A new startup called Nvestly just launched their new social investment platform that allows both novice and expert investors to see each other’s trades, share information, and track the performance of their portfolios. Users can interact, collaborate, and even compete on returns with anyone in their network — from followers to friends.
Nvestly has been compared to Mint.com where instead of connecting your bank accounts and other loan accounts, you connect your brokerage accounts instead.
Once this information is aggregated (via a secure read-only feature) you can see how your portfolio stacks up against your friends and other popular investors.
What is Nvestly?
By bringing a social component to online investing, Nvestly allows users to follow top traders and collaborate on new investment ideas. Since their recent launch in October, Nvestly is currently managing over $25M in assets and the top investors are outperforming the S&P 500 for the last year.
“We wanted to create a platform that made the online investing experience easy for everyone,” says CEO and Co-Founder Otávio Dalarosa. “Our users are already communicating with some of the top traders by discussing different types of strategies and asking for advice.”
How Does Nvestly Work?
To open a free account you simply sign in with your email address, Facebook or LinkedIn account. Then you set up a profile by uploading an image, filling in your name and a short description telling other investors about yourself.
Once you’re finished just click the save button and you’ll be prompted to securely connect your investment accounts and portfolios.
Nvestly syncs with eight of the largest U.S. brokerages:
If your broker isn’t listed (for example my account is with Betterment) you can choose the “My account isn’t listed” option, or choose to add your account later.
There are three ways to invite your peers to join: an invite via email, through Facebook, or on Twitter. If you invite 5 or more friends, you’ll earn the Community Builder merit badge when they join.
The News Feed shows investment activity from your friends and people you follow. You can click the Explore button anytime you want to check out top investors in the industry or find suggested people to follow.
Your Private Dashboard is just that, a completely private area that only you can view that shows your personal portfolio’s returns, beta, and holding period. As soon as new trades are posted, or your broker publishes an update, these alerts will be under the Notifications tab.
The Search function allows you to look for investors by name, or by username. And yes, you can follow famous investors like Warren Buffett, because I tried searching his name and it popped up! Simply click the Follow button and their information will populate into your News Feed.
Cost and Features
According to a recent press release, Nvestly says its dashboard performs more than 2,000 calculations to provide information on stocks, ETFs, options, and mutual funds. This enables investors to visualize how their portfolios are moving within the market.
Here are some of their best features:
See how your investments compare. The biggest feature about Nvestly is the fact that you can see how well or poorly other investors’ portfolios are performing. How does this stack up with your numbers? They never share the exact dollar amounts, so your information is still private, and the service is completely free to use.
Share on social. Whenever you trade, Nvestly will let you share it with your followers, via Twitter, Stocktwits, or Facebook. To view your friend’s shared trades, simply go to their profile and press the “eye” icon on their chart.
Tag stocks. Tag certain stocks using their Cashtagging feature. Just type “$” and the ticker symbol related to the stock you want to tag (like this: $AAPL).
Normalize cashflow. Nvestly normalizes cashflows, so you put funds in or pull cash out, your account doesn’t distort the returns, which is something Google Finance doesn’t do.
Get up to 10 years of data. When you link up your brokerage account, you’ll get access to years of data (or however much your brokerage will allow). Within just a few minutes, you can see your track record from the past several years, or even a decade of investing.
What I Like About Nvestly
I like that Nvestly is totally free and allows me to see how other average investors (like myself) are doing in the market. The sign-up process is quick and only took about 30 seconds to complete, although it may take longer if you have multiple brokerage accounts to link up.
It’s also helpful to see what the contacts within my network are doing, and how my savings habits compare to those in industry.
What I Don’t Like About Nvestly
Right now Nvestly is still in the beginning stages and has yet to finalize their unique selling proposition. Looking at their site it’s difficult to tell why you need to use their service.
Aside from the social interaction, it is helpful to see how other traders are investing in the market but how can I use this information once I have it?
One way Nvestly is planning to address this is through future plans of allowing investors to connect with seasoned professionals to get guidance. This will make it easier to apply the data and information collected to your personal finances.