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Investment Apps?

If you’re new to investing, using an app may be the right choice for you. Many apps make it simple to invest and choose how to split your assets. Some apps involve a hands-off approach where extra money from your bank account or change from your purchases is invested automatically without any extra effort from you.

A con to using investment apps is that you don’t have the benefit of working with a person who can provide personalised advice and guidance. For kiwis who are just starting out, or have very little to invest, this might be okay. But if you’re looking to start investing large amounts of money, it might be better to talk to a financial professional who can help you sort out your goals and start working toward them.

Even if the fees for investment apps seem low, they can add up when you’re thinking about the returns you’re receiving, especially for small amounts of money. Flat monthly fees for apps can hurt you more than help you. For instance, if an app has a $1 monthly fee, that may seem pretty low. But compare that cost to an app or investment service that takes a percentage of your assets instead. Let’s say the asset-based fee is 1% per year. If you invest $100, your asset-based fee would be $1 for the year, but your flat fee would be $12 for the year (12% instead of 1%).