there should not be any reason for you not to use some of the ones in the first group.

Documents storage

Your financial information goes beyond the key figures. You probably have mortgage documents, customer contracts, loan agreements, etc. Wouldn’t it be easier to have those important documents stored in the same place as your wealth dashboard? A few of these apps will give you that option. Kubera, Exirio, and Cova seem to be the ones who offer this feature among the ones I have tried.

Customer support

The app’s customer support service must always be responsive. Honestly, I haven’t been able to test all this personally and everyone claims to provide support via different channels. But it might be a good idea to test them before you enter all your financial information.

Summary

In summary, if you need a budgeting app that also happens to provide a snapshot of your total wealth, YNAB, Personal Capital (although their sales aggressiveness is very annoying), or Mint are good mature options.

If, on the other hand, you need a tool to track your wealth and investments, cover several currencies and asset classes, connect to institutions in several continents, get comparable accurate performance metrics, store documentation, share the information with third parties, etc. the only option at the moment seems to be Exirio.

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I am a professional blogger. I am writing almost every topic but mostly like to write on Health, Digital Marketing, Travel, Fashion.

New York State
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