LAST UPDATED: June 27th, 2019
LearnVest is an online personal finance utility that allows users to track spending and budgets. It also gives you access to a financial planner that can view your account and who is a real human being. Users link their financial accounts, including bank accounts, credit cards, investment accounts and loans to the site. LearnVest then uses data from the accounts to give you a comprehensive picture of your financial health. Especially when you use the budgeting page diligently, you’ll be able to manage your money effectively with this tool.
- Great interface
- Education and classes
LearnVest is an online personal finance utility that allows users to track spending and budgets and gives you access to a financial planner that can view your account. Users can implement their personal finance management tactics to help see their savings grow and reduce debt.
You also have the ability to manually enter your transactions if you don't (or can't) link an account. Surprisingly, that's not available with some competitors. Here are some other highlights associated with LearnVest.com:
- Free 15-minute financial advisor consultation upon registration
- Straightforward set-up with automatic account syncing
- Simple and streamlined dashboard interface
- Ability to manually enter transactions if you can't or don't want to automatically sync them
- Monthly classes to increase financial education
- Personal challenges to improve your numbers
LearnVest offers a free, 15-minute consultation with a financial advisor upon registration. One of LearnVest's unique qualities is the client's access to a finance planner. These planners help make financial goals and keep clients on track.
As far as setting up the account and adding your banks, loans and mortgage, it's very straightforward. You search for your bank and enter your login information to have your account sync with LearnVest. The Dashboard is streamlined and simple, making navigating your accounts easy. It is able to sort transactions into categories like food, entertainment, and utilities.
A paid LearnVest membership will give you "classes" every month that can help you learn, although we're not sure if a class is anything more than a video. You can also "challenge" yourself, which means you set up tasks to complete with the aim of improving your numbers. There are a number of extra resources you can take advantage of when you shell out a fee every month.
Finovate, Forbes, Time and TechCrunch are among those that recognize LearnVest for its usefulness and innovation. LearnVest lets you set up a budget as it relates to your savings or repayment goals. You can also prioritize your spending. LearnVest knows what kinds of expense each transaction is, so you can budget for "restaurants" or "hotels". LearnVest is also capable of helping you set up personal "challenges", which are tasks to help you improve your numbers each month.
- No Android app
- High cost of membership
- No alerts
The cost of a membership is higher than many other personal finance tools. There's a $299 setup fee and an additional $19 per month fee for a personal planner.There's currently no Android app available, which eliminates a portion of potential clients.
It's heavily focused on your budget and paying back loans. Many LearnVest users have some kind of loan and are trying to figure out a financial plan to repay those loans. Because of this, LearnVest communicates with you, but mostly about educational and lifestyle-oriented content they want you to read. It's not geared towards alerting you about receiving dividends or reaching a designated balance in a bank account. In fact, there are virtually no alerts whatsoever about your accounts.
The Bottom Line
LearnVest a useful resource for anybody with goals to meet, such as a savings goals for the kids' education, or loans to pay off. It puts all your information in front of you, so you can see where you are and where you need to go. You'll get an idea of how long it will take to get there, based on your budget. This service is for those who want to get out of debt or save more without taking on risk, and learn a thing or two in the process. Consumers that use LearnVest can expect the following from the platform:
- Step-by-step assistance through set-up
- Uniquen and effective budgeting tools
- No alerts
- Cost for membership
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