Market Wrap-up for May 26 - There's an App for That

In recent years, investors have witnessed technology’s growing influence on today’s financial markets. Many of you may already be using technologies to manage your finances, whether it be through a simple banking app or the newest robo-advisor craze.

In today’s wrap-up, we highlight some of the newest and most unique apps geared towards investors.

Take Advantage of Technology

Last year, guest contributor Kristi Hines wrote an article on 50 Free Resources to Help Manage Your Money. The list highlighted the most popular software, apps, online calculators, blogs, and podcasts aimed towards individual investors.

Since the article was published, a slew of new and noteworthy apps have been launched:

• Retirement Goal Planning System: Developed by behavioral economist Shlomo Benartzi, this app leads investors through a seven-step process to help them think more effectively about what they really want in retirement.

• Blooom: This app helps investors keep on top of their 401(k), analyzing allocations and recommending the correct one.

• Robinhood: This game-changing app is a technology-driven brokerage platform that allows investors to trade more than 5,000 U.S.-listed securities commission free.

• iBillionaire: Designed by the creators of the iBillionaire Index, this app breaks down and analyzes investment data of leading billionaires including Warren Buffett, George Soros, and Carl Icahn.

• Openfolio: This app allows investors to benchmark their performance to their network, the markets, and their peers.

• Stock Wars: This cleverly-named app is a game designed for first-time investors/traders looking to practice their stock market buying and selling skills.

• SigFig: This app allows you to easily track your entire portfolio, including 401(k), IRA, brokerage and advisor accounts, in a single dashboard.

• Motif Investing: This app allows you to stay on top of your best investing ideas, and gives you access to over 150 professionally built motifs, or browse more than 55,000 motifs created by different users.

Work Hard, More Efficiently

These apps, along with the ones Kristi Hines highlighted, are great tools for investors looking to better organize their finances. What is important to understand is that these technologies allow you to make financial decisions more efficiently, but do not excuse you from doing your homework, so-to-speak.

With dividend investing in particular, apps can only go so far as to tell you exactly which investment is right for you. Investors will always need to roll up their sleeves and dig down deep before making any financial decision. Remember, we know for certain that it is always better to know exactly where your money is going, how it will be used, and whether the investment actually suits your long-term goals.

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