The Best Investment Apps and Platforms for Busy Physicians

As a busy physician or healthcare professional, it can be difficult to find the time needed to manage your investments and build wealth.  Personally, I often feel overwhelmed trying to juggle my medical profession, family time, exercise, and personal time… oh and did I mention running a blog too?  However, investing is a vital part of building long-term wealth and reaching your financial goals as a doctor, and it needs to be a priority. 

Fortunately, there are many investment apps and platforms that can help you manage your investments on the go.  In this article, we will look at some of the best investment apps and platforms for busy physicians.  If you too find yourself with little time to manage and maintain your investments, consider these when working to grow your wealth!

The Best Investment Apps and Platforms for Busy Physicians

Robinhood

For starters, we will talk about one of the more prominent brands in the investing application field currently.  Robinhood (as described on their website) is advertised as a commission-free investing app that allows you to buy and sell stocks, ETFs, and cryptocurrencies.  Using Robinhood, you can trade on your phone, tablet, or computer.  This makes this app a convenient option for busy physicians.  I personally have used Robinhood previously.  It is easy to create an account, and relatively easy to link your bank account and start investing.

The pros of Robinhood

One of the benefits of Robinhood is that it has a very user-friendly interface on the app.  In my experience, it is easy to use and navigate which makes it a good option for beginner investors.  Further, Robinhood offers a variety of investment options.  These options include fractional shares which can help you diversify your portfolio. 

The cons of Robinhood

There are, however, some limitations when it comes to the Robinhood app.  The app does not offer access to all investment options, such as mutual funds or bonds.  Also, some investors may prefer a more robust platform with advanced trading tools and research capabilities.  Robinhood is great for early investors and those looking to dip their toe in the financial waters, but it can be limited when it comes to nuances and trading capabilities.  I personally do not descend too much into advanced trading tools so this does not personally bother me too much, but it may bother a more involved investor. 

Betterment

On to #2 on our list of the best investment apps and platforms for busy physicians.  Betterment is a robo-advisor that uses algorithms to create and manage a diversified investment portfolio that is tailored just for you!  With the Betterment App, you can set your investment goals and risk tolerance and the platform basically does the rest!  Pretty convenient!

The pros of Betterment

One benefit of Betterment is that it makes the investing process relatively hands-off.  Once you have set up your account and created your profile, Betterment will handle the day-to-day management of your portfolio.  This includes things like rebalancing and tax-loss harvesting.  This can save you time and effort which makes Betterment a great option for busy physicians and medical professionals.  Also, for those willing to shell out for their premium plan you also can have access to human advisors (or by purchasing an advice package). 

The cons of Betterment

To be honest, there are relatively few cons to this application.  Betterment offers low fees and no-account minimums, making it accessible to a wide range of investors, be it beginners or experienced individuals.  However, some investors may prefer taking a more hands-on approach to their investments.  Some just want more control over their investments.  Control? From physicians? … No way (sarcasm).  Also, it is worth noting that there is no direct indexing on Betterment. 

Betterment has become a top investment app among others offering robo-advising.  With Betterment Digital, you receive automated portfolio diversification and management at $10 to start an account.  Betterment Premium goes further to provide access to certified (human) financial planners, but you have to have a minimum of $100,000 invested with them. 

Acorns

The next investing platform on our list of the best investment apps and platforms for busy physicians is Acorns.  Acorns is an app that allows the user to invest spare change.  With Acorns, you can link your debit or credit cards to the app, and it will automatically round up your purchases to the nearest dollar and invest the difference.  This can be a really great option for physicians in training (i.e. interns, residents, fellows, etc.)

The pros of Acorns

One benefit of Acorns is that it is wildly simplistic, both in theory as well as in practice.  The app is very easy to use and requires minimal effort on your part.  Further, Acorns offers a variety of investment options, including portfolios that are focused on socially responsible investing.  It will automatically invest your spare change and offer cash back at select retailers.  Acorns also provides some educational content on their platform, which is helpful for newcomers. 

The cons of Acorns

Acorns, like many other apps listed here, does have some limitations.  The app does charge a monthly fee, which may be higher than other investment platforms for larger account balances.  The app may not be the best option for investors who want control over their investments or who have larger investment balances.  That is why I recommend this application for early career trainees and physicians. 

At the end of the day, if you want to better utilize your spare change, then Acorns (at the publishing of this post) is the best way to do that, period.  The automatic roundups make investing easier for busy physicians.  It is surprising how fast that change adds up, and that’s important when building for your future.  Make sure to check out Acorns. 

Wealthfront

I have to say, I have never personally used Wealthfront, but I am seriously thinking about it after doing research on it for this post.  Wealthfront, akin to Betterment, is another robo-advisor that uses algorithms to create and manage a diversified investment portfolio for you.  With Wealthfront, you can set your investment goals and risk tolerance (like Betterment) and the platform will primarily manage your portfolio from there.  It offers competitive 0.25% management fees and has an incredibly strong tax-optimization service that is available from an online advisor. 

The pros of Wealthfront

One of the primary benefits of Wealthfront is that it focuses on tax-efficient investing.  The platform uses tax-loss harvesting and other strategies to minimize your tax liability, which can help you keep more of your investment returns.  This continues to be important as physicians progress in their career, pay down their debt, and build wealth.  Further, Wealthfront offers low fees and no-account minimums.  This makes it very accessible to a majority of investors.  It also boasts low ETF expense ratios, daily tax loss harvesting, and automatic rebalancing. 

The cons of Wealthfront

Akin to Acorns and Betterment, using a robo-advisor can remove a substantial amount of control over your investments.  Though this article is geared towards ‘busy’ physicians, there are some that may wish to keep a heavier hand on their portfolio.  As such, one drawback is that this may not be the app for you if you wish to play a larger role in your day-to-day investment management.  Also, unlike Betterment, there is no option or premium package that offers the ability to work with certified human advisors. 

Vanguard

Last, but certainly not least in our list of the best investment apps and platforms for busy physicians is one of my personal favorites.  Vanguard is a very well-known investment platform that offers a variety of investment options, including mutual funds, ETFs, and individual stocks and bonds.  With Vanguard, you can create a customized investment portfolio that meets your specific financial and retirement needs and goals. 

The pros of Vanguard

For starters, Vanguard has a stellar reputation and track record.  Everyone in the physician personal finance niche recommends them. This list includes: Mr. Money Mustache to Physician on Fire and White Coat Investor (to name a few).  The platform has a history of providing low-cost, high-quality investment options, making it a trusted choice for many investors.  In addition, Vanguard offers a variety of tools and resources to help you manage your investments, including research and educational materials. 

The cons of Vanguard

The only primary drawback of Vanguard is that its interface is not that user friendly.  As someone who uses Vanguard regularly, it can be challenging to make sure you have taken all the necessary steps to transfer money or purchase more index funds.  Fortunately, their customer support is great and has always been easy to access and incredibly helpful. 

I have personally been using Vanguard since I got my financial life in order and I have remained pleased with the platform for over 5 years now.  The customer service is great, the tools offered to monitor the return on your investments are user-friendly, and the ease of purchase is great.  I personally utilize Vanguard for my backdoor Roth IRA conversion as well as it is simple and straightforward.  I cannot recommend Vanguard more. 

Take home points

As a busy physician, it can be challenging to find the time necessary to successfully manage your investments.  Fortunately, there are many investment apps and platforms that can help you grow your wealth without taking up too much of your precious time. Also, if you prefer apps not only for your investing, but your budgeting too, check out The 5 Best Budgeting Apps for Doctors!

Work smarter, not harder

When choosing an investment app or platforms, make sure to consider your investment goals (both short- and long-term), your risk tolerance, and your personal preferences.  Some investors may prefer a hands-off approach with a robo-advisor, while others may want more control over their investments.  It is a matter of personal preference.  For me… less is more.  As humans, we have a way of getting ‘overthinking’ things sometimes.  With ample data that supports no one can consistently beat the market, just be the market.  Set it and forget it.

No matter what your preference, there is an investment app or platform that can help you reach your financial goals.  By taking advantage of the tools and resources mentioned in this article, you can grow your wealth and achieve financial success, even as a busy physician.  As always…

Stay motivated!

The Motivated M.D.

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What investment apps or platforms do you use to build wealth? Have you tried any of the apps listed above?  Let us know in the comments below regarding The Best Investment Apps and Platforms for Busy Physicians!  We love to hear from you.

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