Features

  • Min Account
    $2000
  • Free
  • Additional Monthly Fee
    0.25%
  • Budgeting Tools
  • Credit Reporting
  • Online Bill Pay
  • Personal Investing
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0 votes

SigFig is a great robo advisory service that is easy to use and educates me on how to manage my money. Many of the negative reviews on this site seem to be concerning AOL Daily Finance NOT SigFig. I don't know why they're on here and frankly find them misleading. Don't listen to ignorant negative reviews, seriously, SigFig is great!


0 votes

the worst company I have ever dealt with why are you so awful?

0 votes

HORRIBLE platform. i have used AOL Finance for years and its been easy and great. ever since they switched to sig-fig i have constant problems signing in. the formats keep changing, the options i want are not there any more, and did i say...I CANT SIGN IN!!!!!!!. i have contacted their support team and that helped once. then i get the problem again and the same strategy to sign in doesnt work now. tried again and again to sign in. WILL NOT EVER USE THEM AGAIN


0 votes

I WOIULD GIVE IT ZERO IF I COULD. I USED TO USE AOL FINANCE TO TRACK MY INVESTMENTS. DID IT FOR YEARS. BUT IN THE LAST COUPLE YEARS SIG-FIG IS ACTING LIKE A WROM THAT JUST HAS TO KEEP WIGGLING AND MOVING. STOP!!! OVER AND OVER I CANT SIGN IN OR THEY CHANGE THE FORMAT OF THE PORTFOLIO. I HAVE CONTACTED THEM BEFORE AND THEY WERE NO HELP. WILL NEVER USE AGAIN


0 votes

There are so many money apps out there that it's hard to pick a favorite, but if I had to choose, SigFig would probable be it. You can monitor your bank accounts, watch your investments and more. I highly recommend it.


0 votes

I have been using one app to manage my brokerage accounts for some time now, when a colleague suggested I give SigFig a try. After only a few days, I have deleted my other application because this one is much better. It updates quicker and gives me a better perspective of my account. I open this app daily to check and monitor my accounts. It works like a charm and has such a user friendly design.


0 votes

I had so much trouble linking my accounts when I first got the app. I had to write the developer and get everything figured out that way. Now, my accounts are not updating automatically OR regularly, like they should be. The app itself is pretty good, but if I can't see my accounts accurately and daily, then what's the point? I have tried to oversee the issues, but they are just too monumental for me to keep the app in the long run.


0 votes

I have only recently downloaded SigFig and so far I am very impressed with it. In my opinion, it is the only portfolio management app a person would need. It puts all of your info right there for you to view and it so simply to use. Many other investment apps have impressed me in the past, but this one really stands out. The user interface is flawless and is great for even the beginner investor.


0 votes

For whatever reason this app does not seem to work on my iPad. It works well on my iPhone and I think it is a decent app, but I can't even use it half the time. On my iPad, my portfolio does not download and the app does not display correctly in general. I like it on my phone because once you open the app (which a lot of times is a little slow for me) it is a really quick way to see your portfolio on the go.


0 votes

SigFig is very easy to use and makes viewing your portfolio on a mobile device very easy and convenient to do. It updates daily, which is a great feature. My other issue with the entire app is that is includes days that the market was not open, so it can interfere with trends. I'm a visual guy so I rely healvily on the graphs for reference. Other than that, it was extremely easy to set up and is easy to use.


0 votes

The update for this app brought about many changes. Some positive, others not so great. I like the new design that the app has- it makes it more user friendly and simple looking. It is still the great app it has always been, generally speaking. But SigFig no longer links to Vanguard, which is very inconvenient for me. There is also still no iPad app. If you want to use it on an iPad, you are STILL out of luck.


0 votes

I find this app to be more professional and less intimidating than most other financial apps out there. I am new to the investment field and have only begun getting my feet wet. Sig Fig is great because it is beginner friendly. It didn't take long for me to learn the way to app functions. It consolidates everything I need, and being able to have it on the go is even better. I would highly recommend Sig Fig.


0 votes

I have found a huge security flaw with SigFig that really bothers me. I absolutely love this app and I hate not using it because of this. Your account balance is easily viewed with a simply swipe of the screen. It is not password protected at all. I really hope this security issue is fixed, because other apps I have used are not as good at SigFig and I want to go back to using it as soon as possible. This just makes me uncomfortable that my info is so ... easily accessible. More Less


0 votes

I use SigFig on my smart phone over twenty times a day. I like checking my accounts all the time, and this makes it easy for me to do that when I'm at work or out and about. The app does not work very well on iPad's though. I have been waiting for either an update that makes it compatible with the iPad, or an iPad app itself, but nothing has been done yet. I'd like to use the app on both devices, but for now it's okay just on ... my phone. More Less


0 votes

This app is so easy to use! It was so quick and simple linking all of my accounts. I love that everything is in one place and that it shows the portfolio in various ways. I have a few complaints, though. You have to manually enter cash positions because they do not update automatically. Also, I have tried this on my iPad, and it is not nearly as up to date as the regular smart phone version. All in all, it is a solid app for investments.

1 votes

I am diligent about keeping track of my spending because my limited budget makes it a necessity to do so. I am also enough of a nerd to enjoy watching CNBC, Bloomberg TV and shows like Suze Orman. But I am just recently beginning to consider investments although I realize that I am getting older and I need to really begin to think about whether I will ever be able to retire. SigFig is an ideal service for someone like me.

The interface is dead simple, which I ... may very well outgrow in the future, but which is just right for a beginning investor. The program works by guiding you through a series of questions to determine the right mix of investments. You can sign up for an account for no charge, so if you decide that it's not right for you, there is no risk. I also like the emphasis on security, especially given the series of recent data breeches. More Less

2 votes

This service is a great value for the money. The web site has got a nice user experience and the interface is informative. The process for signing up and getting your accounts set up is very straightforward. As an MBA I can tell you that a low-fee indexed investment strategy is the way to go for 99% of the population.

Where I really need to break into a standing ovation is with the level of customer service I have received. The team at SigFig are really top ... notch people. I wanted to maintain some stuff in my portfolio outside of their balancing algorithm for tax purposes, and I got very patient and detailed support and communication through the process of creating a separate account. Yesterday I started the process on a pretty major transfer of funds and got very tight communication that put my mind at ease. More Less

0 votes

SigFig gives you access to world-class investment expertise for the price of a pizza. I'm already a believer in index-based investing because it is the cheapest and most efficient way to diversify a portfolio, unless you're a professional investor; and then you certainly don't need to pay fund managers to pick stocks and bonds for you.

If you still pay fund managers to invest your hard-earned cash, read "A Random Walk Down Wall Street" and then register with SigFig. I'm not saying there aren't a handful of superinvestors, such as Warren ... Buffet, who consistently beat the market, but their funds are usually not an option for the man on the street; SigFig is. More Less

0 votes

For the monthly fee of two Frapuccinos ($10), SigFig will design you a professionally diversified portfolio, monitor it, and automatically make the necessary changes to keep it on track. Competitors to SigFig include Betterment, Jemstep and Wealthfront. All of which offer software-based financial advice as a substitute to expensive financial institutions and private wealth managers.

The Goal

The purpose of SigFig is to “fix” your portfolio by reducing fees and minimizing risk. Most of us have an IRA, a 401(k), or even a trading account. Yet, not all of us have ... the time, knowledge or experience to coordinate our investments into a portfolio that is designed to balance our financial goals and our appetite for risk. “That is why mutual fund managers and private wealth managers make the big bucks,” you might say. True, but you may be better off without them. Even highly-trained fund managers backed by huge financial research teams struggle to beat the market and only a handful do it consistently. The vast majority do just as well or worse than indexes, such as the S&P 500, which are composed of the majority of the assets in a given market.

SigFig, and companies like it, claim the investment decisions made by professional investors are based on a broad set of principles that with the right data and software can, to a large extent, be automated. The idea is that picking the right stocks and timing the market to buy and sell at the right time is extremely difficult. Instead, they argue, you should pick asset classes as a whole, such as stocks, bonds and real estate, based on the overall risk level you want for your portfolio.

How Does It Work?

The first step is to link all your current investment accounts with SigFig. You can then see all your investments in one place and SigFig will automatically update your overall balance. The second step is to risk level, which will determine what is your optimal portfolio.

SigFig does this through a questionnaire that asks about your income, age, assets, and personality. The questionnaire includes classics like “how would your best friend describe you? As a risk taker? A real gambler? Willing to take risks after completing adequate research? Cautious? Or a real risk avoider? Or my personal favorite: if you were about to go on the vacation of a lifetime and you lost your job, would you a) cancel the vacation for a full refund; b) go on a cheaper vacation; c) go as planned, might as well take a break before job hunting; or d) extend your vacation, this might be your last chance to travel first class?

Once your risk level is set, SigFig applies Nobel-prize winning portfolio and asset research by Markowitz, Sharpe and Fama to determine the ideal mix of assets for your portfolio. It then uses commission-free Exchange Traded Funds as building blocks to setup the perfect asset allocation for your portfolio. ETFs provide excellent diversification for a small fraction of the cost of managed funds.

SigFig has agreements with major asset custodians, such as TD Ameritrade, Schwab and Fidelity, which allows it to automatically implement changes to 70% of its customers' portfolios, according to SigFig's CEO, Michael Sha. Customers who don't have an account with one of SigFig's partners will have to change accounts.

Simplicity

Elegant design and a simple pricing structure are two features that help SigFig stand out from the competition. The website is well-designed, keeps jargon to a minimum and makes linking your investment accounts with SigFig's platform painless.

Too Simplistic?

SigFig's strength may also be its weakness. The questionnaire used to determine your risk level may be effective at determining our psychological attitude to risk, but that's not the only thing that determines our investment decisions. There was no mention in SigFig's questionnaire about whether I was saving for my children's college education or whether I was going to use my investments to pay for a down payment on a house. All these are factors that determine how aggressively we invest. If you only use your investment accounts as retirement accounts or you are comfortable with adjusting your risk level to your mid- and short-term goals, SigFig works just fine.

Straightforward Pricing

Free for 6 months. After that, they charge 0.25% per year.

Most of the competition, such as Wealthfront and Betterment, also base their fee on a percentage of the assets managed. These fees range from 0.15% to 0.35%.

Conclusion

Companies like SigFig, Wealthfront, Betterment and Jemstep provide an excellent alternative to paying finance advisors and mutual fund managers inflated fees by using the power of index fund trading and portfolio risk management. SigFig is backed by the biggest players in fund management, which makes linking accounts a breeze. Know that not all accounts can be managed remotely, so you may have to switch your business to one of SigFig's partners.

SigFig offers one of the cleanest and simplest platforms to use, with pricing that's competitive and easy to understand. However, it doesn't take into consideration some important life events that may change your attitude toward risk.
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2 votes

I gave up using Mint for this and did it by hand just a month ago to rebalance our portfolio. Just signed up and they appear to have done a fantastic job ... here's hoping they live up to the promise ...


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