Managing money invested across multiple brokerage accounts is never easy. And a lot of us own and operate multiple accounts. Opening different accounts as and when an opportunity (or need?) comes up. For instance, our 401(k) account takes care of most of the compliance needs. Then there’s an account for other passive instruments and, potentially one more for active – often mostly stock – investments. Some brokers offer better commission rates than others, some give more freedom on margin trades, some have better advice or information available based on our account size etcetera.
During an empirical study at Stockal, we found out that more than 20% of the investors we spoke to, had multiple brokerage accounts. And knowing how painful it can be to manage investments across more than one accounts, we give our users the option of brining more than one brokerage accounts right into Stockal to create one unified account that allows for end-to-end management of all your investments.
Through a brokerage gateway integration with TradeIt, as of now, Stockal allows users to import their portfolios from brokers such as Fidelity, TD Ameritrade, E*Trade, Options House, Trade King, Tradier, Scottrade (which TD acquired a while back) and Drive Wealth. We are in the process of adding more brokerages and will hopefully have all the marquee online brokerage accounts available on Stockal. The cool thing, though, is that an account import is not the end of story. Once you’ve imported your portfolios, Stockal goes to work for you, so that you don’t have to.
Stockal monitors your (now, unified) portfolio and lets you know whenever something needs your attention. As it is, Stockal is tracking over 7,000 securities. So you don’t have to worry about stocks which may be trending. Also, Stockal tells you whenever any of your stocks that have unusual price movement or have significant analyst upgrades or downgrades, or any inside trades, or increase in social media pulse (which means a lot of people are talking about the stock, suddenly) or drastic change in investor sentiment. Some of these alerts could even help you take action before major price movements. Most of these will keep you in the know and on top of your investments without you having to spend half your day just looking at your stocks.
The other thing Stockal helps you do is – place actual trades. And you can do that via any of your brokerage account! Without, actually, ever going into that account. For instance, a lot of us prefer to make small investments through accounts which charge us a lower or zero commissions. This, of course, helps maximize gains even for minor stock price movements. With Stockal, investors don’t need multiple brokerage apps on their phones and don’t need to plan which account to use for what kind of investments. You can just decide at the point of investment and pick the account you want to use for any investment.
Cool, isn’t it!
Do you use more than one brokerage accounts and are regularly shuffling between accounts? Bring them all into Stockal and see the magic.