Smartphones as an Investing Tool

Do you remember life before smartphones? Probably not.

We use smartphones for almost everything these days, from ordering groceries to tracking workouts and finding answers to our questions. Your smartphone can also help you save money, track spending, and make investments. A large number of tech-savvy market-watchers have turned to low-cost digital investing apps to help build a better financial future. Today, many financial institutions and brokers offer mobile apps to make personal finance and investing seamless, educational, and efficient.

Having an investing tool in your pocket gives you access to quick, immediate, on-the-go access to information about your investments, as well as the flexibility and convenience of making changes to your portfolio on your own.

However, understanding how to get started with mobile investing — from defining your goals to placing your first trade — will increase your chances of success. Ready to jump in?

What are investing apps?

An investment app is a mobile application that allows users to execute trades in stocks and funds, manage their portfolios, and more. Some apps may provide investment education information, daily investment news and updates, investing tips, and expert opinions. These apps may be provided by different entities, such as independent trading platforms or banks. It's important for users to seek out properly regulated and trusted applications for investing.

Tips for using investing apps

Mobile investing apps can be excellent investment tools for beginners and experienced investors alike. Here's what to do before using an investing app.

Review your finances

Ahead of downloading an app and placing trades, Learn to make informed money decisions. Start by giving yourself a head-to-toe financial exam. Consider your monthly income, regular expenses, and potential financial goals for the near future. Does your income cover your expenses? Are you on track to reach your goals? Your answers to these questions will help shape your budget and, in turn, answer the question of how much money you have that can be put toward an investment portfolio.

You can’t plan for everything, though; holding some money as cash in an emergency fund can help cover any unexpected expenses without affecting your investments.

Compare different investment apps and tools

A quick search for “investing” in your mobile phone’s app store may reveal more than a dozen options to choose from. With so many available investing apps — many of which offer a similar suite of services — it can be tricky to find the best option for you. Here are some pointers about what to look out for as you get started.

Clean and easy-to-use app interface
The beauty of a good mobile app is that it makes signing up painless from the first step. Investing apps should be no different. For many first-time investors, just opening an account can be a daunting task, so most apps need to offer clean user interfaces with clear step-by-step instructions.

Available investing data and content
How are the markets moving today? How is your portfolio allocated across various asset classes? Apps that provide this kind of data better equip you to make informed decisions about how to manage your investments. The ability to create watch lists of equities and funds you are interested in tracking is another important plus.

Commission and minimum balances
You don’t need to make a lot of money to start investing, some of today’s mobile apps strive to make the process effortless and accessible to everyone. However, many applications require a minimum balance and/or commission depending on the type of investment vehicle. Compare the minimum investment threshold for different apps to find your best fit.

Connectivity to other finances
hen choosing the right mobile platform for your portfolio, be sure to consider the value and efficiency of having one holistic view of your banking and investments. A financial institution that offers banking and brokerage services may be able to provide this bundled set of tools and allow for more seamless transfers between accounts as you look to redirect money toward building up your holdings. For example, the Citi Mobile® Banking App lets you invest in eFX, equity, and mutual funds while providing other banking features. You can review your account activity, manage your credit and debit cards, add foreign currencies, transfer funds, and do much more.

Bonus features
Beyond the basics of buying and selling stocks, the most attractive mobile apps also help take the headaches out of investing by offering automations and advisory services as part of the relationship. These may include robo-advisors – where an algorithm helps manage your portfolio based on your financial goals – and automatic dividend reinvestment. Some investing apps may also include AI-generated insights or analyses that provide research-based suggestions and tips.

Consider talking to a financial advisor

Do-it-yourself investing with low-cost mobile apps doesn’t exclude you from talking to an advisor. An experienced financial advisor can develop a strategy and portfolio for your specific needs. Advisors are typically well-versed in investing minutiae like rebalancing, risk management, and asset allocation. However, working with them can offer additional advantages, especially for high-net-worth investors.

• A wealth manager can provide HNWIs with the tools and support they need to:
• Invest and grow their wealth
• Explore international investment opportunities
• Create strategic estate plans

A wealth manager's advice can go far beyond traditional investing tools and apps. They offer advice that's tailored to your specific needs and circumstances. As a Citigold client, you get wealth advisory services from a dedicated Citigold Relationship Manager who is in turn supported by a team of wealth planners and advisors. You also get access to a treasury sales officer who offers updates on foreign exchange markets, as well as an insurance specialist to help you ensure your family is protected.

Your mobile investing app remains an easy tool to help you with buying and selling, tracking and other more tactical tasks. You can incorporate the advice provided by your financial advisor alongside your own investment strategies.

Investment products: Not a Bank deposit. Not Government insured. No Bank guarantee. May lose value.