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New way to expose brokerage fees

By Sheyna Steiner ·
Friday, May 4, 2012
Posted: 9 am ET

A new tool launched this week to help manage your investments.

Similar to Mint, which helps users track their savings and purchases through bank accounts, this site -- SigFig -- lets users track all their investment accounts through one dashboard.

But that's not all; the site also makes investment recommendations based on what you own. Based on patent-pending algorithms, the site compares your mutual funds or exchange-traded funds to others in their category and share class to show you less expensive options that perform better.

They also compare brokerage fees after analyzing your trading patterns. Even individual advisers are benchmarked by fees and performance.

Here's what the site promises to do, for free.

  • Fix your underperforming investments.
  • Expose and eliminate hidden brokerage fees.
  • Find out if your financial adviser is overcharging you.
  • Project your dividends.
  • Assess risk.
  • Compare your performance to index funds.

It seems really cool. All your data is encrypted with the same standards that banks use, and you can enter brokerage accounts, 401(k)s and individual retirement accounts.

The site is currently in public beta mode, so users are required to request an invite in order to join.

The site syncs with 70 brokerages, according to Gigaom's story covering the launch, "SigFig offers to tune up your investment portfolio." If yours isn't one of them, you'll have to enter the tickers and share prices yourself, so there may be some effort involved.

What do you think? Are you interested in this kind of service?

Follow me on Twitter @SheynaSteiner.

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