Hey everyone, thanks for joining me for this week’s review! In true Modest Money review fashion, we’re bringing it back to investment platforms with an inside look at Ally Invest. I’ve noticed several bloggers around the personal finance blogosphere talking about it, so I figured why not take a look myself? Here’s what I’ve found out!
Ally Invest Short Review
Ally Invest Pros – Ally Invest is incredibly competitive when it comes to pricing. With trades under five bucks, you don’t have to spend half of your investment in fees to get started! Ally Invest has great customer service as well. One of my favorite things about Ally Invest is that through the use of forums and groups, they have created a community of investors that are really willing to help eachother out.
Ally Invest Cons – With the low cost of trades at Ally Invest comes one thing that I really don’t like. They don’t have very intuitive research and analysis tools. Although they do have some tools, they definitely aren’t on top when it comes to the world of technology in finance!
Ally Invest Overall – Ally Invest is a great option for the starting investor that doesn’t have a lot to start with. The low cost, friendly customer service and community they have come up with provides one of the best experiences a beginner would have. However, as you get more advanced, and decide there is need for more intuitive tools, you will want to look to other companies.
Ally Invest Long Review
Alright, now we get to get into the details. When it comes to Ally Invest pricing, you already know it! $4.95 per trade, bottom line, flat fee pricing. That’s incredibly competitive in a market where you could easily spend double that per trade.
Now, that we got that out of the way, let’s talk a bit about customer service. Although Ally Invest customer service is not open 24 hours like some online investing companies, where they lack in hours, they make up for in ability. From what I’ve read in reviews written by consumers, Ally Invest customer service reps are not only friendly, but they value your time and try to find the root to the call and provide a solution in as little time as necessary. That way, you don’t find yourself dealing with long hold times and incompetent customer service reps!
One of the most impressive things that Ally Invest offers though is a community. There aren’t very many investing platforms that build communities around their products, but Ally Invest has. They’ve created very easy to use forums and groups to allow investors to answer questions for other, newer investors. This unique concept gives you a slew of people who have been there and done that at your finger tips! All you need to do is ask the questions you need answered.
Finally, lets get into the tools offered by Ally Invest. As I said above in the short review, the tools for research and analysis that they provide are far from top of the line. However, they are very easy to understand, basic instruments that are great for the novice investor.
One of these tools is called Trading Activity & Trade Notes. Using this tool you can trade using virtual money to see how your decisions would react in the real world. This can definitely help you to come up with a plan! Ally Invest also provides simple tax trackers, research tools and analysis tools. However, don’t get too excited about these because they’re definitely not top of the line. If you’re looking for technology, you may want to look elsewhere!
My Final Thoughts Of Ally Invest
OK, so, for the money, you can’t beat ‘em. Ally Invest has got really got great prices. When it comes to customer service, they’re on top of their game too! However when it comes to tools, they’ve got quite a bit of work to do. That being said, if you’re looking for the most technologically advance trading platform, this may not be the best platform for you. However, if you’re looking for an inexpensive option that’s great for the novice investor, you’ve found it!