With all of the wearable tracking devices out there, plus the multitude of apps on your phone, it’s easier than ever to get an overview of your health. With apps, you can get an overview of your financial health, especially your budget and savings goals. However, if you’ve been looking for a way to analyze your investments with any sort of metrics, it’s been hard to rely on one application. If you’ve ever wanted to analyze your investment portfolio, now DRAFT gives you that ability, all with only a few taps on your phone.
DRAFT is a relatively new app designed to give you a complete financial portrait of your investments. With DRAFT, you can see your entire investment strategy with one click, including moves you’ve made recently, investment fees, and more. If you want to learn more about yourself as an investor, and compare yourself to other investors, you should check out DRAFT.
How DRAFT Works
DRAFT is designed to give you greater insight into your investments, starting by identifying your Investment Type. Based on your investment portfolio, DRAFT categorizes you into one of three Investment Types: Conservative, Moderate, or Aggressive. This helps to give you a greater overall picture of the investor you are currently – and allows you to decide if that’s the type of investor you want to be.
Getting started with DRAFT is easy: simply set up an account with DRAFT and connect your investment accounts to the app. From there, you’ll see what type of investor you are based on your current investments, and how your assets are diversified (equity, fixed-income, cash, etc.).
DRAFT will also tell you how much you’re paying in fees, whether or not your account has grown or shrunk, how well diversified you are, and how you compare to your investing peers. With DRAFT, you don’t have to be a trained financial advisor – you just have to have an interest in your investment accounts and be motivated to continue investing (which, if you’re a Your PF Pro reader, you likely are!)
Why DRAFT Stands Out
In addition to being a great resource for the curious investor, DRAFT stands out in a few other ways.
- Evaluates Investment Fees – Not everyone has time to evaluate how much investment fees cost them. DRAFT makes it easy for you by showing you how much you’ve spent on management fees over time.
- Community Engagement – While there are a variety of investment apps out there, DRAFT compares your investment strategy to other actual portfolios to give you a better benchmark. With DRAFT, you can compare yourself to the top performing 10% of investors on the platform. Plus, you can compare your investments to the S&P 500, Dow Jones, and more for additional insight. This helps you see alternate strategies and pick up tips for improving your own investments!
- Time-Saving – Instead of hunting through your old investment statements to determine all your assets, fees, and more, DRAFT compiles all this information for you – and compares it to other investors. If you only have one or two investments, this may not be important to you right now, but for anyone who has a 401(k), Roth IRA, Traditional IRA, or more, DRAFT provides an informative service for you – and feeds your competitive spirit, if you want.
While there aren’t many drawbacks to DRAFT, there are a few things that you may want to be aware of.
- Waitlist – You currently have to sign up for their waitlist to get an invitation to download the app. However, if you sign up using this link you can skip to the front of the line and get immediate access.
- Read-only – If you want to move your investments around, you’ll still have to go through your investment account – not DRAFT. DRAFT is a read-only tool, best used by those who want all of their investment information in one place to review and compare.
If you’re concerned about privacy or your information in an app, know that DRAFT takes security seriously. When comparing your portfolio to others, you’ll only be shown percentages, not actual dollar amounts. In addition, DRAFT only uses bank level security and encryption standards, which means your personal information and credentials are always protected.
With all of the tools we have to evaluate our health and savings goals, it makes sense to have an app to track all of our investments. DRAFT provides you an opportunity to see an overall dashboard of your investment strategy, allocations, and comparisons to others. With DRAFT, you can challenge yourself to become a moderate investor from a conservative, or see how your investment returns compare to the S&P 500. If you’ve ever wanted to become a more informed investor, DRAFT is an excellent app to help you do that.