Millennials are a generation that is financially savvy and wants to be able to manage their own money. Many wealth management apps are available on the market, but which ones are the best for millennials? While most investment apps allow users to create and track a budget, invest in stocks and ETFs, and learn about different wealth creation strategies, it's becoming gradually becoming more complex for millennials to keep track of all their assets, create estate planning models that work and ensure spouses, loved ones and even their financial advisors are kept in the loop as they build wealth. This is where Cova becomes valuable. Cova helps young investors keep an eye on everything of value that they own. this includes their bank accounts, NFTs, Crypto assets, real estate, funds in investment wallets, Robo-investors, cash, and other valuable properties.
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There are different wealth management apps for millennials; below are some apps based on their use cases.
Investment and goal setting: These apps help millennials create goals and invest toward those goals. think of these apps as your advisors built backed with intelligent technologies; these include apps like Wealthfront, Acorn, Wealth Simple, etc.
Budgeting: As a millennial, keeping an intelligent budget is key to building your wealth. These apps are created to plan your budget and create a better spending and saving habit. Examples of such apps include YNAB, Mint, etc.
Investment tracking: Whether you are a new millennial just trying out investing or experienced with a very high net worth, one thing is sure, you are not investing with plans to lose track of any of your investments. As your assets grow, you need to track the investments and how they perform over time, make intelligent decisions and manage documents related to them. Cova is the perfect tool to track all your investments across all your financial apps in one place. What can you do with Cova?
- Keep track of your Crypto assets. You can sync your wallets like Coinbase, Binance, and other exchanges to your Cova and be able to track your coins and other crypto investments in just one dashboard. For users with self-custody or crypto investments not available on popular exchanges, you can add your coin tickers and the amount owned, and Cova will automatically track the value for you.
- Keep track of bank accounts. Today, we all own multiple bank and sub-bank account for many reasons; Cova helps you bring your financial data to one dashboard and track them with everything else you own.
- Track estate investments: Got real estate? No problem, add your address to track the value in real-time or manually update the value of your real estate assets. You can add documents like deeds and other files to each real estate asset you own.
- Track liabilities: Your net worth is a function of your assets minutes your liabilities. Cova automatically tracks your credit card, personal loan, mortgages etc one you sync them. You can also add traditional loans and track in real time.
- Document and File Vault: Securely manage documents and files crucial to your estate, like wills, estate planning documents, trusts, power of attorney, photos, share certificates, etc.
- Deadman Switch: This is one of Cova's best uses cases. With over $80b worth of unclaimed assets in various government agencies' logs and over $1b worth of unclaimed assets added annually. How do you ensure your loved ones can access all your bank details, crypto, photos, real estate, stocks, and everything over the value you own in case anything happens to you today? Setup Life Check in Cova to ensure when you stop being activate, Cova can share your financial data and documents with your preferred recipient
- Track your net worth across apps and offline: Cova allows you to track assets managed via investment apps like bank accounts, Robo-investors, and crypto apps while also tracking physical assets like real estate, cars, precious metals, etc.
- Collaborate with people that matter. See your assets and financial holdings with your spouse, collaborate in real time with your financial advisors and planners. These ensure your family accounts and assets are all up to date.