Wealth management has seen a paradigm shift with the rise of digital tools, particularly wealth management apps. These apps have revolutionized how individuals manage their personal finances, offering a range of services from real-time tracking to automated investing and tailored financial strategies. Whether you’re planning for retirement, building a nest egg, or optimizing taxes, the best wealth management apps provide users with the tools to achieve their financial goals seamlessly.
In this blog, we’ll explore the best wealth management apps for 2024, highlighting their core features and unique benefits, including tools for tax-loss harvesting, robo-advisors, investment tracking, and more to help users achieve their financial goals.
But before diving into the app specifics, let's consider some statistics highlighting the impact of AI on wealth management. According to PwC’s 2023 Global Asset and Wealth Management Survey, assets managed by robo-advisors are set to nearly double, reaching close to $6 trillion by 2027. This surge reflects a broader trend, with many asset and wealth managers leveraging AI not only for front-facing services like robo-advice but also for enhancing trading strategies and analyzing unstructured data.
The industry's shift towards AI-driven platforms is not only essential for future competitiveness but is also reshaping traditional models by providing insights that were once the exclusive domain of human advisors. These platforms deliver smarter, data-driven insights at a fraction of the cost, empowering average investors with a wealth of knowledge to make informed decisions. This democratization of information grants a wider audience access to sophisticated strategies and tailored solutions that were once reserved for an elite few.
Best wealth management apps for 2024
1. Mezzi – AI-driven wealth advisor
Mezzi stands out as a leading AI-powered wealth management platform that combines advanced AI with personalized financial strategies tailored to individual goals.
Through AI-driven wealth management, Mezzi ensures that users' investments are consistently aligned with market trends and personal goals. Mezzi provides all the insights and actionable recommendations needed for users to optimize their portfolios, maximize returns, and make informed financial decisions with confidence.
The app’s portfolio optimization and tax-loss harvesting help users minimize risks and taxes providing users with smart investment recommendations.
With customizable financial goals, Mezzi caters to all levels of investors by offering AI-based personalized guidance and support.
Unified financial dashboard: Mezzi integrates all financial accounts into one view, providing real-time updates on your complete financial health across all the investment and cash accounts connected to Mezzi. You can view both your personal and family portfolios in one place by account, minimizing the need to switch between apps and accounts.
Mezzi AI chat: Mezzi’s one-of-a-kind AI assistant provides personalized portfolio insights, investment feedback, and more, offering users tailored advice based on their unique financial situation.
AI-powered buy & sell insights: Receive smart, data-driven insights on equities you have purchased and sold. Giving you feedback on your decisions so you can improve as an investor and helping you make well-informed investment decisions.
Tax optimization strategies: Mezzi helps you maximize tax savings through effective tax-loss harvesting insights, ensuring compliance with IRS rules by analyzing your gains and losses.
Maintain desired diversification: Mezzi reveals overexposure to any individual stock by analyzing underlying holdings across your ETFs, helping you balance and diversify your portfolio.
Investment tracking & performance benchmarking: Mezzi allows you to compare your portfolio's performance against major indices like S&P 500 or Russel.
Key metrics at your fingertips: Mezzi's AI can provide you with key metrics like P/E ratios and gross margins
Mezzi’s cutting-edge AI makes it an excellent choice for those looking to optimize their wealth management.
2. Empower – Your path to smart financial planning
Empower provides customers with a comprehensive view of their finances through its Personal Dashboard, enabling easy tracking of accounts, saving, and investing. With access to personalized advice and professionally managed accounts, customers receive tailored strategies, ongoing guidance, and support to achieve their financial goals.
Comprehensive financial view: With Empower’s dashboard, users can see all financial accounts in one place, making it easier to track day-to-day finances alongside long-term goals.
Real advice for real-life goals: Empower goes beyond planning tools by offering access to human financial professionals who provide individualized advice tailored to each user’s unique financial journey.
High-yield APY savings account: Empower allows users to grow their cash with competitive rates when they earn nearly 9x the national average, providing an easy way to grow your cash with competitive interest rates.
Focused wealth strategy: Achieve your financial goals with tailored advice, expertly managed accounts, and a smart investment approach designed for long-term growth.
Empower is for individuals who need a comprehensive view of their finances and the option to connect with a dedicated financial advisor for goal-setting and management. It is a trusted name in retirement and wealth planning and gives its users an option to invest as well.
3. Betterment – Stress-free investing and saving
Betterment offers an easy way to invest and save, designed to help you build wealth while taking the hassle out of financial planning. New customers can earn up to a 5.00% variable APY on their first cash account with a qualifying deposit.
Automated investing: With Betterment, users can set it and forget it, utilizing curated portfolios in areas like sustainability, technology, and crypto. Automated rebalancing and tax-efficient tools work to maximize after-tax returns while minimizing user effort.
High APY cash reserve: Betterment’s cash account lets you earn 4.50% APY, nearly 10x the national average, with FDIC insurance up to $2 million. Plus, unlimited withdrawals allow easy movement between savings and investments.
Tax-advantaged IRAs: Betterment offers Traditional, Roth, and SEP IRAs to help users grow their retirement savings with added tax benefits and no extra hassle.
Betterment’s ease of use makes it an attractive option for beginners though some users dislike that it generally underperforms S&P 500 due to built-in risk management.
4. Wealthfront – A strategic approach to investing
Wealthfront offers a straightforward approach to growing your money, making it simple to save, invest, and take advantage of market opportunities.
APY on cash account: Wealthfront provides an industry-leading 4.50% APY on cash through its high-yield Cash Account, giving users a place to grow their short-term savings without restrictions.
Automated bond ladder: For users wanting low-risk returns, Wealthfront offers a ladder of US Treasuries with tax advantages like exemption from state and local income taxes, allowing you to earn steady returns.
Automated investing for long-term growth: Wealthfront’s award-winning robo-advisor and diversified portfolios simplify long-term investing, with features like tax-loss harvesting to maximize after-tax returns. The platform’s automation handles rebalancing and reinvestment, ensuring that your portfolio remains aligned with your goals.
Tailored stock choices with strategic insights: For those interested in managing their investments, Wealthfront offers a range of stock collections and thematic ETFs, helping users invest strategically in areas they believe in, with $0 commissions.
As one of the leading platforms for robo-advisory and cash management, Wealthfront combines ease of use with industry-recognized automation, making it a trusted choice for users who want a diversified approach to growing wealth.
5. Monarch Money – All-in-one money platform
Monarch Money is a personal finance app designed to give you a full financial picture. Known for its intuitive interface, Monarch combines budgeting, goal tracking, and financial planning in one platform.
Flexible budgeting tool: Monarch Money’s budgeting tools allow you to create personalized budgets for your goals. The app provides real-time updates and charts, making it easy to track spending and savings.
Goal setting and progress tracking: Monarch Money allows users to set specific financial goals, such as saving or investing. Visual progress tracking helps users stay motivated and see how close they are to achieving goals.
Holistic financial view: Monarch connects all financial accounts, like credit cards, investments, and loans, in one dashboard. With this, users can view their net worth at a glance and make better financial decisions.
Monarch Money is designed for those who want to manage their money with clarity and confidence, offering customizable insights and planning tools to support every step of your financial journey.
Wealth management strategies that transform finances through apps
Wealth management apps have redefined financial strategy, helping users set, track, and adjust their financial goals with real-time insights. These apps leverage AI to optimize portfolios, automate investing, and integrate tax-efficient strategies like tax-loss harvesting. They offer tools for goal-based financial planning, fractional investing, and sustainable investing with ESG criteria.
Modern apps also provide robo-advisory and hybrid solutions, blending AI with human advice. Additionally, AI-enhanced risk management and insurance integration ensure holistic financial protection, making these apps a transformative tool for investors.
7 wealth management strategies using apps
- AI-driven portfolio management: Apps use AI to adjust portfolios based on real-time data and risk profiles, helping users dynamically manage their investments.
- Automated tax optimization: AI minimizes tax liabilities through smart rebalancing and tax-loss harvesting.
- Goal-based financial planning: Users can set personalized financial goals (retirement, education) with AI-driven adjustments based on life changes.
- Fractional investing and direct indexing: Apps offer fractional shares and customizable portfolios that mimic indices but exclude specific sectors or companies.
- Robo-advisory and hybrid solutions: A mix of AI automation and human advice for tailored low-cost investment strategies.
- Sustainable and ESG investing: Apps help users align investments with Environmental, Social and Governance criteria, using AI to analyze sustainability metrics.
- AI-enhanced risk management and insurance: Integrated insurance and risk assessments provide recommendations for life, disability, and property protection based on user profiles.
These strategies illustrate how apps transform wealth management by integrating AI, real-time insights, and holistic financial planning.
How to choose the best wealth management app
With so many options available, choosing the right wealth management app can be overwhelming. Here are some actionable tips to help you select the best app based on your financial goals, experience level, and preferred features.
Step 1: Know your personal finance goals
The first step in choosing a wealth management app is to identify your financial goals. Are you looking to grow your investments, save for retirement, or simply manage your budget? Apps like Mezzi and Empower are great for goal-based financial planning, while Mezzi AI excels in budgeting and expense tracking.
Step 2: Familiarize yourself with key features
Once you’ve identified your goals, it’s important to get familiar with the features offered by different apps. If you’re interested in automated investing, apps like Betterment and Wealthfront are ideal. If tax optimization is a priority, look for apps with features like tax-loss harvesting and asset location optimization.
Step 3: Ensure alignment with your needs
Not all wealth management apps are created equal, so it’s important to choose one that aligns with your specific needs. For example, if you’re a beginner investor, a simple, low-cost app like Betterment may be the best choice. On the other hand, if you’re an experienced investor looking for more customization, apps like Wealthfront offer advanced features like direct indexing and fractional investing.
Step 4: Check independent reviews
Finally, before making your decision, it’s a good idea to check independent reviews of the apps you’re considering. Communities on Reddit provide real reviews and comparisons of popular wealth management apps, helping you make an informed decision.
The future of wealth management: AI and automation
The future of wealth management is being shaped by advancements in AI and automation, making it easier for individuals to manage their finances and make informed investment decisions. Here are some key trends to watch out for in the coming years:
- AI will continue to make wealth management more personalized, providing users with tailored investment strategies based on their unique financial situations and goals.
- As baby boomers begin to pass down their wealth to younger generations, wealth management apps will play a critical role in facilitating multi-generational wealth transfers. AI-driven tools will help families plan and execute these transfers more efficiently.
- With the rise of millennial and Gen Z investors, wealth management apps will need to adapt to the preferences and values of the younger generation. Apps that prioritize simplicity, low fees, and sustainable investing will be in high demand.
- ESG-focused investing is expected to become the norm as more investors prioritize sustainability. AI-driven wealth management apps will continue to analyze companies’ sustainability metrics, helping users build portfolios that align with their ethical values.
- Robo-advisors will dominate the wealth management space, providing users with optimized investment strategies at a fraction of the cost of traditional financial advisors. AI will handle more complex financial planning tasks, allowing users to focus on their financial goals without the heavy lifting.
Conclusion
In conclusion, the best wealth management apps for 2024 offer a range of features to help users manage, grow, and optimize their financial portfolios. Whether you’re a beginner investor or a seasoned pro, an app like Mezzi AI provides the tools you need to achieve your financial goals. As AI continues to evolve, these apps will become even more personalized, efficient, and user-friendly, helping individuals easily navigate the complexities of modern finance.
