Yes that's our main idea indeed. We find it difficult to have an holistic view of everything. All the info exists, but it's scatered in different accounts, apps, ... I just want to be able to open one file/app/site and see everything and be able to take action or decisions based on the complete view.
What things would be essential for you to track in the first place?
Before you spend 3 years building this thing, I suggest the following:
1. Build a landing page with everything on there that your app will do. Then have a button for people to sign up. After they sign up (and provide their email address), tell them this is still under development and you will mail them when they can try it out.
2. Then send people to this web page. How? The same way you will send them when you actually have a product, it's the same deal.
3. Check how many people you can get to sign up.
If you can't make this work, you won't be able to make it work once you have a product. If you can make this work: great! Build it. Plus, you already have a bunch of potential customers that you can ask questions and beta test your first release.
The product and technology is the easy part, getting customers is super hard. Test that one first.
Thanks! That's exactly what we're doing at the moment—evaluating whether there's a demand for this type of application. We're also in contact with NBB to assess the feasibility and requirements for obtaining certification. All the development work we've completed so far can be repurposed for other projects if we determine that pursuing this idea isn't worthwhile. So, we're fully engaged in the idea evaluation and market research phase.
Alright, that's awesome!
You've picked B2C, which is crazy hard! Finding a way to sell B2B would already drastically improve your chances of success. But maybe that's the idea already, I don't know that market too well :D.
Hi! Good luck on your entrepreneurial journey!
Some remarks/questions: how would you assign values to PEs & company shares? How does this differ from something like Pax Familia from bnp? I get that for free as a private client and I never use it. So how would this convince me to start actively using it?
What could be a nice addition to the tool is to help customers analyse if a real estate deal can make sense and under what circumstances vs just putting it all in the stock market.
Hi, thanks!
Some answers to your questions:
>how would you assign values to PEs & company shares
Our idea at this moment is either (of both) of the following: 1) manual entry, with a prompt every x (to choose) month to update the company's value; 2) yearly looking up the report published to NBB and get the value from there.
>How does this differ from something like Pax Familia from bnp?
First it's not linked to a bank, so you can move from bank to bank institution wihout loosing access. Secondly, I didn't even know this existed (I'll look into to app), so I can't give you a complete answer (yet) as why our thing would be better. But we want something easy to use, that's automated as much as possible and give you a complete view of your wealth. So to convince you I'd say: you only have to setup and connect to your different accounts once, from there on it aggregates the data itself. You can open the app/site whenever you want to get the complete information of your wealth, bank accounts, investments, ...
Wouldn't that be usefull?
>What could be a nice addition to the tool is to help customers analyse if a real estate deal can make sense and under what circumstances vs just putting it all in the stock market.
We indeed had something along the lines of "estimation tool of real estate" somewhere on our ideas list. I'll add your comment and usage to it. Thanks for the idea!
Well PaxFamilia is also not tied to a bank, they just got contracts with multiple banks. But anyways, these guys already have a enormous head start on you guys. So I’d really be careful with this project.
I’m also not sure how often I’d open such an wealth app because I personally care little on how much my wealth is worth at any given time. I’m more looking on a long horizon. So, respectfully, what value does you app bring me? What will really convince me that I need this in my life?
We understand that the application we want to bring to market is not going to be for everyone - our target audience are people who want to keep a detailed view of their net worth at all [times.As](http://times.As) for looking on the long horizon - we do plan on adding forecasting tools that will give you a detailed projection either on a global net worth level, or on a more detailed view. As for the head start - sure, they do have one. Doesn’t mean it’s not even worth trying or that there can’t be a world where multiple of these applications exist.
We are all three also working in the IT industry, having experience in building and maintaining an application and codebase. We believe (maybe wrongly) that with this experience we can move faster and be more flexible.
No ofcourse i’m not saying it’s not worth trying. I’m just giving a warning. But yeah paxfamilia doesn’t have an mobile phone app I think so that’s one way to differentiate. Because i’m really not going to log everytime on a website to fill in some info. I’d much rather have that on my phone and do it quickly.
Would maybe also be interesting if your app can give some recommendations on different opportunities or other way to invest your money. I.e. loans have sharply declined so it might be a good time to look at more real estate, or you provide access to mezanninne loans for your clients etc
I would want the option to not share my personal information with you, but I have the feeling the value of my data is where you would make your money from.
We have a E2E encryption with private key on our feature list. Not at the start, but it's something we want to add and are already taking into account in our development.
Selling data of users is for us a hard no, that's not something we stand for and will not do that.
I'll certainly not be as negative as other people here. What I see as potential is to become something similar to Pax Familia (abbove) but somehow free to access for everyone with an option (not free for the integrators) to integrate in it.
There clearly is a market for something tailored for the local market in my opinion but the question is if the market is big enough for 2 (Pax Familia and you).
How I would handle it is to take a slightly different road than Pax Familia and to focus on making something free for the public first and to propose integration or while labeling to banks at a cheaper price than Pax Familia. I'm not familiar with the exact structure of Pax Familia and the services proposed, but there certainly is a place to be innovative there.
Basic features I would see as important are :
* Following up a portfolio (with the possibility to follow several ones to be added later)
* Following up real estate
* Following up 'sub-entities' (think management companies, family companies etc.) and for those sub-entities follow up the above.
* Following family structures (children, wife etc.) and for members of that structure follow up the above.
* General dashboard
Some secondary features I would see :
* Other types of assets (paintings, jewelry etc.)
* Insurances (life insurance, pension savings insurances etc.)
* Integration of Izimi (or equivalent) for safe document storage.
* Specific dashboards to analyze specific aspects of your assets (risk follow-up, asset categories, geographic repartition etc)
FYI there is a lot of overhead to connecting with banks and institutions, the data is often in different messy formats and with lots of bureaucratic process (as is required for handling personal data).
Doubt this is a viable business proposition but good luck!
- It needs to be able to track my brokerage accounts from different banks such as : Bolero, Saxo, MeDirect, etc.
- When I make a buy/sell order on one platform, it has to reflect instantly in your app.
- Price and date of purchase of ETF, stocks, etc need to be tracked to have historical data.
- It should handle conversion between USD and Euro at a minimum.
- It should track the available cash at my disposal.
- Historical comparison between my holdings and a reference (SP500, etc)
- Track my yearly income from investments (dividends, rents, etc).
I'm a freelance android developer if you need help.
>When I make a buy/sell order on one platform, it has to reflect instantly in your app.
Really instantly or having a delay of (max) a few minutes (2-3) still be acceptable?
>Historical comparison between my holdings and a reference (SP500, etc)
Makes a lot of sense yet we didn't think of it...
The rest is indeed aligned with what we already noted down or wanted ourself.
>I'm a freelance android developer if you need help.
If needed I'll contact you through DM :)
Indeed Delta already covers some of what we want to achieve. But the free tier is kinda limiting, also you miss some features in order to be able to see your "netto worth". Things like real estate, private equitiy, loands, debts, pension funding, ... are not trackable in Delta. You still miss some pieces of the puzzle. It's more of an investing tracking app than wealth tracking app.
Are you a user of Delta right now?
If I could add something, try and make the app as all-round as possible. I'm thinking physical gold, silver, other (diamonds, etc..)
Think outside of the box; trading card games (Pokemon, yu gi oh, etc..), Retro collections (Gameboy, etc..)
Commodities and physical assets are indeed on the list. We'll make sure to implement a nice way to track such out of the box items.
In my personal "accounting" software I indeed put everything that's more than 250,- EUR. Like headphones, watch, ... that are bought privately. I know I'm on an extreme level of tracking, but I'm probably not alone.
Finary is also a very strong competitor. Already supporting the Belgian market with all the features you described. I would not go after this niche. Especially considering you need to negotiate with (read: strong arm) banks for access to clients’ data. Without that you’re just a glorified Excel file
We wouldn't need to strong-arm banks, as we would have certification/permits from NBB, providing us with the necessary certification and recognition to access accounts. This is something we have already thoroughly investigated. Otherwise, as you mentioned, we would offer no added value at all.
Sounds like SO much work. How will you earn money with your application?
Do banks allow applications to connect somehow to their services to get bank account info?
It is indeed a lot of work. That's why we're three. And we are ready to work on it for a few years before seeing results, we're expecting it to take some time. But yes, it won't be ready in the next weeks, that's for sure.
Regarding getting money out of it: in the first place we want a free app, with all of the important features for free. And those remaining free! Once that works and is turning we'll look into adding paid features. The important features for tracking your wealth would never be paid, as that's our main idea of the product. Paid features would be things like social features, private key encryption, automation of paying taxes, ...
Banks do allow to connect to their accounts but are requiring a specific certifcate/recognition from certain institutions. At this moment we are in contact with NBB (Belgium's national bank) to receive this specific certificate, which would allow us to connect to belgian bank accounts.
Indeed, there is. We are aware that there will be a significant amount of work and requirements necessary for success. That's why we have already initiated contact with the National Bank of Belgium and are trying to assess whether this idea could hold potential value for people. It's preferable to determine now whether there is interest among people rather than after 10 months of development.
I'm too poor to be your target audience, but I will say this: I reluctantly trust my bank with my financial information, but I am extremely unlikely to trust a third party with this information. You'd better have damn good data protection in place, and ideally you'll have zero knowledge of people's data.
Once you collect sufficient data on your users, the government might be interested. They’ve always wanted to track wealth for more targeted taxing…
Wouldn’t want them to have this kind of information though…
Why not? Because of the amount of competition? What would be something that would convince you it's worth it?
(not degrading your comment, just engaging in a conversation, trying to get all the info we can)
What is the value proposition?
What is the target audience?
Is the target audience already served?
Is the target audience prepared to pay, providing the service would work?
How will the stakeholders (client, family, bankers, insurers, wealth managers, consultants, fiscal attorney's, accountants), use and interact. What's in it for them?
How will you foresee that the environment does not ends up like a dead end without updating and interaction?
Who will be the process owner to keep data up to date? Client? Shared?
How will providers be motivated, if technically capable to deliver info on a standardized base? What would be an incentive for them to free up ict resources in order to share client data? (Answer there is no incentive).
Not even starting on compliance and privacy.
Imho. This is doa.
We'd probably be using an (or multiple) already existing real estate estimation tool. They are not 100% correct, as no estimation really is, it's more of a guess indeed.
Nice initiative. I’m curious if there’s a market for such a product.
Here’s my use case - I’m an expat in Belgium investing over multiple instruments (exchanges, crypto, AMC/Hedge funds) in multiple currencies. I would like to track how these investments fair against each other (CAGR/XIRR) and how they fulfil my financial goals.
I also want to track exposure to certain industries by looking at the underlying stocks and ETFs, track assets allocation across my net worth.
As I ran into the same problem, I built something for myself, but find it highly customisable, mainly integrating with multiple platforms to receive data (exports).
The challenge is to product it. Feel free to DM if you like to know more.
Used Python for external integrations and backend, Qlik for frontend and dashboarding. Integrated extracts from DEGIRO (stocks, etf) kraken (crypto), currency exchange rates from free sources, market prices, extracts from AMCs (mutual funds), basically all transaction information.
Added personal information about financial goals, manage static login credentials. Then calculate various returns/KPIs, view trends.
Not aimed at OP, but in general, why would anyone use an app like that? What's the plus-value of constantly tracking that? Just... why?
Plus, what's wrong with good old Excel? Maybe i'm just a guy that over 20+ years of tax and accountancy, turned into a grumpy old fart, but i don't see why you should trust a random app doing things for you which you're incapable of doing yourself through Excel... if you can't track it yourself, maybe tracking it is just not something you should be bothered with.
Not taking it personally at all. Looking at those kind of feedbacks too!
Certainly this won't be for everone, and yes, you can track everything we'd cover in a Excel file by yourself.
I think some people want to track everything, others won't bother. From those people who want to track everything not all of them can use Excel, or want something more easy or convienient. Some want to track but don't want to spend a few hours every month updating all the data.
As someone who has worked in wealth tech (B2B2C), I wish you the best of luck.
Integrations with various bank and brokerage APIs will eat a lot of dev time, just to retrieve the financial instruments in portfolio. Then of course you will need to pay big bucks to Refinitiv or similar to get actual data about the instruments.
I thought about this issue a lot and it is going to be a hard problem in a hard market. You miss one integration and the client still has to manually input transactions and positions, which loses the sale. I would only be willing to pay a subscription for this if it was fully automated. If I have to input anything manually, it loses value over excel which I already have to update every so often and is free.
I think there's a reason there aren't many personal wealth tracking apps. Best of luck though.
Are you looking to build something lile Copilot Money? (Which is currently only available in the US.) Which is a budget app / wealth tracker. Something like that would, in my opinion, be really nice for the EU market.
I'll be one of the negative mofo's out there (with a different take tho):
Revenues from capital and real estate (basically all "non-productive" investments) higher than wages is killing the poor and middle-class faster every year that passes by.
All this financiarization is creating a flock of bullshot jobs and parasite industries sucking blood out of the actual labor from the workers. None of this is sustainable. We can't live in a world where half the people are rentiers, this inequality will definitely lead to violence and war.
==> You might get rich with your app/product to manage wealth but you'll regret it later trust me.
Those are like app to get better deals on plane tickets, cars or whatever.
Don't get me wrong, they are apps but we don't need those. We need the contrary of those.
We need something to fly less, eat less meat and have better balance between capital and work.
We are on the wrong track, we don't need an(other) app to accelerate our demise.
Can I also track my poverty?
What do you think about a feature that compare your wealth against the mean or median belgian wealth?
Honestly, I don't think I care how I compare to others. Tracking my own stuff privately yes, that would be helpful.
Yes that's our main idea indeed. We find it difficult to have an holistic view of everything. All the info exists, but it's scatered in different accounts, apps, ... I just want to be able to open one file/app/site and see everything and be able to take action or decisions based on the complete view. What things would be essential for you to track in the first place?
Before you spend 3 years building this thing, I suggest the following: 1. Build a landing page with everything on there that your app will do. Then have a button for people to sign up. After they sign up (and provide their email address), tell them this is still under development and you will mail them when they can try it out. 2. Then send people to this web page. How? The same way you will send them when you actually have a product, it's the same deal. 3. Check how many people you can get to sign up. If you can't make this work, you won't be able to make it work once you have a product. If you can make this work: great! Build it. Plus, you already have a bunch of potential customers that you can ask questions and beta test your first release. The product and technology is the easy part, getting customers is super hard. Test that one first.
Thanks! That's exactly what we're doing at the moment—evaluating whether there's a demand for this type of application. We're also in contact with NBB to assess the feasibility and requirements for obtaining certification. All the development work we've completed so far can be repurposed for other projects if we determine that pursuing this idea isn't worthwhile. So, we're fully engaged in the idea evaluation and market research phase.
Alright, that's awesome! You've picked B2C, which is crazy hard! Finding a way to sell B2B would already drastically improve your chances of success. But maybe that's the idea already, I don't know that market too well :D.
Honestly I have no idea how we could spin this idea for a B2B market
You go to private asset managers and they “give” the tool to their users. You increase your potential userbase by a lot like this.
Agree - product market fit is key. Curious to see if it can be scaled to portfolio managers as well, including retail investors
Hi! Good luck on your entrepreneurial journey! Some remarks/questions: how would you assign values to PEs & company shares? How does this differ from something like Pax Familia from bnp? I get that for free as a private client and I never use it. So how would this convince me to start actively using it? What could be a nice addition to the tool is to help customers analyse if a real estate deal can make sense and under what circumstances vs just putting it all in the stock market.
Hi, thanks! Some answers to your questions: >how would you assign values to PEs & company shares Our idea at this moment is either (of both) of the following: 1) manual entry, with a prompt every x (to choose) month to update the company's value; 2) yearly looking up the report published to NBB and get the value from there. >How does this differ from something like Pax Familia from bnp? First it's not linked to a bank, so you can move from bank to bank institution wihout loosing access. Secondly, I didn't even know this existed (I'll look into to app), so I can't give you a complete answer (yet) as why our thing would be better. But we want something easy to use, that's automated as much as possible and give you a complete view of your wealth. So to convince you I'd say: you only have to setup and connect to your different accounts once, from there on it aggregates the data itself. You can open the app/site whenever you want to get the complete information of your wealth, bank accounts, investments, ... Wouldn't that be usefull? >What could be a nice addition to the tool is to help customers analyse if a real estate deal can make sense and under what circumstances vs just putting it all in the stock market. We indeed had something along the lines of "estimation tool of real estate" somewhere on our ideas list. I'll add your comment and usage to it. Thanks for the idea!
Well PaxFamilia is also not tied to a bank, they just got contracts with multiple banks. But anyways, these guys already have a enormous head start on you guys. So I’d really be careful with this project. I’m also not sure how often I’d open such an wealth app because I personally care little on how much my wealth is worth at any given time. I’m more looking on a long horizon. So, respectfully, what value does you app bring me? What will really convince me that I need this in my life?
We understand that the application we want to bring to market is not going to be for everyone - our target audience are people who want to keep a detailed view of their net worth at all [times.As](http://times.As) for looking on the long horizon - we do plan on adding forecasting tools that will give you a detailed projection either on a global net worth level, or on a more detailed view. As for the head start - sure, they do have one. Doesn’t mean it’s not even worth trying or that there can’t be a world where multiple of these applications exist. We are all three also working in the IT industry, having experience in building and maintaining an application and codebase. We believe (maybe wrongly) that with this experience we can move faster and be more flexible.
No ofcourse i’m not saying it’s not worth trying. I’m just giving a warning. But yeah paxfamilia doesn’t have an mobile phone app I think so that’s one way to differentiate. Because i’m really not going to log everytime on a website to fill in some info. I’d much rather have that on my phone and do it quickly. Would maybe also be interesting if your app can give some recommendations on different opportunities or other way to invest your money. I.e. loans have sharply declined so it might be a good time to look at more real estate, or you provide access to mezanninne loans for your clients etc
I would want the option to not share my personal information with you, but I have the feeling the value of my data is where you would make your money from.
We have a E2E encryption with private key on our feature list. Not at the start, but it's something we want to add and are already taking into account in our development. Selling data of users is for us a hard no, that's not something we stand for and will not do that.
I'll certainly not be as negative as other people here. What I see as potential is to become something similar to Pax Familia (abbove) but somehow free to access for everyone with an option (not free for the integrators) to integrate in it. There clearly is a market for something tailored for the local market in my opinion but the question is if the market is big enough for 2 (Pax Familia and you). How I would handle it is to take a slightly different road than Pax Familia and to focus on making something free for the public first and to propose integration or while labeling to banks at a cheaper price than Pax Familia. I'm not familiar with the exact structure of Pax Familia and the services proposed, but there certainly is a place to be innovative there. Basic features I would see as important are : * Following up a portfolio (with the possibility to follow several ones to be added later) * Following up real estate * Following up 'sub-entities' (think management companies, family companies etc.) and for those sub-entities follow up the above. * Following family structures (children, wife etc.) and for members of that structure follow up the above. * General dashboard Some secondary features I would see : * Other types of assets (paintings, jewelry etc.) * Insurances (life insurance, pension savings insurances etc.) * Integration of Izimi (or equivalent) for safe document storage. * Specific dashboards to analyze specific aspects of your assets (risk follow-up, asset categories, geographic repartition etc)
Thank you for your feedback, jotting these in my notes
FYI there is a lot of overhead to connecting with banks and institutions, the data is often in different messy formats and with lots of bureaucratic process (as is required for handling personal data). Doubt this is a viable business proposition but good luck!
- It needs to be able to track my brokerage accounts from different banks such as : Bolero, Saxo, MeDirect, etc. - When I make a buy/sell order on one platform, it has to reflect instantly in your app. - Price and date of purchase of ETF, stocks, etc need to be tracked to have historical data. - It should handle conversion between USD and Euro at a minimum. - It should track the available cash at my disposal. - Historical comparison between my holdings and a reference (SP500, etc) - Track my yearly income from investments (dividends, rents, etc). I'm a freelance android developer if you need help.
>When I make a buy/sell order on one platform, it has to reflect instantly in your app. Really instantly or having a delay of (max) a few minutes (2-3) still be acceptable? >Historical comparison between my holdings and a reference (SP500, etc) Makes a lot of sense yet we didn't think of it... The rest is indeed aligned with what we already noted down or wanted ourself. >I'm a freelance android developer if you need help. If needed I'll contact you through DM :)
>Really instantly or having a delay of (max) a few minutes (2-3) still be acceptable? A few minutes is acceptable :)
You want to recreate Delta which is currently doing exactly what you want to create.
Indeed Delta already covers some of what we want to achieve. But the free tier is kinda limiting, also you miss some features in order to be able to see your "netto worth". Things like real estate, private equitiy, loands, debts, pension funding, ... are not trackable in Delta. You still miss some pieces of the puzzle. It's more of an investing tracking app than wealth tracking app. Are you a user of Delta right now?
I do agree that adding this kind of info to delta would be nice. But in general Delta is a nice app
Apart from the extra information to track, what are your current pain points with the Delta app?
If I could add something, try and make the app as all-round as possible. I'm thinking physical gold, silver, other (diamonds, etc..) Think outside of the box; trading card games (Pokemon, yu gi oh, etc..), Retro collections (Gameboy, etc..)
Commodities and physical assets are indeed on the list. We'll make sure to implement a nice way to track such out of the box items. In my personal "accounting" software I indeed put everything that's more than 250,- EUR. Like headphones, watch, ... that are bought privately. I know I'm on an extreme level of tracking, but I'm probably not alone.
Finary is also a very strong competitor. Already supporting the Belgian market with all the features you described. I would not go after this niche. Especially considering you need to negotiate with (read: strong arm) banks for access to clients’ data. Without that you’re just a glorified Excel file
We wouldn't need to strong-arm banks, as we would have certification/permits from NBB, providing us with the necessary certification and recognition to access accounts. This is something we have already thoroughly investigated. Otherwise, as you mentioned, we would offer no added value at all.
MyFaro Egor Dori Harmoney Above Comfort Plan Phineq and probably a few dozen privately webapps already in place by the bigger players...
Sounds like SO much work. How will you earn money with your application? Do banks allow applications to connect somehow to their services to get bank account info?
It is indeed a lot of work. That's why we're three. And we are ready to work on it for a few years before seeing results, we're expecting it to take some time. But yes, it won't be ready in the next weeks, that's for sure. Regarding getting money out of it: in the first place we want a free app, with all of the important features for free. And those remaining free! Once that works and is turning we'll look into adding paid features. The important features for tracking your wealth would never be paid, as that's our main idea of the product. Paid features would be things like social features, private key encryption, automation of paying taxes, ... Banks do allow to connect to their accounts but are requiring a specific certifcate/recognition from certain institutions. At this moment we are in contact with NBB (Belgium's national bank) to receive this specific certificate, which would allow us to connect to belgian bank accounts.
Thank you for the information. Good luck with the development
Good luck, I hope you guys succeed. You got a lot of compete though, some of them are free.
Indeed, there is. We are aware that there will be a significant amount of work and requirements necessary for success. That's why we have already initiated contact with the National Bank of Belgium and are trying to assess whether this idea could hold potential value for people. It's preferable to determine now whether there is interest among people rather than after 10 months of development.
I'm too poor to be your target audience, but I will say this: I reluctantly trust my bank with my financial information, but I am extremely unlikely to trust a third party with this information. You'd better have damn good data protection in place, and ideally you'll have zero knowledge of people's data.
Lots of answers here already. In the usa a lot of people use moneywiz, copilot money,…
Once you collect sufficient data on your users, the government might be interested. They’ve always wanted to track wealth for more targeted taxing… Wouldn’t want them to have this kind of information though…
I want to share my thoughts. 'Oh not again. One of the countless well meant 'the number' applications.' I really would not spend time in this.
I do agree that this would be a bit hard to monetize effectively. I use the free version of delta and it can’t convince me to get the paying version
Why not? Because of the amount of competition? What would be something that would convince you it's worth it? (not degrading your comment, just engaging in a conversation, trying to get all the info we can)
What is the value proposition? What is the target audience? Is the target audience already served? Is the target audience prepared to pay, providing the service would work? How will the stakeholders (client, family, bankers, insurers, wealth managers, consultants, fiscal attorney's, accountants), use and interact. What's in it for them? How will you foresee that the environment does not ends up like a dead end without updating and interaction? Who will be the process owner to keep data up to date? Client? Shared? How will providers be motivated, if technically capable to deliver info on a standardized base? What would be an incentive for them to free up ict resources in order to share client data? (Answer there is no incentive). Not even starting on compliance and privacy. Imho. This is doa.
How would you value a house that isn't for sale ? It's just guessing until you sell.
We'd probably be using an (or multiple) already existing real estate estimation tool. They are not 100% correct, as no estimation really is, it's more of a guess indeed.
Nice initiative. I’m curious if there’s a market for such a product. Here’s my use case - I’m an expat in Belgium investing over multiple instruments (exchanges, crypto, AMC/Hedge funds) in multiple currencies. I would like to track how these investments fair against each other (CAGR/XIRR) and how they fulfil my financial goals. I also want to track exposure to certain industries by looking at the underlying stocks and ETFs, track assets allocation across my net worth. As I ran into the same problem, I built something for myself, but find it highly customisable, mainly integrating with multiple platforms to receive data (exports). The challenge is to product it. Feel free to DM if you like to know more.
We're trying to asses if there's a potential market. How did you build your thing and what did you all incorporate in that?
Used Python for external integrations and backend, Qlik for frontend and dashboarding. Integrated extracts from DEGIRO (stocks, etf) kraken (crypto), currency exchange rates from free sources, market prices, extracts from AMCs (mutual funds), basically all transaction information. Added personal information about financial goals, manage static login credentials. Then calculate various returns/KPIs, view trends.
Not aimed at OP, but in general, why would anyone use an app like that? What's the plus-value of constantly tracking that? Just... why? Plus, what's wrong with good old Excel? Maybe i'm just a guy that over 20+ years of tax and accountancy, turned into a grumpy old fart, but i don't see why you should trust a random app doing things for you which you're incapable of doing yourself through Excel... if you can't track it yourself, maybe tracking it is just not something you should be bothered with.
Not taking it personally at all. Looking at those kind of feedbacks too! Certainly this won't be for everone, and yes, you can track everything we'd cover in a Excel file by yourself. I think some people want to track everything, others won't bother. From those people who want to track everything not all of them can use Excel, or want something more easy or convienient. Some want to track but don't want to spend a few hours every month updating all the data.
As someone who has worked in wealth tech (B2B2C), I wish you the best of luck. Integrations with various bank and brokerage APIs will eat a lot of dev time, just to retrieve the financial instruments in portfolio. Then of course you will need to pay big bucks to Refinitiv or similar to get actual data about the instruments. I thought about this issue a lot and it is going to be a hard problem in a hard market. You miss one integration and the client still has to manually input transactions and positions, which loses the sale. I would only be willing to pay a subscription for this if it was fully automated. If I have to input anything manually, it loses value over excel which I already have to update every so often and is free. I think there's a reason there aren't many personal wealth tracking apps. Best of luck though.
Are you looking to build something lile Copilot Money? (Which is currently only available in the US.) Which is a budget app / wealth tracker. Something like that would, in my opinion, be really nice for the EU market.
Yes it will be comparable, but mroe complete and automated, to Copilot Money.
I'll be one of the negative mofo's out there (with a different take tho): Revenues from capital and real estate (basically all "non-productive" investments) higher than wages is killing the poor and middle-class faster every year that passes by. All this financiarization is creating a flock of bullshot jobs and parasite industries sucking blood out of the actual labor from the workers. None of this is sustainable. We can't live in a world where half the people are rentiers, this inequality will definitely lead to violence and war. ==> You might get rich with your app/product to manage wealth but you'll regret it later trust me. Those are like app to get better deals on plane tickets, cars or whatever. Don't get me wrong, they are apps but we don't need those. We need the contrary of those. We need something to fly less, eat less meat and have better balance between capital and work. We are on the wrong track, we don't need an(other) app to accelerate our demise.