Is You Invest Trade Right for You?
There is a lot to admire about You Invest Trade by JP Morgan. Whether it is the $0 commissions or the beginner-friendly user interface, You Invest is a welcoming brokerage in 2020. This platform helps beginners build a diversified portfolio and understand the market. They also offer “You Invest Portfolios” for investors who would prefer a managed portfolio. These features are admirable and competitive in the 2020 landscape, however, there is one thing holding the platform back.
There has been a surge of commission-free brokerages, such as Robinhood and WeBull Finance, tailoring to beginners. Whether it is Robinhood who has a ridiculously easy setup, or Webull who tailors more towards the intermediate-to-advanced user, their platforms are heavily optimized for mobile and the web. Having their own separate applications for iOS and Android, as well as their own web trading platform, these brokerages are easily accessible anywhere. Having their own platform gives them the upper-hand to diversify marketing and focus on the development of their service in a more streamlined way. With You Invest by JP Morgan, the users and the company do not have these luxuries.
Here’s What’s Missing
You Invest by JP Morgan is directly linked to the Chase website and mobile application. Some may see this as a great thing; if you bank with Chase, your investments and financials are all in the same place. Having an all-in-one experience for Chase’s customers can be beneficial, but how is the trading experience this way? Poor at best.
We at Hustly understand the reason why You Invest is linked with the Chase application, however, it’s execution is poor. Acorns is another example of a platform that has banking and an investment platform in one app, however, Acorns’ business model is focused around managed portfolios only, whereas You Invest offers managed and unmanaged portfolios. Those of us who are not using a managed portfolio with You Invest would like the ability to quickly trade, which isn’t possible when it’s linked to the Chase application. This isn’t even mentioning the fact that Chase’s application loads very slow making for an overall unpleasant experience. Maybe it is just me noticing these things, though the point still holds true: You Invest needs to have a separate application.
Considering the many brokerages out there, the one who did this style right is TD Ameritrade. While they are a part of TD Bank, their trading platforms are both outside of the TD Bank application. With Ameritrade, you can choose from the main platform or the advanced platform: ThinkOrSwim. This is a great alternative to investing through one large application such as Chase’s and we hope that one day You Invest will separate from its current application.
While I have a You Invest account, I use it for long-term growth. I do this because the mobile trading experience is poor, so I made this account my set-and-forget portfolio. I mostly invest in ETF’s and larger tech stocks such as AAPL and TSLA. If it becomes a more dedicated trading platform in the future, I will consider using the service more frequently, but until then, I’m sticking with Robinhood and ThinkOrSwim.