I’ve been using online personal finance software for the better part of a decade. First I used Mint and after a few years there, I migrated over to HelloWallet. Both provide an excellent view of my current financial situation but that’s about all they do. What if those programs were able to include advice as to how to actually improve my finances?
A company named Wela has decided to give it a shot, and below you’ll see our full Wela app review.
What Is Wela?
Wela postures itself to be the high-tech, forward-looking financial app that beginner investors can grow with. It drives this point home by allowing users to reach financial advisors via text, Twitter, FaceTime or phone. Wela works a little bit differently than all of the other financial apps and robo-advisors available today. This program combines the expertise of real financial advisors with artificial intelligence. It will create a personalized and friendly digital experience. For example, Wela will …
- Aggregates account information from over 19,000 financial institutions to keep you from having to remember passwords for accounts
- Delivers personal financial insights directly to your inbox
- Provides views of your total net worth at any time
- Provides financial planning tools for investments, college savings, retirement and more
The Wela app is free to download. Users can get as basic or as sophisticated as they want when using Wela. For instance, you can use it simply as a budgeting tool that allows you to see how money is coming in and going out every month. You can also use the high-tech nature of the app to actually compare your financial standing to your peers. And then work your way toward long-term goals for buying a home or retiring.
Benjamin is Wela’s in-app digital advisor. Benjamin is there to run an analysis for you, set daily spending limits and deliver personal insights. This will help you reach your daily, weekly and monthly goals using a friendly dose of artificial intelligence. While it may seem gimmicky, this feature of the Wela app is actually pretty useful if you’re looking for a simple way to keep track of your spending and make small strides toward your larger financial goals on a daily basis. It also makes the process of taking charge of your finances seem fun.
What if you want to go beyond just tracking spending and budgeting for the future? Wela Strategies is the app’s fee-based extension. This service offers help with investment decisions that’s driven by real professionals. Wela’s investment arm offers some of the following perks:
- No minimums or fees up to your first $10,000 invested with Wela Strategies
- A personal financial planner to help with estate planning, tax planning and insurance planning
- Automatic rebalancing
Wela boasts a research-driven and easy-to-understand investment strategy that allows every investor to craft a personalized portfolio based on factors like risk tolerance, time, goals and expectations. The company really drives the point home that it is focused on helping investors create portfolios based on their current ages. Wela’s services are designed to grow and evolve with a person’s life stages.
Why Wela Works
The novelty of Wela is what makes it so appealing to beginner investors and millennials. It stands apart for intertwining algorithms and human knowledge to create a really impressive platform. The Benjamin feature is probably going to get people curious enough to download the Wela app and try it out. The fact that this is a low-commitment, easy-to-use tool for budgeting and getting a good starting point for managing finances makes it a smart option to download if you’re already looking for a free product like this.
It’s probably safe to assume that the cutting-edge and algorithm-heavy approach that Wela takes to providing customer service is what the future of digital financial management will look like. Should you download Wela? It probably won’t hurt to get in the habit of letting a friendly robot manage your finances as early as possible if you have many years of investing ahead of you.
Who knew the day would come when you could get solid financial advice from something that you download to your iTunes account? Busy, tech-savvy people who want to do some financial planning on the go will enjoy Wela.