Mint.com's Plans For Portfolio Recommendations

I asked Mint.com whether they would be adding some features to their new investment tracking tool similar to what they do with credit cards and banks. When you add your credit cards and banks to Mint, it has a section where they recommend different credit cards to switch to and show you how much savings or lower APR you can get. In response, CEO Aaron Patzer said that in the future they will identify the lowest cost brokerage for you based on how often you trade and with how much money, as well as, and, this is very important, exposing management fees and expense ratios.Very cool. Investors could really benefit by such transparent access to investing-rleated feesFor a good perspective on how fees can really chew up your nest egg, read our post, “How Your 401(k) Is Ripping You Off

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  1. Corydon says:

    Um…am I the only one who’s a bit concerned about providing full and complete access to all of your financial information to some website?

    Is this really wise? Where are they making their money if the site is “free”?

    And if this hasn’t been thoroughly checked out, why is the Consumerist shilling for them?

  2. B says:

    @Corydon: Mint makes their money off recommendations. For example, they could recommend that you switch from AT&T to Verizon to save a little on your wireless bill, and if you make the switch, they get a commission. Now, with the investing part, they’ll be able to make those same commissions if you move your 401k or IRA or other investments to a different brokerage house.

  3. Dave-O says:

    Investment tracking is all well and good, but when are they going to let us make our own personalized categories. It seems like an easy and obvious and very helpfull feature. And I just feel silly marking my piloting lessons as “Veterinary” expenses to keep them seperate from air travel expenses.

    Ok, I’m done ranting.

  4. B says:

    @Dave-O: Can’t you mark them as educational? As you’re learning how to fly.

  5. facted says:

    @Corydon: Also, mint doesn’t store your login and passwords at all. That info is stored by Yoddle, which is the backend that is used by many banks including Bank of America.

  6. captainleah says:

    if you are not going to let me post please delete my account

  7. dalejo says:

    @facted: But all your data and identifiable personal information is visible to Mint since they obviously use that data to make their recommendations.

    I definitely don’t get why Gawker falls all over themselves on this site – how about some full disclosure?

  8. facted says:

    @dalejo: Your monetary transactions are available. However, your identifiable personal information is not avialable. All of your personal information is stored on Yoddle and Yoddle takes care of passing the data.

    For more info: [forums.mint.com]

  9. dalejo says:

    @facted: Given Mint’s track record of not responding technically to technical questions, I wouldn’t take their word for it. Yodlee has access to personal data, why would Mint not? You can potentially get this at other sites that use Yodlee.