There are all sorts of finance-related apps that will help your finances, but when you’re a physician, it can feel like there isn’t enough time to budget to learn about personal finance and dedicated financial planning!
If you’re a current resident, you probably don’t have a ton of money to invest, especially if you’re still working on paying off your student loans.
You don’t have to have a lot of money to begin investing. You can use this time in your life to soak up all the beginner knowledge out there, decide the best investment accounts for your needs, and start working toward your long-term investment goals.
Whether you’re new to investing or you’ve dabbled before, we’ll walk you through the top investment platforms available in your phone’s app store.
Continue reading to find out what we think of the widely available investing apps and which ones we’ve put on our shortlist of the best investment apps for physicians!
11 Best Investment Apps for Physicians
Here are the best investment apps for physicians that you can download today:
- Acorns
- Robinhood
- Fundrise
- Betterment
- Stash
- WeBull
- Wealthfront
- Charles Schwab
- Fidelity Investments
- Ellevest
- E*Trade
1. Acorns
- Minimum Balance: $0
- Transaction Fees: Not applicable for investments under $1 million
- Monthly or Annual Fee: $3-9 per month
- Account Types: Personal and family
- Introductory Offer: $20 sign-on Bonus
- App Store Rating: 4.7/5 (iOS) 4.6/5 (Android)
- Educational Resources: Learning Library
Acorns is one of the most well-known and user-friendly investment apps on the scene. It offers three different account options––Personal for $3 per month, Personal Plus for $5 per month, and Premium for $9 per month.
The lowest tier, Acorns Personal provides access to an investment account that rounds up your spare change from regular purchases on a debit card or linked bank account. It will track purchases and round up to the nearest dollar. It will make deposits when this amount reaches $5. Acorns Personal also includes access to Later, a retirement account, and a checking account you can use for direct deposits and daily spending.
Acorns Personal Plus provides access to all the features of the tier below it as well as live Q&A sessions and other educational tools to expand your investing literacy. Acorns Premium includes all the offerings of Acorns Personal Plus and access to Acorns Early, a custodial investment account that becomes available to the child once they reach adulthood. Acorns Premium also grants access to the Benefits Hub.
All of Acorn’s education resources and low-cost monthly fees make it a great option for beginners. Its commission-free trading model keeps it affordable for investors on a budget.
Once onboarded, you will select your risk tolerance and Acorns will work to diversify your portfolio, which it will automatically rebalance to maximize your returns. You’ll also have a dedicated customer support team to guide you through the investing process.
2. Robinhood
- Minimum Balance: $0
- Transaction Fees: N/A for 50 shares or less, $0.000145 per share (equity), $0.00244 per contract (options) –– Never to exceed $7.27 per trade
- Monthly or Annual Fee: N/A
- Account Types: Brokerage accounts, retirement, checking
- Introductory Offer: Free stock worth $5–$200
- App Store Rating: 4.2/5 (iOS), 4.1/5 (Android)
- Educational Resources: Investing Basics, Snacks
Robinhood is a free-trading app where beginners can learn to trade stocks. When you sign up and link your bank account, you’ll receive a free stock valued between $5 and $200. Robinhood offers investments resources, cryptocurrency, retirement accounts, stock options, and a debit card.
It is currently offering an unprecedented 1% match on qualifying individual retirement account (IRA) contributions, 401(k) rollovers, and IRA transfers.
Typically retirement account contributions are offered by employers, so self-employed individuals are out of luck. Robinhood is bridging this gap by offering a small incentive through April 2023.
Robinhood also offers brokerage accounts. Robinhood Instant is the default choice for new investors. With this account type, you can make up to $1,000 in instant deposits. You’ll also be able to trade on unsettled funds and access Level 3 options trades. From a tax perspective, this is a margins account.
Robinhood Margin is very similar to Robinhood Instant, but qualified investors will be able to trade on borrowed funds, spending, and withdrawals. Cash accounts are another investment option, but they will require the funds to clear before you can begin investing, which may take up to 5 business days. It also only grants access to Level 2 options trades.
Robinhood also stands out because it offers free cryptocurrency trading––a feature few other investment apps have at this time.
Robinhood is another commission-free investment app, but it does charge transaction fees on certain trades, so it’s important to be mindful of those when you’re trading over a certain amount.
Unlike other investment apps, Robinhood doesn’t offer mutual funds to purchase.
Robinhood is however one of the most user-friendly apps on the market. Its interface is delicately streamlined with user experience in mind.
3. Fundrise
- Minimum Balance: $10
- Transaction Fees: N/A
- Monthly or Annual Fee: 0.15% of what you invest annually, 0.85% asset management fee
- Account Types: Starter Portfolio, Basic Plan, Core Plan, Advanced, and Premium
- Introductory Offer: N/A (but has a referral program)
- App Store Rating: 4.8/5 (iOS) 4.2/5 (Android)
- Educational Resources: Blog, Podcast
Fundrise is different from the two aforementioned investment apps. Instead of investing in individual stocks, it is a real estate investment company aimed at helping the average American build wealth. As such, it mainly focuses on real estate investment trusts (REITs).
Investors purchase shares in the company called eFunds. From there, the company invests the money contributed by its members based on one of its core strategies:
- Fixed Income
- Core Plus
- Value Add
- Opportunistic
It’s important to note that Fundrise is not a good fit for investors who are seeking short-term returns and high liquidity. Fundrise is designed to weather times of economic stress by staying in the market and making savvy decisions.
Fundrise may be a particularly attractive option for investors seeking to diversify outside the traditional stock and bond options.
Compared to other real estate investment opportunities, Fundrise is a low-cost option. For as little as $10, new investors can open a Starter Portfolio Account and start learning about real estate investments.
4. Betterment
- Minimum Balance: $10
- Transaction Fees: N/A
- Monthly or Annual Fee: $4 per month or 0.25% annually for accounts with more than $200,000
- Account Types: Investing, retirement, checking, cash reserve
- Introductory Offer: Up to 1 year managed free
- App Store Rating: 4.7/5 (iOS), 4.7/5 (Android)
- Educational Resources: For Individuals/Families, For Employees
Betterment is the first on this list to primarily offer robo-advising. If you’re new to investing and prefer the human touch, Betterment also offers a human advising account option. Its portfolios are highly customizable and evolve to be intuitive to each investor’s unique needs.
Unlike Fundrise, Betterment offers short and long-term savings goals. You can tell your robo-advisor that you’re hoping to purchase a new home with a 20% down payment or save for retirement over the next 30 years and it will respond with a tailored strategy for reaching those goals.
Betterment also stands out because it gives members the ability to invest in socially responsible companies and initiatives, particularly those focused on combating climate change. Like Robinhood, Betterment offers the option to trade stocks, bonds, and cryptocurrency.
Betterment can also ease the anxiety of new investors through its thoughtful planning tools. It will help estimate taxes based on portfolio changes, so you can have a better idea of what to expect when you file your taxes. It will also advise on charitable giving, retirement planning, and other savings goals.
5. Stash
- Minimum Balance: $0 ($5 for Smart Portfolios)
- Transaction Fees: $75 if you move assets to another brokerage
- Monthly or Annual Fee: $3-$9 per month
- Account Types: Brokerage, individual, employer-sponsored, custodial, 529 funds
- Introductory Offer: $20 sign-on bonus, $20 referral bonus
- App Store Rating: 4.7/5 (iOS), 3.7/5 (Android)
- Educational Resources: Learning Center, Stash101
Stash is another beginner-friendly investment app worth considering due to its low-cost monthly fees and no minimum balance requirements. However, it’s important to note that Stash exclusively offers robo-advising, so it isn’t the best option for investors hoping to work with another person.
Stash offers automated investing and DIY options, which can make it a great fit for seasoned investors as well as beginners. Like Robinhood, it rounds up spare change, so investments can be an easy part of everyday life. If you enroll in the Stock-Back Card, you can even earn stocks as a reward for spending.
Investors can use Stash to purchase fractional shares and can feel confident their money is invested in alignment with their core values through the values-based investment approach.
Stash offers custodial investment accounts, retirement savings, stocks, EFTs, cryptocurrency, bonds, commodities, and more.
6. WeBull
- Minimum Balance: $0
- Transaction Fees: Varies by transaction type and account (Fee Schedule)
- Monthly or Annual Fee: N/A
- Account Types: Margin or cash account
- Introductory Offer: Free stock when you make a $100 deposit within 30 days
- App Store Rating: 4.7/5 (iOS), 4.3/5 (Android)
- Educational Resources: WeBull Videos
WeBull is another attractive brokerage for beginners and seasoned investors. Its development is largely focused on providing a fully functional mobile app experience that users can easily navigate. It offers low fees, convenient access to the stock market, and beginner guidance to ETF trades among many other investment tools.
WeBull will work with members to invest in stocks, cryptocurrency, options, cash management, ETFs, OTC, fractional shares, paper trading, and managing recurring investments.
Like other commission-free trading apps, WeBull doesn’t require investors to maintain a minimum account balance or pay tacked-on fees for trading stocks, options, or contracts. Other fees may apply though, so it’s important to familiarize yourself with the fee schedule for additional information.
One of the ways WeBull stands out is its data transparency. Its elegant mobile platform provides detailed information about charts and trends for active traders, technical indicators, advanced orders, and other highly customizable features.
7. Wealthfront
- Minimum Balance: $500
- Transaction Fees: N/A
- Monthly or Annual Fee: 0.25% annually
- Account Types: Individual, joint, trust, Traditional IRA, Roth IRA, SEP IRA, 401(k) rollovers, 529 education accounts
- Introductory Offer: $5,000 managed for free (equivalent to $50)
- App Store Rating: 4.8/5 (iOS), 4.9/5 (Android)
- Educational Resources: Wealthfront Blog
Wealthfront is another pioneer in the robo-advising space and it has historical performance data to back up all its investments. Investors can participate in automated investing or take a more DIY approach with self-managed stocks. This investment platform offers automated rebalancing and daily-tax loss harvesting to maximize your returns.
Like other investment platforms, Wealthfront allows users to open a cash account through its partner banks. With a Wealthfront cash account, uninvested funds can accrue 4.3% APY and up to $3 million in FDIC insurance.
New investors will be asked to complete a questionnaire to determine risk tolerance, which the robo-advisory software will then use to make diversified investments. Wealthfront offers access to EFTs, individual stocks, and REITs. With that said, Wealthfront isn’t the best option for beginners looking to dip their toes in through fractional shares because it doesn’t offer them.
Wealthfront also offers a variety of free financial tools, which can make it a particularly attractive investment app for users not yet ready to invest but who have a clear interest in learning about the market.
Wealthfront partners with TurboTax to make the tax filing process easy and straightforward. Through this partnership, Wealthfront users can import their investment data directly into TurboTax.
8. Charles Schwab
- Minimum Balance: $0
- Transaction Fees: Varies by transaction type and amount (Fee Schedule)
- Monthly or Annual Fee: N/A
- Account Types: Brokerage & trading, checking & savings, retirement, robo & dedicated advice, education & custodial, trust & estate, small business retirement
- Introductory Offer: Referral program
- App Store Rating: 4.8/5 (iOS), 2.3/5 (Android)
- Educational Resources: Insights and Education
Charles Schwab recently acquired TD Ameritrade and will be integrating all brokerage accounts by 2024. Together the two industry giants will offer a host of holistic financial services and investment advice to people at all stages in their financial journey.
It offers commission-free trading options for ETFs, options, stocks, bonds, and mutual funds. Charles Schwab will give users confidence by backing up all its advice with high-quality research and a wealth of educational resources.
It also offers 24/7 support from qualified financial professionals through online chat and phone calls as well as more than 300 branches for in-person service across the country.
Its fees will vary based on transaction type, but it offers several transaction-fee-free trading options, such as EFTs and mutual funds. The Schwab Mobile App makes it easy to plan, manage, and monitor investments.
9. Fidelity Investments
- Minimum Balance: $0
- Transaction Fees: N/A
- Monthly or Annual Fee: N/A
- Account Types: Investing/trading, cryptocurrency, spending and saving, retirement, managed accounts
- Introductory Offer: Receive $100 when you open an account and add $50
- App Store Rating: 4.8/5 (iOS), 4.4/5 (Android)
- Educational Resources: Fidelity Learning Center, Financial News & Guidance
Fidelity Investments is highly rated as an investment broker. Its pricing is straightforward with no account fees, no commissions, and no minimum account balances. It provides complex wealth management tools, retirement advice, and financial planning tailored to your unique needs and financial goals.
Its robust investing tools are informed by the most up-to-date insights from industry experts and the institution’s dedicated team of specialists. It provides educational resources for people at all stages of their financial literacy, so everyone can make confident and informed decisions based on daily trends and best practices.
Fidelity Investments is a great option for investors interested in trading cryptocurrency, including Bitcoin and Ethereum. Like Charles Schwab, Fidelity Investment offers 24/7 customer support via live chat, phone calls, and email. It also has more than 200 nationwide branches.
Investors can use Fidelity Investments’ built-in tools to calculate their retirement score, a projection of their retirement savings at their desired age. The Trade Armor tool is designed to manage entry and exit trading strategies from 10 sources of information so investors can always make informed choices with a balanced perspective.
It can also help you plan to grow your wealth or organize your estate with management services tailored to your financial goals.
10. Ellevest
- Minimum Balance: $1–$240
- Transaction Fees: 0.05% to 0.23% (Core Portfolios), 0.12% to 0.26% (Impact Portfolios)
- Monthly or Annual Fee: Starting at $5 per month
- Account Types: Individual, IRAs, 401(k) and 403(b) rollovers
- Introductory Offer: N/A
- App Store Rating: 4.7/5 (iOS), 4.0/5 (Android)
- Educational Resources: Money Coaching, Worksheets
Ellevest is perhaps one of the most unique investment apps on this list as it is designed by women for women. Ellevest seeks to minimize the gaps in financial literacy between men and women by arming women with relevant information, tax strategies, and retirement planning that aligns with their values and financial goals.
Its online investing services include highly personalized diversified portfolios, retirement accounts, and even private coaching. While it doesn’t offer tax-loss harvesting, its algorithm uses a goal-focused investing approach to motivate you to keep contributing and building wealth.
Because it’s designed by women for women, the investment options are specially selected to meet the needs of women, such as lower income, longer lifespan, risk tolerance, and different lifestyle priorities. All investment accounts are optimized for risk so they can continue to perform well despite volatile market conditions.
They’re also optimized for impact so investors know their hard-earned money is going to support socially conscious efforts and companies that advance the interests of women worldwide.
It’s not just for beginner investors either. Ellevest will work with private wealth accounts to maximize the impact of investors with high account balances as well.
Ellevest is also there for its members when they have questions. Users can easily book an a la carte coaching service for a personalized session on wealth building, money management, retirement planning, and more.
11. E*Trade
- Minimum Balance: $0
- Transaction Fees: N/A
- Monthly or Annual Fee: N/A
- Account Types: Individual brokerage accounts, IRAs
- Introductory Offer: Get up to $600 when you open and fund your account
- App Store Rating: 4.6/5 (iOS), 4.5/5 (Android)
- Educational Resources: Insights
E*Trade is a subsidiary company of Morgan Stanley, one of the largest and most influential financial institutions in the country. E*Trade is great at providing real-time investment insights and quotes on the current market. Active traders have a wealth of resources they can use to build complex strategies and manage accounts.
It offers a wide variety of tradable securities, including EFTs, bonds, stocks, and more than 6,500 transaction-fee-free mutual funds. Because it provides so many educational resources, it can be a powerful investment app for beginners and active traders alike.
All types of people can use the provided information to ask questions, expand their breadth of knowledge, and work toward their investment goals. All research and data are available at no additional costs and it’s aggregated from more than 10 independent resources.
What to Consider When Shopping for An Investment App
Before you can decide on the best investment app for your needs, you’ll need to reflect on your values. Having a better understanding of your values can help you zero in on exactly what investments fit your lifestyle and long-term financial goals.
Consider the following when you’re shopping for an investment app:
- Determine your investment style: Perhaps the most important value to determine is how you want to invest. Do you want to have a hands-on approach where you’re actively managing your investments or would you rather hand off portfolio management to a trusted advisor? Once you decide on your investment style, you can significantly narrow down your options.
- Compare fees: All investment apps will incur some kind of fee, but the structures vary tremendously. Make sure you read the fine print, so you can compare transaction fees and any other monthly or annual fees each app charges. Commission-free trading is rising in popularity, but many other apps charge a monthly fee.
- Pick your investments: Investing isn’t one-size-fits-all, so you’ll want to decide which options fit your return expectations and risk tolerance. Dig deep into the differences between stocks, electronic funds transfers (EFTs), bonds, cryptocurrency, mutual funds, and real estate investment trusts (REITs) to find out which options align most with what you’d like for your future.
- Narrow down your list: Once you know the types of investments you’d like to make, now it’s time to take a look at your options. For example, if you’ve decided you’d like to trade stocks, this is the time when you’d look into the actual companies you’re interested in. From here, you can create an account on one, or even a few of the apps, that has piqued your interest.
Frequently Asked Questions
Can you use investment apps to trade stocks?
Yes, you can use investment apps to trade stocks if you open an online brokerage account. Investment apps will facilitate trades of securities, including stocks, bonds, ETFs, and options.
Is the money I use to trade on investment apps insured?
No, the money you use to trade on investment apps is not insured. Unlike traditional checking and savings accounts, market-based investment products are not FDIC-insured, even when they are purchased from an FDIC-insured bank.
Are some apps better for investing than others?
Yes, some apps are better for investing than others, but there will be no one-size-fits-all solution. When shopping for an investment app, you’ll want to look at the types of accounts offered as well as rating and vetting the user-friendliness of the app, responsiveness of customer service, and other essential features.
What is the best stock app for beginners?
The best stock app for beginners will have robust educational resources and access to human guidance so new investors can begin trading confidently. All the apps featured on this list have been carefully vetted by our team and they offer many beginner-friendly investment account options.
What are fractional shares?
Fractional shares are also known as stock slices. Fractional shares allow investors to purchase portions of more expensive stock without blowing their budget.
As the name suggests, buyers who purchase a fractional share will own a whole share, half a share, or more than one share depending on how much they invest and the current price of the stock they’re invested in.
What is tax-loss harvesting?
Tax-loss harvesting is a strategy for reducing capital gains tax liability by selling underperforming assets at a loss. If you make an investment that’s bringing in less money than you paid for it, you can sell it at its current fair market value and report the loss on your taxes.
Reporting the loss can reduce your tax liability, which can be especially beneficial if you have made money on an investment subject to capital gains taxes.
