As your financial life gets more complex, you'll probably have bank accounts, investments, and loans across several different companies. But how can you manage your finances when you can't see everything all together? Financial account aggregators offer a solution that can help empower you to feel more confident and in control when managing your money.
Investing strategies
Financial account aggregators: Simplifying your finances
Financial aggregators display info from a variety of accounts in one place. Here's what they are and how they can help you make better money decisions.
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What's a financial account aggregator?
A financial account aggregator (also known as a financial data aggregator, financial aggregator, or account aggregator) is typically one piece of an app or other online service that brings together information from a variety of financial accounts into a single dashboard-like view, allowing you to get a more complete picture of your financial situation.
Aggregators can display information on various types of financial accounts, including:
- Bank accounts.
- Brokerage accounts.
- Retirement accounts, such as IRAs or 401(k) plans.
- Mortgages.
- Student loans.
- Car loans.
- Credit cards.
To use an aggregator, simply add your online account credentials (ID and password) for each account on the aggregator app or online platform. In the future, when you log in, the aggregator will retrieve all of your updated information.
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How does a financial account aggregator simplify your life?
Having just one place to look for your financial information saves you time—and knowing exactly what's going on with your money can help you reach the goals that are important to you.
Aggregators are usually just one piece of an app or service that aims to help you make more informed decisions about your financial life. In addition to showing you a holistic picture of your finances, they can give you insights and help identify things you can do differently in the future to support your goals.
Depending on what you're trying to accomplish, there are products with different focuses:
- Budgeting apps and services can help you manage the day-to-day flow of your money by linking bank and billing accounts. You can use these apps to see where your money is going, make sure payments are made on time, decide what you have available to spend at a given moment, and start building your savings.
- Investing and financial advice apps and services can help you meet bigger, long-term financial goals by linking your investment and debt accounts (for example, mortgage and student loans). You can use these apps to set and track financial milestones, make a plan to pay off debt, and maximize your savings.
For example, Vanguard Digital Advisor® manages your investments for you to help you meet your financial goals. As part of the service, an aggregator pulls in your outside investment and loan accounts so we can offer guidance on your priorities like building emergency savings and paying off debt1—then we can tell you whether you're on track to meet the goals you've set.
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What should you look for in a financial aggregator?
While account aggregation basically works the same way everywhere, the apps and services that incorporate it can vary quite a bit. You'll want to consider questions like these as you find the right one for you:
- What are you trying to do? Do you want to know how much you spend on coffee every month or whether you can buy a house in 5 years without sacrificing your retirement savings? Look for a service that has all the features you need to accomplish your goals.
- Is it secure? You'll need to provide login information for your accounts, so look for a trusted company that has a good reputation for security.
- What does it cost? Some aggregators are free but support themselves through advertising or trying to upsell you on paid products. Some have fees. Make sure you clearly understand any costs and whether the company is allowed to share or sell your personal information.
- Does it have a good reputation? As tech becomes more advanced, the number of aggregators has exploded. Look for one that comes highly recommended by friends and industry experts.
Get more power for your financial future
Making a solid plan is only possible when you have full clarity about your current financial situation, where you want to be, and what you can do to get there. Aggregators can empower you to make confident, informed decisions and see the results for yourself.
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1Vanguard Digital Advisor's debt payoff calculator helps you project the impact of different fixed-rate debt payments over time. To analyze your debt payments, you'll use a third-party aggregation service. There are limitations to the aggregated information, including the inability to carve out any escrow payments. There also could be missing or inaccurate information, such as taxes and insurance, which you'll need to closely review when using the calculator.
All investing is subject to risk, including the possible loss of the money you invest.
Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose trust company.
The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI's Form CRS and each program's advisory brochure here for an overview.
VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses.