Investing is an essential aspect of personal finance, and as the investment portfolio grows, keeping track of it becomes a daunting task. However, the good news is that there are investment portfolio trackers that help investors keep an eye on their investments. A portfolio tracker is a software solution that monitors investment performance, evaluates risks, and tracks investment expenses.
Let’s say you want to build a solution to enable your users to track their investment portfolios efficiently. In that case, it’s critical to understand what features must you consider when developing an all-encompassing investment tracking app. In this blog post, we’ll explore the top features, essential and advanced. We’ll also discuss some key considerations to keep in mind when developing a portfolio tracker.
Essential Features for an Investment Portfolio Tracker
Investment portfolio trackers come with a wide range of features that help investors keep track of their investments. Some features are essential and should be present in any portfolio tracker. Here are the top essential features to look for when developing an investment tracking application:
A. Real-Time Data: A portfolio tracker should provide real-time data on all investments. It should display the current market value of each investment, as well as any gains or losses that have been incurred. Having access to real-time data allows investors to make informed decisions quickly and take advantage of market opportunities.
B. User-Friendly Interface: The investment tracking app should have an intuitive and easy-to-use interface. A complicated interface can lead to confusion and frustration, which defeats the purpose of having an app for tracking portfolios. The tracker should display data in a simple and organized way that is easy to understand.
C. Multiple Account Management: An app for tracking portfolio should support multiple accounts, such as investment accounts, bank accounts, credit cards, and other financial assets. This feature allows investors to view all their financial data in one place and helps them manage their finances efficiently.
D. Investment Tracking Options: The software application should offer multiple investment tracking options, such as stocks, bonds, mutual funds, and exchange-traded funds (ETFs). It should let investors customize their portfolios and track each investment separately.
E. Performance Analytics and Reporting: The digital solution that consolidates all investment portfolios must also provide comprehensive performance analytics and report. The investors should be able to track their investment performance over time, compare it to market benchmarks, and generate detailed reports. This way, investors can evaluate the performance of their investments and make informed decisions.
F. Security and Privacy: The investment portfolio tracker should have robust security features to protect sensitive financial data. It should provide encryption for all data, two-factor authentication, and regular data backups. The tracker should also adhere to data privacy regulations to ensure the protection of personal information.
Advanced Features for a Portfolio Tracker
Apart from essential features, advanced features can provide additional benefits to investors. Some of the advanced features that investors may find useful in an investment tracker are:
A. Automated Rebalancing: Automated rebalancing is a feature that automatically adjusts the portfolio to maintain the desired allocation of assets. The investment portfolio tracker should have this feature as it helps investors to maintain a diversified portfolio and avoid overexposure to a particular asset.
B. Tax Optimization: The tracking application should provide tax optimization features that help investors minimize their tax burden. The tracker should allow investors to set tax-loss harvesting strategies and make tax-efficient investments to reduce their tax liability.
C. Risk Analysis and Management: The investment managing platform should provide risk analysis and management features that help investors evaluate the risk associated with their portfolio. The tracker should allow investors to set their risk tolerance and provide suggestions on how to reduce the risk.
D. Investment Recommendations: The tracker should provide investment recommendations based on the investor’s risk tolerance and investment goals. The tracker should analyze the investor’s portfolio and suggest new investment opportunities that align with their investment goals.
E. Collaboration and Sharing: The investment tracking software solution should provide collaboration and sharing features that allow investors to share their portfolios with their financial advisors, family members, or friends. Collaboration features allow multiple people to manage the same portfolio, while sharing features allow investors to share the portfolio’s performance with others.
F. Customizable Alerts and Notifications: The investment tracking solution should provide customizable alerts and notifications that keep investors informed about the market changes that affect their investments. The tracker should allow investors to set up alerts for price changes, dividends, and other important events that could affect their portfolios.
Key Considerations when Developing an Investment Tracking App
When developing a portfolio managing software solution, there are several key considerations that should be kept in mind to ensure the tracker meets the investor’s needs. Here are some of the key considerations to keep in mind:
A. Integration with Financial Institutions: An app for tracking portfolio should be able to integrate with the investor’s financial institutions, such as banks and investment firms. The integration allows the tracker to pull data from these institutions automatically, reducing the need for manual data entry.
B. Compatibility with Multiple Devices: The investment tracker should be compatible with multiple devices, such as desktop computers, laptops, tablets, and smartphones. Compatibility with multiple devices ensures that investors can access their portfolio information from anywhere, at any time.
C. Cost of the Investment Portfolio Tracker: The cost of the portfolio tracker should be considered when selecting a solution. Some trackers are free, while others require a subscription or one-time payment. Investors should consider their budget when selecting a tracker that aligns with their investment goals.
D. Customer Support and Training: The investment tracker should provide excellent customer support and training to help investors use the tracker effectively. The tracker should have a comprehensive user manual and online resources, such as video tutorials, to help investors get started. The tracker should also provide prompt customer support to address any issues that may arise.
E. Future Development Plans: The investment tracking application should have a development plan that includes new features and updates. As the market changes, so should the tracking solution to keep up with the latest trends and provide investors with the best service possible.
F. Reputation and User Reviews: Investors should consider the reputation of the investment tracker and read user reviews before making a selection. User reviews can provide insights into the performance of the tracker and how well it aligns with the investor’s needs.
Conclusion
Investment portfolio tracking is an essential part of an investor’s journey, and an investment tracking application can help investors manage their investments more efficiently. When developing a portfolio tracker, it is essential to consider the key features, advanced features, and key considerations mentioned above to ensure the tracker meets the investor’s needs.
The actual features that should be included or excluded from the solution will be decided based on the target consumer base and feedback received from the Minimum Viable Product (MVP). The MVP is a version of the investment tracker with limited features that is developed and released to the market to gather feedback from the users.
At Advantal Technologies, we follow successful software development methodologies that can ensure a cost-efficient and effective investment portfolio-tracking software solution. Our team can help you build a user-friendly and chic design that aligns with your investment goals and needs. Contact us today to discuss your idea and an execution plan.