The Best Portfolio Management Tools for Free
Prevent unpleasant drops in your portfolio from the poor performance of one investment by analyzing and adjusting your portfolio diversification with free online portfolio management tools.
Online portfolio management tools fall into two categories: those that determine how to allocate your assets and those that analyze your current portfolio to see if it matches your asset allocation goals [Hack #74] . The tools that provide recommendations on asset allocation ask you questions about your goals, tolerance for risk, and the length of time until you want to withdraw your money. Some of these recommendation-oriented tools analyze your current portfolio taking into account your time horizons to suggest some allocation guidelines. With an asset allocation goal in hand, you can use other tools to see what your portfolio looks like now, whether your stock and fund holdings overlap, and your chances of achieving your goals. You can also use these tools to figure out how to rebalance your portfolio to get back on track [Hack #75] .
Table 8-3 lists the best free portfolio management tools available online. Read about the best and worst features of each site and check out the extra features you can use to improve your portfolio performance.
Table 8-3. Evaluating the top portfolio diversification tools
|
Features |
Morningstar |
SmartMoney |
Motley Fool |
FinanCenter |
|---|---|---|---|---|
|
Tools |
Portfolio Allocator; Portfolio Manager; Instant X-Ray |
Asset Allocator; Portfolio ... |
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