HARRISBURG — The Pennsylvania Gaming Control Board awarded Interactive Gaming Certificates to three casino license holders on Wednesday.The approvals were the first made by the Board for Interactive Gaming in its plan to consider all nine petition requests by casino operators at its August, September and two October 2018 public meetings. The Board has yet to establish a date in which Interactive Gaming will commence.The following casinos were approved:Chester [...]
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الأربعاء، 15 أغسطس 2018
How to Improve the Ranking of Your Business Mobile App
It’s no secret we’re living in a mobile world.
As marketers, we need to recognize that our current and prospective customers are active on their mobile devices. That’s why you need to learn how to optimize your web design for mobile users.
But some of you may have taken this one step further and built a mobile app. That’s great news, and you’re definitely headed in the right direction.
Mobile apps are increasing in popularity.
If you saw my top mobile trends that are dominating 2018, you’re aware of this.
In fact, over half of small businesses in the United States either have mobile apps or are planning to develop one. Further, 55% of these business owners say they are using mobile apps to drive sales.
Those of you who already developed an app have an advantage over your competition.
But your app won’t be successful unless you can get people to download it.
Ultimately, the more downloads you get, the greater the chance you’ll have of getting more sales and increasing your total revenue.
The ranking of your mobile app has a direct correlation with how many downloads you’ll get. Ironically, getting lots of downloads will also improve the ranking of your app.
It’s a constant cycle. Basically, if you’re able to get downloads, the popularity of your app will increase.
As a result, the ranking will improve, and the downloads will continue.
While it may sound complicated at first, it’s not difficult to understand. I’ll explain what you need to do to drive downloads and improve the ranking of your mobile app.
Understand the basic concepts of app store optimization (ASO)
For starters, you need to understand ASO, which is short for app store optimization.
Having a mobile app without focusing on ASO is like having a website without focusing on SEO (search engine optimization). ASO is extremely important.
That’s because such a large percentage of app users discover new apps by browsing the app stores:
Think of the app store as a general search engine.
Someone knows what they want but doesn’t know where to find it. So they type some general terms into the search box.
Just like with a web browser, mobile users aren’t going to go searching through dozens of results after they conduct a search. They’re going to select one of the top results.
Those are the apps that will get the most number of downloads.
It’s the same concept as Google searches. The top ranking results will get the majority of the traffic.
You need to learn which factors can increase your chances of getting ranked higher according to ASO. We’ll cover some of these concepts as we continue.
Recognize the differences between the Apple App Store and Google Play Store
Let’s continue talking about the basics. There are two main app stores.
The Apple App Store is for apps available to download on iOS devices, whereas the Google Play Store is for Android users.
Depending on your business, your app might be available on just one or both of these platforms.
You need to know which factors impact your ranking in each store. The algorithms for ranking apps are not the same.
Here are some of the key similarities and differences between the Apple App Store and the Google Play Store:
As you can see, the title of your app has the highest impact on your ranking in both stores. We’ll talk more about your title in greater detail shortly.
Similarly, the ratings and reviews of your app also affect the ranking of your app on each platform.
However, there are some major differences as well.
Your app’s description impacts rankings in the Google Play Store. But iOS users may not download your app unless you’re able to describe it, even though it doesn’t directly impact your ASO. But we’ll discuss tips for writing app descriptions later on.
The keywords field in Apple App Store apps will impact your ranking, but that field isn’t even an option in the Google Play Store.
Ultimately, you’ve got to find a balance between these two stores.
You can’t expect the same ASO strategy to work for each platform, so you’ll need to make the necessary changes in your listing in each store.
Make sure you have a great title
You need to put some thought into creating a title for your app. This may be easier for some of you compared to others.
For example, if you already have an established business and your app is just an extension of that company, you’ll want the name to be the same for your branding purposes.
But those of you who are launching an app as a completely new business will benefit from reviewing my tips for naming your startup.
You want the title of your app to explain the function of your app and what it does.
Here’s an example of a great title from OfferUp:
OfferUp is an app designed for buying and selling goods. As you can see, those keywords are also included in the title for ASO purposes.
However, it’s worth noting that the Google Play Store could potentially suspend your app if you’re using repetitive and irrelevant keywords in your title just to improve your ASO ranking.
Here’s something else to take into consideration. The Google Play Store gives you a 50 character limit to name your app.
But the Apple App Store has a 30 character limit for titles.
As far as the ASO algorithms are concerned, having different names on each platform won’t impact downloads.
However, from a branding perspective, you want your app name to be identical in each store. Here’s why.
Let’s say a user who has an iOS device downloads your app from the Apple App Store. Then they recommend it to a friend who has an Android phone.
If the names are different, it can cause some major confusion. That new user may not be able to find your app if they’re searching for the wrong title.
Write an informative description
As I explained earlier, your app description impacts your ranking in the Google Play Store.
This is a great opportunity for you to include relevant keywords that prospective users may search for when browsing for a new app.
Even though your description is irrelevant to your ASO ranking on the Apple App Store, you still need to write one that’s informative. Why?
Well, how else will people know what your app does? Sure, the title may give them some kind of indication, but the description is your chance to shine and explain your app’s functionality.
If you want to know how to write a great description, take a look at this example from Uber:
I pointed out some of my favorite parts.
For starters, the entire description won’t be displayed when a user first clicks on the app. That’s why the opening lines are the most important.
In the first three sentences of this description, Uber clearly explains what its app does.
As the description continues, they showcase the platform’s availability in cities across the globe. There is even a simple step-by-step guide to explain how the app works.
Another great part about this description is how it promotes all the services offered within the app.
Customers who want a simple and affordable way to get around will benefit from using uberX. If someone wants to save even more money, the description recommends uberPOOL.
The description explains that UberBLACK is intended for customers who want to ride in a high-end vehicle.
Uber also offers rides to app users who need accessibility features and to people who are traveling in big groups. All of this information was clearly written in the description.
Keep this in mind when you’re writing the description for your app. Make sure it’s simple while still highlighting the top features and how the app works.
Encourage users to rate and review your app
How your app is rated and reviewed will have an impact on your ranking in both app stores. So it’s important you encourage users to review your app.
Your star rating impacts your ranking in a number of ways. First of all, the higher your rating, the greater your chances of getting ranked higher.
And having four or five stars increases the chances that consumers will download your app.
In fact, 79% of users check ratings and read reviews before they download a new app.
As you can see in the graphic above, if your app is rated too low, people won’t even consider downloading it.
This is why it’s important for you to encourage users to rate and review your app. For the most part, people won’t write a review unless they have a really good experience or something terrible happens.
But an average user has no reason to go out of their way to write a review.
That’s why you need to ask them. Otherwise, your app ratings will just be from people who experienced something extreme.
Send users a popup or push notification that gives them an incentive to rate your app and write a review. This will improve your ASO and make your app more appealing to new users.
Improving the star rating of your app will do more than just increase your ranking. It also has a direct correlation with your conversions.
Check out this example from Medium:
Its conversion rates went from 36% to 47% as the app star rating jumped from 3.9 to 4.3.
Improving the rating by such a small margin increased the app’s conversions by more than 10%.
Use screenshots to showcase the in-app experience
Your title and description can do only so much.
It’s one thing to tell users what your app can do, but it’s another thing to actually show them. That’s why you need to include screenshots.
Screenshots give you a chance to show off your app’s versatility.
For example, you wouldn’t want to show four screenshots of one feature. It makes much more sense to showcase different features with each image.
Let’s say you have an app for your ecommerce store. Showing screenshots of just products isn’t utilizing the option to its full potential.
You’re better off showing screenshots of your navigation, search options, checkout procedure, and payment methods. This will give the prospective user a much better indication of how the app functions.
Now, your screenshots aren’t directly tied to ASO. However, they’ll help you drive more downloads, which will ultimately improve your ranking.
Here’s a great example of screenshots displayed on the Delta app listing:
As you can see, each screenshot shows something different.
The first image shows what the app looks like on the day of travel. It’s a digital boarding pass that can save you time at the airport.
Next is an image that displays the user’s profile. The Delta app also shows travel notifications in an organized feed. This can keep users informed if there is a gate change or flight delay.
Finally, the last screenshot shows how users can book a trip directly within the app.
Varying screenshots increase the chances of your app being downloaded.
Create a video to demonstrate your app
In addition to taking screenshots, you can also use videos to demonstrate how your app works.
Just take a look at these numbers that show how many of the top 50 apps in the Google Play Store and Apple App Store incorporate videos:
As you can see, the majority of the top grossing apps on both platforms use videos.
Users are three times more likely to download an app after watching a video about it, so this strategy will definitely help you drive downloads.
Design an eye-catching app icon
Don’t overlook the design of your app icon.
While this doesn’t necessarily affect ASO, it will still have an impact on downloads and how your app is perceived.
The app icon needs to be attractive so that it stands apart from other apps when users are browsing.
It should be memorable and related to your overall branding strategy. Don’t make it too similar to another app, especially if it’s your competitor.
Think about how your app is going to look once it’s downloaded to various devices. It needs to be visible against as many backgrounds as possible.
Take a look at the Slack mobile app icon:
It’s colorful and draws attention. But it’s still simple.
Do you notice anything else about this app listing?
It has a video in addition to screenshots, which is a strategy I just finished discussing.
Promote the app on all of your distribution channels
To get more downloads, ratings, and reviews, you need to promote your app.
Leverage all your distribution channels for this. Convert your social media followers into app users.
Create YouTube content that drives people to your app store listing. Market the app to your email subscribers.
Share download links to the app on your website. Here’s an example of this strategy put to use by Hotel Tonight:
Even if you’re running your app as a new business without any physical stores or online purchase options, you still need to have a website as a promotional tool.
Conclusion
You invested hard work, time, and money into your mobile app.
But the job isn’t quite done yet. Now that your app has launched, you need to take the proper steps to improve its ranking. This will help you get more downloads.
Conduct research on ASO. Learn the differences between listing your app on the Google Play Store and the Apple App Store.
Focus on your title. Write an informative description.
Use screenshots to show the app’s functionality. Create a video demonstration.
Encourage users to rate and review your app.
Design an app icon that draws the attention of prospective users. Make sure to promote your app on as many distribution channels as possible.
If you follow the tips I’ve outlined in this guide, your app ranking will improve, and you’ll get more downloads. These downloads will ultimately translate into higher profits.
How are you using ASO principles to increase your mobile app ranking?
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The Virtues of a Cheap Wedding
Several readers over the past week have shared a very interesting research article from Andrew Francis-Tan of NUS and Hugo Mialon of Emory University entitled ‘A Diamond is Forever’ and Other Fairy Tales: The Relationship between Wedding Expenses and Marriage Duration, which seems to have received some media coverage recently. The abstract of the paper gives the core idea:
In this paper, we evaluate the association between wedding spending and marriage duration using data from a survey of over 3,000 ever-married persons in the United States. Controlling for a number of demographic and relationship characteristics, we find evidence that marriage duration is inversely associated with spending on the engagement ring and wedding ceremony.
In other words, the paper concluded that the less a couple spent on the engagement ring and wedding ceremony, the less likely they were to divorce and the more likely they were to have a lasting marriage.
On a surface level, this makes a lot of sense. If a couple doesn’t spend extensively on a wedding, they’re going to have more money to establish a firm financial foundation for themselves. That’s going to take away some financial stress in the relationship. Dealing with a five figure debt from the get go, on top of things like student loans and car loans and so on, can put a great deal of financial pressure on a newly married couple, and given that money is the most common reason for married and cohabitating couples to fight, a big debt right from the start of a marriage seems like a prime ingredient to incite arguments and division.
This was the reason given by a family member of mine, who I’ll call Bill, who recently had a very inexpensive and casual wedding. Their reason was that their wedding was about the people invited, not about flowers and a fancy dress and a country club reception.
However, I think the story runs deeper than that, both for Bill and for weddings in general.
The fact is that there is quite a lot of social pressure to put on a big wedding. By default, people who are unsure about what their wedding will look like will be nudged by popular culture and their social circle to have a big social event for their wedding with dresses and flowers and beautiful decorations and a catered meal and an amazing location for the wedding and the reception… it goes on and on. Those expenses add up.
Now, everyone is a little different. Some people really want that big wedding. Others might feel rather indifferent. Some might actually want a very small and simple wedding. If you put two people together who have different views on what a wedding should look like, there’s bound to be conflict.
But who will win that conflict? The reality is, with social pressure and cultural pressure nudging people toward a big wedding, many couples will end up feeling almost herded that way. In other words, if two people are disagreeing on the size of a wedding, social pressure and popular culture will nudge that couple toward having a big wedding anyway. A big wedding is often the end result of two people who aren’t on the same page about a wedding.
On the other hand, a small wedding usually requires both partners to be on board with a simple ceremony. If they’re not, then cultural and social winds are very likely to blow them to a progressively bigger wedding.
So, my take on this paper is that a small wedding isn’t just indicative of a small bill, but indicative of a couple who has similar values and communicates with each other. A couple that chooses to have a small, inexpensive, simple wedding is bucking the cultural trend toward five figure weddings and perhaps bucking some social expectation as well, and that’s generally not something that’s going to happen unless the wedding couple has values that are in alignment with each other.
If you combine both of those factors, it’s not surprising to me that a much simpler and much less expensive wedding has a higher likelihood of resulting in lasting marital success than a lavish expensive wedding.
The thing to remember is this: both partners simply agreeing on an inexpensive wedding because they think it will bring success in their marriage isn’t the right path to follow. Doing that is a misunderstanding of the cause and effect relationship here, though it is a good sign of some sort of agreement in values.
What’s much more powerful is if both partners agree on a simple wedding because it reflects what they each want out of a wedding. It means that they have similar values in at least some ways, that they’ve communicated those values to each other, and that they stand together to have the kind of simple wedding that they want regardless of those pressures around them.
In other words, they have a simple wedding because it reflects their shared values and those shared values are what are likely to help ensure a lasting marriage, not the simple wedding itself.
So, what’s the take home lesson here? For me, the real lesson is that if you’re considering getting married, you and your partner are more likely to find success in marriage if your values point you to at least some common ground in terms of the ceremony and your communication is strong enough that you can work through any differences fairly and equally. A simple wedding is often the result of a process like that, as evidenced by how a simple wedding goes against many prevailing cultural and social ideas about weddings and thus the desire for a simple wedding must be coming from a process of shared values and communication between the couple. It’s those shared values and communication that makes the difference, not the wedding itself. (Plus, there’s the bonus of not having any financial challenges from the wedding to fight over.)
What’s the moral of the story? A cheap wedding won’t ensure marital bliss, but being on the same page in terms of values and being open with communicating with each other will go a long way toward achieving that bliss. The root of a good marriage is communication and values, and a low-cost wedding that reflects those shared values is a great sign.
If you’re thinking about getting married to a person, make sure that your values are in alignment and that there’s a real relationship there that’s more than just physical attraction. If you agree that a cheap wedding is the right move, that’s great and I’m all in favor of that. If you’re both in favor of a big expensive wedding, well, I won’t give it the financial seal of approval, but if you’re communicating clearly about it and you’re both on board with that plan, then that’s a good thing, too.
The thing to be wary about is when you’re not communicating or when you’re not in agreement on values and the other person won’t compromise (note that “completely giving in” is not “compromise” and isn’t healthy either). That’s a sure sign that you should take it slowly and be sure whether or not you actually want to go through with a wedding, inexpensive or otherwise.
So, how was Bill’s wedding? It was an extremely casual and low key affair. The reception was about as unpretentious as possible and it was mostly oriented around family and close friends. There was a lot of laughter, a lot of dancing, a very casual meal, and a lot of fun.
I think Bill and his wife will be just fine.
The post The Virtues of a Cheap Wedding appeared first on The Simple Dollar.
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5 Unconventional Ways to Build Credit When You’re Terrified of Credit Cards
Yes, making timely payments on traditional loans and credit cards is the most common way to prove you’re fiscally responsible. But what if the temptation to spend plentifully with plastic — and the likelihood of forgetting about the eventual bill — is just too great?
There are options available to the credit-averse. You just have to know where to look — and be willing to try a few unconventional methods to build credit without a credit card.
These five strategies will help you get started.
1. Take Out a Credit-Builder Loan
Credit-builder loans allow you to take out a loan to increase your credit score. Instead of paying back cash you’ve already received, the lender will typically put the amount of your loan into a certificate of deposit (CD) account for one year. Each month, you pay a portion of the loan amount plus an interest fee. When the loan is paid off at the end of the year, you can unlock your CD and take out the cash, along with the interest that accrued.
There’s an initial fee, and you can expect a monthly interest rate of 10% to 15%. But those extras may be worth it in exchange for the payment history you’ll build up over the course of the year.
At The Penny Hoarder, we interviewed a man who saw his credit score jump 22 points in the first month after he signed up with Self Lender, an online credit-builder loan provider. In five months, his score went from 495 to 640. Another Self Lender user saw her credit score rise 100 points over the course of a year.
Beyond online services, you can also check your local community bank or credit union to see if it offers credit-builder loans.
2. Have Your Rent Payments Reported to Credit Bureaus
Rent typically doesn’t get reported to credit bureaus, but you have a few options to request that it gets tracked. After all, it’s probably the biggest bill you pay each month.
Ask your landlord to report your monthly payments through a service like RentTrack, Rentler or Cozy. You pay your rent through an electronic portal, and when you pay your rent on time, it automatically gets reported to all three credit bureaus.
Some of these companies allow you to pay your rent without even involving your landlord. If you sign up for RentTrack, the site will send your landlord a rent check on your behalf.
You can expect to pay a fee for the convenience. For instance, RentTrack charges $6.95 per rent payment. Meanwhile, Rentler’s online rent payment takes a $1.95 fee if you’re paying from a bank account. Pinch runs as an app for Androids or iPhones, and mails your rent check for free.
3. Become an Authorized User (on Someone Else’s Card)
This method requires teamwork with someone you trust. Credit card users can request that an authorized user be added to their account. This added user gets their own card and can make purchases just as the account holder can.
But be careful: If the account holder doesn’t pay the bill, your score will suffer alongside theirs. Plus, you might not be able to remove yourself from the account, so you have to be willing to team up for the long haul.
Want to build your credit without the temptation of using a credit card? Ask the account holder to keep your copy of the credit card. Out of sight, out of mind.
4. Get a Secured Line of Credit
Yes, you’ll have to use plastic to build credit with this method. But unlike a regular line of credit, this credit limit requires you to put down cash. Secured credit cards usually come with lower interest rates because you’ve already handed over collateral.
Solid secured credit cards report your payment, balance and other relevant behavior to credit bureaus. Be sure to shop around for a secured line of credit. Some charge exorbitant fees or neglect to mention that they don’t report your on-time payments to the credit bureaus.
5. Set Up Automatic Payments on Everything Else
Bills like car loans or student loans get reported to credit bureaus, so take note of those due dates. Bills like utilities and cell phones don’t get reported unless you don’t pay. If those bills go to collections, you’re likely to see your credit score drop.
Set up automated payments to reduce your risk of forgetting about your bills as an easy backstop to protect your finances.
Lisa Rowan (@lisatella) is a senior writer at The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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Beam Review: Can You Really Earn Up to 4% With This Savings Account?
The average savings account paid out a measly 0.08% in interest as of August 2018, according to the FDIC. That rate isn’t enough to help you build real wealth; it’s not even enough to keep up with inflation. Yet, that’s what the average bank account is offering now, which means some banks do offer a higher rate of return — the best online savings accounts, in particular, routinely pay out 1% to 1.5% — while others offer even less.
But one newer online bank has promised to change things up for consumers with an interest rate that’s much higher than they can get elsewhere, even online or in a certificate of deposit. With Beam Bank Accounts, eager savers can earn between 2% and 4% on the money they save up, the company has said. The 2% rate is guaranteed, but you’ll have to do a little work to get the higher rate. Is it worth it? We’ll let you decide.
How Does Beam Work?
By and large, Beam offers a bank account that has everything consumers should want — a higher than average rate of return, and no maintenance fees. Funds you deposit with Beam are insured by an FDIC-insured bank as well, so you don’t have to worry about losing money if the startup closes down or loses steam.
Speaking of “startup,” Beam is currently open for a private, invitation-only beta membership, though it’s accepting names for a waitlist. So, you can sign up to get started with Beam later on, but you can’t open an account quite yet.
When you do get a chance to open a bank account through Beam, you’ll need to link your account with that of another bank. Beam then sets up third-party access to your account, making it easy to move money to your Beam account when you’re ready.
From there, Beam promises a return of 2% APY, which is not bad at all. However, Beam offers the opportunity to earn a higher rate of return by being active in their app. Phillip Taylor of PT Money has been part of the private beta testing for Beam, and he says one way to interact with the app is to “accept free rewards” that can temporarily increase your interest rate. These rewards, called “Billies,” arrive in the evenings and can be claimed for a temporary boost to your APY. However, as Taylor notes, the increase is very short-lived: Your interest rate retreats to the normal 2% APY the next day. While Beam promises a potential return of up to 4% APY, Taylor says he has never received a return greater than 2.99% APY so far.
You can also boost your rate by referring other people to Beam, the app notes. How much? Nobody knows for sure, or for how long, so we’ll have to wait until Beam is fully released to find out more.
Other features of Beam:
- Once you can open an account, you can keep up to $15,000 on deposit. This amount is slated to increase to $50,000 once Beam is released to the general public.
- Beam promises unlimited fund transfers.
- Beam is easy to access online, and your funds are FDIC-insured.
How Can Beam Afford to Pay More Than Other Banks?
In case you’re wondering how Beam can afford to pay higher rates than other banks, they address this question in their FAQs. Because they don’t have brick and mortar buildings, excessive executive bonuses, employee perks, or a huge advertising budget, they avoid a lot of the overhead costs many of their competitors face. This means they can pass the savings on to consumers in the form of a higher return on their deposits.
Beam also claims that traditional banks earn 4% to 5% on your deposits, despite offering you only paltry returns in exchange. CFA Sam Huszczo of SGH Wealth Management said this is mostly true, since rising rates over the past two years have helped banks boost their “net interest margin.”
Federal Reserve figures show all banks earning an average of 3.23% on deposits as of early 2018. That’s not quite the 4% to 5% Beam claims, but it’s close, and a lot higher than the average 0.08% banks return to their account holders. It’s also an average, meaning some banks are earning more. Either way, Beam says it can pay more interest because it’s not an average bank.
Should You Consider Beam?
If you have money in a high-interest savings account and you aren’t earning at least 2%, it can pay to get on the waitlist for Beam. Once the company opens to the public, you can deposit up to $50,000 into one of these accounts, and you could potentially earn more on your deposits if you engage with the app by accepting rewards and referring friends.
While it can pay to deal with a local bank that has a brick and mortar location, an account with Beam would be a great place to stash your emergency fund, a travel fund, or any budgeting overages you have throughout the year. Basically, any cash that’s earning less than 2% APY would be better off in a Beam account since that’s the lowest return you’ll receive. And since Beam isn’t charging any fees to keep your money with them, you won’t have to worry about any.
Why You Should Wait on Beam
Still, Beam isn’t perfect and you may wind up being disappointed with the end result. You have to engage with Beam regularly to earn higher than 2%, they note, whether that means taking the time refer friends or to accept rewards each evening. Let’s face it; most people don’t want to spend their free time playing with a banking app to earn interest each day. And, if the deposit limit is truly $50,000 once Beam becomes public, then this account is somewhat limiting.
Another potential downside is that, while Beam doesn’t charge any fees for their accounts, you may incur fees from your other bank when you make transfers to and from your Beam account. You should make sure to check whether you’ll incur any fees before you sign up — especially if you’re someone who likes to transfer money back and forth between accounts regularly.
For those reasons, you may be better off with a regular high-interest savings account. Fortunately, there are many that offer up to 1.85% APY on qualified deposits without requiring you to refer friends or jump through any other hoops. Most of us want to set our savings on autopilot so we can focus on other aspects of our lives anyway, right?
The Bottom Line
If you’re angling to earn as much as possible on your savings and have the time and desire to fiddle with an app every day, consider signing up for the waitlist so you’ll be notified when you can open an account with Beam. Since these accounts don’t have any fees and are FDIC-insured, you don’t have a lot to lose by trying it out. And you may find you don’t mind taking extra steps to earn a little more than 2% part of the time.
Still, you should read the fine print and make sure your existing bank account won’t charge you for transferring money into a Beam account. This bank offers rates that are hard to beat with no fees, but the devil is often in the details.
Holly Johnson is an award-winning personal finance writer and the author of Zero Down Your Debt. Johnson shares her obsession with frugality, budgeting, and travel at ClubThrifty.com.
More by Holly Johnson:
- Here’s How Much the Average American Pays in Interest Each Year (It’s a LOT)
- The Surprising Figure That Can Torpedo Your Chances of Getting a Mortgage
- This Is Why I Can’t Have Nice Things: Life Is Way Easier Without Them
- Eight Money Mistakes the Middle Class Keeps Making
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"Which investment platform offers the best range of funds?"
A reader wants the widest variety of investment products and access to exchange-traded funds
Your guide to help beginners select an investment platform (in the June 2018 issue and online at Moneywise.co.uk/platforms-beginners) was very useful. But I read that Hargreaves Lansdown – your top pick for smaller portfolios – has removed hundreds of funds and investment trusts to meet new EU regulations.
For that reason, I am in search of a platform that has a comprehensive coverage of funds, investment trusts and, most importantly, ETFs (exchange-traded funds).
I have set my eyes on Interactive Investor (Moneywise’s parent company) – your best buy for larger portfolios and frequent traders – and I would like to know its coverage in competition with others.
Initial diagnosis
It’s true that platforms have had to meet stricter regulations on the investment products they offer. But Laith Khalaf, senior analyst at Hargreaves Lansdown, explains that this has affected all fund ‘supermarkets’.
“At the beginning of this year, new European regulations came into force which required certain investment products to publish a Key Investor Document (KID) if they wished to be available to UK retail investors,” he says.
“Unfortunately, a number of investment trusts did not meet this requirement initially. This was something which was required across the industry by regulation, not just by Hargreaves Lansdown. If an investment covered by the regulations does not produce a KID, no UK investment service can offer it to its clients.”
Jason Hollands, managing director of business development at Tilney Investment Management Services, adds: “While most popular investment trusts and many ETF providers did provide this information, some did not do so on time and therefore all retail investment platforms were obligated to suspend access to them, so this was an industry-wide issue, not a case of one or a few providers choosing to be obstructive.”
“ETFs are a great low-cost option for long-term investors”
Treatment options
When it comes to picking a platform, Hargreaves Lansdown provides access to 3,850 open-ended funds (OEICs or open-ended investment companies), investment trusts and ETFs. Interactive Investor, meanwhile, provides access to 5,643 open-ended funds, investment trusts and ETFs.
Beyond OEICs, trusts and ETFs, the platform offering the widest variety of investment products is AJ Bell, according to platform analysis by Platforum.
However, you also need to take into account cost, access, ease of use and the suitability of the products offered.
Elective surgery
In addition to fund choice, you mention a particular interest in ETFs.
Moira O’Neill, head of personal finance at Interactive Investor, explains that these are a “great option for long-term investors” because they “increase the range of sectors or markets available, typically at a low cost”.
Mr Hollands adds that ETFs “can be useful in providing exposure to liquid markets, such as US equities, very cost-effectively”. However, he cautions that ETFs aren’t the only cheap option for investors.
He says: “The growth of the ETF market has helped fuel a parallel price war among traditional tracker fund providers, and so the good news is that often these can have costs as low, if not lower, than equivalent ETFs, but also with no stockbroking dealing fees. So I think if you want to invest passively, it makes sense to select between ETFs and open-ended (OEIC) funds on a case-by-case basis, seeking out the best deal, rather than being dogmatic about only using ETFs.”
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