Investing today has never been easier. With countless apps and platforms available, all that is needed is a smartphone or a computer to invest in financial instruments like stocks, ETFs, and cryptocurrencies. It is critical for investors with multiple platforms to be able to benchmark their performance against relevant indices, this is how to track Investments, with a Free Tool!
Choosing an Investment Platform
Choosing a platform is the first step. A step that many people spend days and even months just trying to figure out. The choice will depend on the person’s individual situation and the platform features required such as fees, markets, and tools.
For example, a student left with $100 at the end of the month after all expenses might want to go with a low-fee platform or a micro-investing app. A full-time worker with more residual income will probably go with a more robust platform or a managed fund that requires higher minimum investment amounts.
Whatever the choice is, there are instances where investors must use multiple investing platforms for diversification purposes. However, tracking investments across multiple platforms sometimes get quite complicated!
How To Track Investments Across Multiple Platforms
An investor might be using Binance or Swyftx to buy cryptocurrencies, and Self Wealth, Stake or Pearler to buy stocks and ETFs. Realistically, many investors are trading or investing in more than one platform. This all creates the perfect storm to lose perspective of where their money is allocated.
It can be overwhelming to track investment performance, tax reports and fees from multiple currencies. These are all tasks investors need to control and having an abundance of choice makes it easier to lose that control.
After setting up an investing structure, it’s important to keep control of the investments. Websites like Sharesight provide phenomenal services at helping investors track these investments. However, such services are in the higher spectrum of expensive fees, which discourages investors and leads them back to losing control.
How To Track Investments – Yes, it’s Important!
Tracking investments is imperative for all investors, especially at the end of the financial year for the tax season. Having an organised record of investments is perfect for audit purposes and can save investors precious time trying to scramble through multiple reports. Spreadsheets are a fantastic way to have a record of investments. However, not everyone is a spreadsheet fanatic.
To fix this pain point, Planet Finance has created an Investment Portfolio Tracker to help investors take control of their investments and additionally understand their investing patterns through insights.
How To Track Investments – Free Tracker How To!
This tracker combines all the investments from different platforms and shows real-time insights on investment performance. Free Tracker Tool!
There is a dashboard tab that analyses an overall performance showing a breakdown of the asset class, platforms, top and worst performers, and further statistics like the portfolio CAGR and dividend yield.
A stock screener tool is included in the dashboard to help investors find relevant financial data about specific stocks or ETFs. Finally, the tracker has a currency converter function that converts the data of all the investments to the desired currency for consistency purposes. All the visualisations and real-time data are automated once the data is entered in the transactions tab.
If you need a hand at how to use the tool, check out this video
Tracking investments is as important as choosing a platform. It’s a process that takes valuable time and this tool provides the help to get control of the investing journey. With more time at hand, investors can therefore focus efforts on studying and choosing an investment rather than worry about managing multiple platforms and having late nights tracking transactions.