Keeping track of investments used to be a hassle. Sharesight makes it simple for automatic holding updates, with comprehensive tax and performance reporting, wrapped up in an easy-to-use, fully online system.
As an intelligent investor, you should never underestimate the importance of keeping track of your investments’ performance. This is a fundamental act that will help you cut your losses and remain with a healthy portfolio.
How awesome would it be if you found a program that would enable you to keep tabs on your investments in one spot? This is where we introduce you to Sharesight, a platform designed to help you track different investments such as cryptos, stocks, and cash.
What exactly is this platform all about? Check out our comprehensive review of the service to find out.
In simple terms, this is an online portfolio tracker that makes it easy for investors to track the actual performance of their investments. So, it keeps a tab on all the crucial parameters such as stock prices, dividends, and tax.
The program has been around since 2006 and has undergone numerous evolutions over the period so that it offers outstanding tracking and corporate action processing. In the end, you won’t have a problem comparing your investments with several other ETF funds so that you can see whether or not you have beaten the market.
It is one of the most popular portfolio trackers in the market, and their July 2019 announcement is evidence of this, whereby the number of users has hit 100,000 the world over.
Key Features of the Program
After the brief introduction to the platform, let’s now look at its significant features so that you understand how it works. After that, you will be in a position to decide whether it is worth the amount that it costs.
I) Portfolio Tracker
This is probably the main feature that the service has to offer. The first step in using this feature is creating a free account, log in, and then either enter your holdings or import them at once.
Once you do this, the service will give out all the relevant data such as performance, stock splits, dividend payments, cash account balances, and so on. You could cross-check this information against any other records at your disposal if you wish to do so.
If you have less than ten holdings, this service is available to you entirely free.
II) Price Alerts
Next, the platform allows you to set it to alert you whenever there are any significant changes in the stock prices. This will help you make a sound decision on whether to acquire or sell individual holdings.
There are two types of reports that you find on this platform, i.e., basic and advanced reports.
- Basic Reports
As the name suggests, these reports are pretty similar to those that you get in other competing brokers. They are available in the Free and Starter plans, and you can get reports on historical transactions, taxable income, and overall performance.
- Advanced Reports
These reports are further subdivided into dividend income, portfolio diversity, and contributions.
The dividend income reports simply list the dividends expected to be paid out in the future as per your current portfolio holdings.
Next up is the portfolio diversity report, which is also quite simple. Here, you will get a pie chart that shows how your portfolio is divided among market sectors or asset classes.
Lastly is the contribution analysis report that lets you see how your investments have performed over time across different market sectors and asset classes.
IV) Broker Email Import
Suppose a compatible broker often sends you trade confirmation emails. In that case, you can forward these emails to another user-specific email, and the platform will import the transaction right into your portfolio.
The service has the ability to automatically record your buy and sell trades into your portfolio through the trade confirmation attachments emailed by your broker after the completion of a trade.
V) Transaction Reconciliations
Here, the platform integrates with Xero to assist you in reconciling dividend payments and buy/sell transactions. In addition to that, you can view your bank balances within the platform to give you an overall view of your financial position.
When choosing your ideal pricing tier, you should only go for a plan that gives you access to the features that you need for your trades. They are:
- Free Plan
As you would expect, this plan has limited reporting features, and it is meant to let you try out the service. For example, you can only hold one portfolio and ten holdings, plus you will get access to price reports and automatic dividend reporting.
- Starter Plan
Next up is a tier that costs $15 per month, has all the features in the free plan, and can track and monitor up to twenty holdings.
- Investor Plan
This is the most popular plan by Sharesight and is priced at $24 per month plus comes with annual discounts. It will give you access to all the features in the Starter plan and can track an unlimited number of holdings and up to three portfolios.
Other things that you will have access to include advanced reporting features, Xero integration, among others.
- Expert Plan
As you would expect with the highest tier, you will get access to numerous advanced features. In addition to all that the Investor plan has to offer, you will also get the ability to track up to five portfolios, access to advanced reporting options, and priority customer support.
It is currently priced at $31 per month and often has annual discounts.
What Trader is the Platform Best For?
From our Sharesight review, it is easy to see that this service will work for both day traders and long-term investors. However, day traders will need to ensure that the service is compatible with their broker to allow for the automatic importation of their transactions.
And if you are an investor in need of a unified platform to track your stocks’ performance since your broker does not offer integrated portfolio management tools, this service would be perfect for you.
Pros and Cons
As we approach the end of our discussion, we shall now have a look at the benefits and drawbacks that we noted with the program.
- Allows you to track different asset classes
- Compatible with many of the major brokers in the market
- You can export data to Excel
- Open positions are not included in reports
- Some of its tools are freely available elsewhere
- Could have included advanced analyses such as correlation
All in all, this is a fantastic portfolio tracker that is easy to use and is packed with lots of tools that day traders and long-term investors would appreciate. In addition, if you own multiple brokerage accounts, this service will ensure you have an easy time tracking your profits.
In the future, we hope that Sharesight supports more American brokerage firms, and with this, it would be hard to find any portfolio tracker that would beat it hands down.