Introduction
Ally Invest is an online brokerage firm that provides self-directed and managed investment services for individuals and businesses. The platform offers access to a range of investment products, including stocks, ETFs, options, and mutual funds, with low fees and no account minimums. In this article, we’ll take a closer look at Ally Invest stock and how it’s performing in 2023.
The History of Ally Invest
Ally Invest, formerly known as TradeKing, was founded in 2005 as a discount brokerage firm. In 2016, Ally Financial acquired TradeKing and rebranded it as Ally Invest. Since then, the platform has expanded its offerings and improved its technology to provide a better user experience for its clients.
Ally Invest Stock Performance
As of mid-2023, Ally Invest stock (ALLY) has been performing well, with a year-to-date return of over 20%. The company has been able to maintain steady growth despite the volatility in the stock market, thanks to its low fees and user-friendly platform that appeals to both novice and experienced investors.
Ally Invest vs. Competitors
Ally Invest faces stiff competition in the online brokerage space from established players like Charles Schwab, Fidelity, and E*TRADE, as well as newer entrants like Robinhood and Webull. However, Ally Invest has been able to differentiate itself by offering some of the lowest fees in the industry, with stock trades costing just $4.95 per trade.
Ally Invest Managed Portfolios
For investors who prefer a more hands-off approach, Ally Invest offers managed portfolios that are designed and managed by a team of investment professionals. The portfolios are tailored to each client’s specific goals and risk tolerance, with a minimum investment of $100. The fees for the managed portfolios range from 0.30% to 0.70% depending on the portfolio’s size and complexity.
Ally Invest Cash-Enhanced Managed Portfolios
In addition to its standard managed portfolios, Ally Invest offers cash-enhanced managed portfolios that include a cash allocation in addition to the traditional asset allocation. The cash allocation is designed to provide a buffer against market downturns and to generate income from interest and dividends. The fees for the cash-enhanced managed portfolios range from 0.40% to 0.90% depending on the portfolio’s size and complexity.
Ally Invest Self-Directed Trading
For investors who prefer to manage their own portfolios, Ally Invest offers a self-directed trading platform that provides access to a range of investment products. The platform is user-friendly and offers a range of advanced tools and research to help investors make informed decisions. The fees for self-directed trading range from $4.95 to $0 per trade depending on the investor’s trading activity.
Ally Invest Education Center
Ally Invest also offers an education center that provides resources and tools to help investors learn about investing and improve their trading skills. The education center includes articles, videos, webinars, and interactive courses that cover a range of topics, from basic investing concepts to advanced trading strategies.
Ally Invest Customer Service
Ally Invest has a reputation for providing excellent customer service, with support available via phone, email, and live chat. The platform also has a comprehensive FAQs section and a community forum where investors can share their experiences and learn from each other.
Ally Invest Mobile App
For investors who prefer to trade on the go, Ally Invest offers a mobile app that is available for both iOS and Android devices. The app provides access to all of the features of the desktop platform, including trading, account management, and research tools.
Ally Invest Pros and Cons
Like any investment platform, Ally Invest has its pros and cons. Some of the pros include low fees, user-friendly platform, and excellent customer service. Some of the cons include limited investment options and a lack of advanced trading tools compared to some of its competitors.
Conclusion
Overall, Ally Invest is a solid choice for investors who are looking for a low-cost, user-friendly investment platform with excellent customer service. The platform’s managed portfolios and education center are also great features for investors who prefer a more hands-off approach or want to improve their investing skills. However, investors who require access to a wider range of investment products or advanced trading tools may need to consider other platforms.
