Key insights
- The user expresses dissatisfaction with Monarch's investment component due to its underdeveloped asset categorization. The platform's broad categories (ETF, Mutual Fund) are criticized for not reflecting true asset classes. The user seeks a more robust platform for comprehensive asset review, including investments, homes, and cars, across various brokerage and retirement accounts. This reflects a potential demand for more sophisticated financial planning tools, but has limited direct impact on US equity markets.
I have been using Monarch for the past few months, and overall, it is a good platform, but the Investment component, which is critical, is very much underdeveloped. Monarch groups assets in what the platform calls broad categories (ETF, Mutual Fund, Stock, Cash, etc.). The issue is that ETFs and mutual funds are not asset classes; they are types of vehicles. There is currently no way to relabel your holdings or provide an asset class designation if the linked account doesn't provide the details.
Does anyone use a platform that is more robust in this area? I am looking to review my assets (investments, homes, cars) through a single pane of glass. I have various brokerage accounts, including 401k, 457, 529, IRA, and my wife has multiple accounts. We have consolidated where we can, but sometimes you can't combine old and new retirement accounts, etc. Thanks in advance.