Investors require personal investment tracking applications to monitor their assets at any point of time.
Especially, if their investments are spread out globally and it is difficult to know difficult to know exactly where one stands with regards to net worth. And Net worth is the most important metric when measuring financial progress and the only value UHNWIs are interested in. To put it simply, it is the ultimate financial scorecard which determines one’s wealth.
Investors would ideally want to track their investment returns, asset allocation & exposure using a single platform. Hence, one needs the best wealth management software to do it right! Investors want wealth manager apps installed on their system, where, in several instances, the desktop software includes additional features that aren't available through online apps. Best portfolio manager app is one that allows consolidation & tracking.
There is a pre-conceived notion that using any Personal investment tracking software is a simple process. But a good Investment tracking software needs to cover key features as:
• Multiple portfolio consolidation
• Portfolio Analytics
• Asset allocations
• Unrealised Capital gains/loss calculations
• Portfolio Views by Country
• Portfolio Views by Currency
• Portfolio Views by Sector / Industry
• Bank Interest Rates
• Cost basis tracking
• Helps to make buy/sell decisions
• Export Reports for further analysis
Any personal Investment Tracking Software should give everything needed to analyze and manage an investment portfolio.
Wealth Management, over the years were done using spreadsheets. And slowly adding a measure of control over investment tracking, custom spreadsheets came into existence.
To simplify the terms & distinguish between each, here are some pointers
Wealth management software: Wealth management software is a tool predominantly created by Financial Investment firms for its Wealth Advisors, where the software can minimize human input & provides streamlined financial data, along with insights to help advisors in serving UHWNI clients.
Wealth Management software suited for Family offices, corporates & Investment firms need to ensure consistency, multiple user access, automate key tasks, produce deeper analysis, and improve auditability.
Portfolio manager app: A portfolio manager app in simple terms is a digital version of a human portfolio/wealth manager. In other words, the portfolio manager app will help in investing, managing day-to-day portfolio trading, assist in taking right investment decisions.
Wealth manager app: A wealth manager app &investment tracking app is pretty much the same with slight difference of features between them. Investment Tracking / Wealth Manager apps helps you to keep track of all your investments, assets, finance and profit & loss statements etc. and will also display all of your investments in the form of easy to read graphs & charts which will help you easily analyze your assets that are actually making money and the ones that aren’t. In short, you will specifically know which are your best investments that are giving high returns which are not.
Investment manager app: A investment manager app is mostly an extension of an Investment management software where it automates risk management, portfolios, financial assets & wealth management. Mostly used by Family office, Wealth advisors in financial advisory & Investment firms.