Q&A: "Which investing app should I use?"

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Here's the question I'll be tackling today:

Hey Nicole! My name is Hana and I live in Oakland. I’m starting to think about investing… but I’m not quite sure where to get started. What’s your favorite investing app? Thank you so much!

I’m telling you, I get this question aaaaall the time. And I totally understand why this question comes up so much. If you’re a new investor, you might be overwhelmed by all of the different platforms, and you don’t want to make any wrong decisions— but don't worry, I gotchu!

So, let’s get into it. And I’m going to start with the biggest secret when it comes to choosing your investing platform: there are plenty of fun apps out there, but your investment apps can and should be boring.

If you want a thrill, open your Instagram or Tinder app. If you want a game, play Wordle. When it comes to your money, stay away from the hyped-up ones or those that try to gamify investing. Rather, opt into the tried-and-true apps. Your money and investments are important, they don't have to be served in a sexy package— because that sexy package is likely just smoke and mirrors to divert your attention from some un-sexy issues underneath the surface.

And which tried-and-true apps should you go for, you ask? Here are my seven favorites.

1. Ally: Ally is an online bank and brokerage. Online banks tend to give you better interest rates because there is not the overhead you'd have in a traditional bank. Their interface is intuitive and simple to navigate. If you’re new to investing and feel intimidated by the whole concept, “intuitive and simple to navigate” is going to be your friend.

2. E*Trade: The app is easy to use and the breaking news functionality as well as streaming live Bloomberg video is nice to have. They have professionally built portfolios that are helpful to reference if you're building one for the first time.

3. Charles Schwab: Okay, I’ll be honest… It's not the snazziest app and doesn't have the coolest colors or pictures but it's rock solid. I personally have an account and actually enjoy the no-frills experience. I'm in and out and get my business done.

4. Fidelity: Fidelity is one of the most trusted names in investing— and the Fidelity app allows you to do anything other brokerage apps do (trade, monitor markets, read up on research, etc.), and helps you track your workplace benefits like your HSA or 401(k) with their NetBenefits app. If you’re looking for an app that can be a central hub for your financial planning, Fidelity might be the right one for you.

5. Vanguard: Vanguard is a gold standard in the investing world. Its app is straightforward and no nonsense. They also have research reports that I enjoy. And, yes, I’m a nerd, so I tend to like research no matter what, but Vanguard’s research is particularly non-jargon-y, and helpful. Also, fun fact: Warren Buffett, one of the greatest investors of our time, put in his own for his wife to put a majority of their money in low-cost S&P 500 index funds and that he likes Vanguard's specifically.

6. Aspiration: I love their Redwood Fund (Ticker: REDWX), it's like an S&P 500 Index Fund but without oil/gas, firearms or private prison companies. So investing in this gives you the security of a trusty, broad-based index fund without the icky stuff. Remember, you can and should put your money where your mouth is. Your dollars are a vote on your values.

7. Public: Public is a relatively new app but I think it's well-done and centers its interface around long-term investing rather than trading, which is what we want to build long-term, sustainable wealth. On Public, not only can you invest, but you’re also able to share your investments in a Twitter-esque way with others and view what other people are saying about different stocks and exchange-traded funds. I really love this feature, because it encourages people to be transparent about what they’re investing in.

xo,

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