US News for Acorns/ Tip’d Off
April 29, 2015
Investment apps and websites that cater to millennial investors:
Acorns. Your “spare change” from linked credit and debit card purchases is rounded up to the nearest dollar and invested in six different funds based on your risk tolerance. “Acorns provides a turnkey approach to investing, as it allows millennials to easily take tiny amounts of money from everyday purchases,” says Rahul Sethuram, co-founder and chief operating officer of social investing platform Tip’d Off. “This creates a more accessible and less stressful foray in the investing world.” The app charges $1 a month for accounts under $5,000 and 0.25 percent of your annual assets for accounts over $5,000.
Tip’d Off. Sethuram’s website is a financial Facebook of sorts; it will provide members with a social media-type platform that millennials will find familiar. Here, visitors can connect with a community of like-minded investors to learn the tricks of the trades, if you will. A news feed will also update users on other member’s trades, and the platform will link to all major brokerages. Tip’d Off also utilizes a “read-only” system, meaning nobody can place real trades from the site. Currently in beta, it has a waitlist of more than 5,000; the website is expected to fully launch in the early summer.