The Best Digital Asset Management Software for the United Kingdom

Introduction

If you can't track, how can you manage? It's vitally important to be able to see how your finances are doing at any one time. Knowing the best practices is one thing, but adhering to them is another, and having the best investment tracking software makes this a breeze.

Now, you have to take that statement with a pinch of salt. The best doesn't necessarily mean the most complicated - the average consumer investor doesn't need backtesting, simulations and complicated forecasting.

They just need to know what they have, updated in real time, a breakdown of how that is split by asset and geography, and how it pertains to their lifetime financial goals both for retirement and having enough day to day cash flow.

Top Digital Asset Management Solutions for UK Investors

Which still isn't that simple! It's why there isn't one standout platform to do this. Many brokerages provide some backward-looking insights into your portfolio but very few offer any sort of forecasting or risk profiling.

These are the sort of things that it's down to you to take care of. Many people turn to complicated Microsoft Excel spreadsheets or basic modern banking apps to have a crack at this, but the truth is that they fall short.

Why is this?

The UK has had open banking in place for a number of years, meaning that 3rd party applications have the ability to connect to your banks, brokerages, pensions and more and get sent tokenised data with your balance and transaction information at a point in time, in order to provide you with insights.

One of the reasons this hasn't taken off is that people don't all want to see the same things. Financial information isn't standardised, and although there are a basket of metrics to choose from, many people are using the software for different things, and need different outputs from the inputs that open banking is sending.

So What's the Solution?

This is exactly the problem that we found. If a crypto investor wants to see the range of coins they've invested in along with return profiles, news, and more, they use a certain app. If a property investor wants to see the rental yield over time compared to the capital gain of their portfolio, they would use a completely different app.

So the problem, then, is that these apps are rigid. They don't allow you to customise your use case. No wonder no one can settle on one.

Meet Strabo

This is why we built Strabo. The world's first fully customisable investment dashboard. So that you can configure the widgets you need to build the wealth management experience that you, your family and even your financial adviser can use to learn the most about your idiosyncratic situation.

Strabo has two main pages, the Overview and the Investments page. The former provides a history, forecast, diversification score and other metrics on the assets you've connected in the Accounts page. The latter breaks down your actual investments by sector, return profile and portfolio allocation.

What Else?

Beyond that, the choice is yours! You can add custom pages, name them and then choose from a selection of widgets that we've configured to gain analysis on the assets that you've connected on the platform.

The best part is that you can filter these widgets to show only a selection of your assets. So you can see, for example, a geographical breakdown of four accounts that you've tagged as "Children's University Fund", allowing you to gauge how well specific pots are doing.

This is vital to be able to understand how well certain parts of your life, and your family life, are doing in relation to others, and hence what action to take.

If you don't know that one part of your portfolio is over-allocated towards a certain asset class, or has become overly risky due to a large growth in one class, for example, you'll have no idea that you need to start thinking about how to rebalance this so that it falls back in line with the target asset allocation that you settled on.

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Key Features to Look for in UK Digital Asset Management Platforms

What sort of things do all platforms need?

Well, you'll firstly want a full breakdown of asset allocation. This means not just by the different asset classes, but also their geography. An efficient portfolio is one that is well diversified, and this means spreading your capital across a number of (slightly uncorrelated) asset classes.

You'll also want a split by country, to ensure that you are not overly exposed to exchange rate risk, particularly if some of your assets are held in a country whose currency has a more volatile return profile.

You'll also want the ability to forecast, and ideally the ability to plan for some of life's key events - getting married, having children, buying a house etc. You don't want to just have a list of these, but also have some idea how they impact your financial future, and what the effects of doing them in a certain year vs another year might be.

Maximising Your Investments with Digital Asset Management Tools in the UK

The other unspoken reason for using this software is to maximise your returns! Now, we're not ones to recommend active investment management at all, but it is important to track how your investments are doing so that you can make the necessary adjustments, even if this is on just a macro level.

Things change, particularly in such a fast-moving world, and it's important to make sure that you review your strategy at all times.

So there you have it! A couple of reasons to move away from Excel and start using Digital Asset Management Software to manage your investments more effectively