Tracking and analyzing your investments can be a complicated and time-consuming task. Between expense ratios, dividend yields, management fees, tax planning, and asset allocation, there can be a lot of moving parts to keep track of.But thankfully there are now many powerful portfolio analysis tools that can save you time and headache. Some tools are free, while others cost money. Some offer deep insights while others keep the analysis at a higher level.While it’s great that there are now many options available for investors who want to evaluate their portfolios, it can be difficult to tell which ones are the best. Don’t worry. We’ve done the homework for you. Keep reading to see which companies made our short list of the best portfolio analysis tools available today.
Here’s our top 3 picks for portfolio analyzer tools. If you’re not using one of these analyzers, we strongly encourage you to check them out for your portfolio planning needs.
Personal Capital is a free portfolio analysis tool that gives a “mosaic” plot chart to help you visualize the composition of your portfolio. It breaks down your portfolio into stocks, bonds, international, domestic, and other important categories. Personal Capital made our list of the best portfolio analysis tools primarily because of the huge variety of calculators and charts that it offer. In addition to the mosaic chart, Personal Capital can track your net worth, cash flow, and will provide personalized investing recommendations and insights.Although Personal Capital is a free tool, there are a few strings attached. It serves as an advertising platform for Personal Capital’s advisory services. When you first sign up, you may receive a few calls from financial advisors looking for your business.
Portfolio Visualizer is one of the most robust portfolio analysis tools on the market. It specializes in Monte Carlo simulations (which give the probability of a portfolio lasting a specified period of time), backtesting, and various forms of asset allocation analysis. The tool also provides some insights into timing strategies.Portfolio Visualizer is ideal for investors who enjoy tinkering with their portfolio. But you’ll also want to be someone who’s committed enough to your basic investing strategy that you won’t be tempted to dump it every time you come across a new tool in Portfolio Visualizer.
Morningstar is one of the premier portfolio analysis tools for everyday investors looking to understand more about their investment portfolio. Morningstar’s Portfolio Manager is a free tool that gives details on stocks, ETFs and mutual funds. The X-Ray tool also gives a deep dive into each mutual fund or ETF to give details that other analysis tools might miss. For example, it uncovers hidden fees and shows whether you may be accidentally over-invested in a single stock due to a fund’s allocation.
The portfolio analysis tools outlined above are excellent. But as robust as they are, they won’t meet every need. A lot of times, the best tools for improving your finances are tools that help you manage your cash flow. For this type of need, a free app like Mint, Clarity Money or Emma may make more sense. For the spreadsheet inclined, Tiller Money can help with net worth tracking and cash flow management. Or if you wanting to see how your investing portfolio fits into your overall financial plan, tools like Savology or NewRetirement could be better options.