What are the best apps?
Time constraints are one of the biggest obstacles for aspiring kiwi investors — and even experienced investors trying to grow their portfolios. A packed schedule gets in the way of the research and management required to develop a successful financial portfolio. Today’s best investment apps for beginners and everyday investors aim to solve that problem by making your finances accessible straight from your smartphone.
There are apps dedicated to almost every investment strategy and at every skill level. From beginners ready to make their first investment to advanced entrepreneurs looking to trade stocks on the go, the right app can make many financial actions more accessible.
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%).
Should I use an investment platform?
The growth of investment apps in New Zealand has coincided with the evolution of user preferences, with a growing number of people opting to mainly manage their money through tablets or smartphones.
Stock trading platforms have embraced this transition by focusing on improving their mobile app experiences. Brokers’ desktop trading platforms have historically had more features and capabilities than mobile, but the experiences and functionality have increasingly become virtually interchangeable.
This improved consistency between mobile and desktop provides investors with a more synchronised experience in terms of alerts, watch lists, and updates, while also improving the ease with which you manage your money and monitor your investment goals.
Trusted by thousands of
Kiwis we’ve helped save money
Comparity saved me $100's on my yearly energy bill! I'd highly recommend 5*Chris SamsonDunedin
Big up Comparity for helping me move into my new home in the capital. These guys helped me find an estate agent and also sort WIFI in the house. Big love!Tui MacDonaldWellington
Awesome service! Awesome People!Jane DoesonAuckland
I would highly recommend Comparity. I managed to save myself and the wife $400 a year on our wifi bill. An easy to use service with a quick and simple change over.Turner PhillipsChristchurch