SmartAsset is a personal finance website that offers a variety of tools to help you manage your money. You can use SmartAsset to calculate your taxes, find out how much you can afford to borrow, and more.
In this review, we’ll take a closer look at what SmartAsset has to offer and compare it to other similar products. We’ll also discuss the pros and cons of using SmartAsset, answer some common questions you may have, and go through some SmartAsset reviews written by users. Finally, we will give you our verdict on whether or not we think SmartAsset is worth your time.
So, let's get started!
Excellent guides and educational resources
- Completely free
- Investment calculator
- Great educational resources and guides
- Retirement calculator
- No mobile app
- Must book a consultation to learn about advisor fees
What Is SmartAsset?
SmartAsset is a financial technology company that provides online tools to help users make better financial decisions. The company was founded in 2012 and is headquartered in New York City.
SmartAsset's flagship product is a free online tool that allows users to compare a variety of financial products, such as credit cards, loans, and investment accounts.
The tool relies on user-provided information to calculate personalized recommendations. In addition to the online tool, SmartAsset also offers a blog and a podcast, which provide further guidance on personal finance topics. The company has been recognized by Forbes, TIME, and Mashable as one of the best websites for personal finance information.
How Does SmartAsset Work?
SmartAsset's online tool uses your personal information to provide tailored recommendations for financial products. To use the tool, you will need to provide some basic information about yourself, such as your age, location, and income.
On top of that, you will also need to answer some questions about your financial goals and objectives. Based on this information, SmartAsset will review and generate recommendations for different financial products that may be suitable for you.
For example, if you are looking for a credit card with the lowest interest rate, SmartAsset will compare a number of credit cards and provide you with a list of options that meet your criteria.
If you are interested in learning more about a particular product, you can click on the "Learn More" button to be redirected to a page with more information.
As a leading financial advice website, SmartAsset is dedicated to helping people make informed decisions about their money. One way the company does this is by offering users access to an extensive database of financial information, where it discusses complex subjects in a simple way that’s easy to understand for the average person.
All SmartAsset features are divided into six main categories:
- Home buying
In the retirement section, for example, you can find calculators to help you estimate how much money you will need to save for retirement, as well as articles that explain the different types of retirement accounts.
Meanwhile, the retirement calculator can help users determine how much they need to save for retirement and how to make the most of their retirement savings.
SmartAsset also has a mortgage calculator that can help users compare various mortgage options and calculate their monthly payments. On top of that, SmartAsset’s investment calculator can help users assess their risk tolerance and develop an investment strategy that meets their needs.
Ultimately, if you're looking for advice on investment management, saving for retirement, or taking out a mortgage, we encourage you to check out its articles and tools. We're confident you'll find the resources you need to make informed choices about your money.
How Much Does SmartAsset Cost?
As we previously mentioned, SmartAsset is a free service. There is no charge or subscription, and there are no hidden fees. Everything is free to use, from the calculators and budgeting tools to the articles and advice.
So, how does SmartAsset make money? Essentially, the company generates revenue through lead generation. This means that, when you click on the "Get Started" button for a particular product, you may be redirected to a partner site where you can apply for that product. And while the service is free for users, the company does charge its partners a fee for each lead generated.
Pros and Cons of Using SmartAsset
There are several advantages to using SmartAsset.
- The platform offers a range of powerful tools that can help you make informed decisions about your finances.
- The company is dedicated to providing accurate and up-to-date information about various financial products.
- SmartAsset’s online tools are easy to use and free to access.
However, using the SmartAsset concierge service also has a few potential drawbacks.
- The platform relies on self-reported information, meaning that the recommendations may not be ideal.
- The platform is only available in English, which may not be suitable for non-native speakers.
- SmartAsset does not have a mobile app, which can be a deal-breaker for some users.
Who Is SmartAsset For?
SmartAsset is a good choice for anyone who wants to get a better handle on their finances. The platform offers a variety of personal finance tools, including a retirement calculator, an investment tracker, and a mortgage refinancing calculator.
It's also great for people who are looking to compare financial products side-by-side. For example, you can use SmartAsset's mortgage calculator to compare mortgage rates from various lenders. This is a great way to save money on your mortgage and get the best rate possible.
SmartAsset tools are just one of the reasons we think SmartAsset is an excellent option for all those who want to take control of their finances. We also love that the company offers a free service with no hidden fees. And while there are some drawbacks to using SmartAsset, we think the advantages far outweigh any potential negatives.
How Does SmartAsset Compare to Similar Products?
There are many different financial planning and advice platforms available today. So how does SmartAsset compare to its competitors?
SmartAsset vs. Personal Capital
Both SmartAsset and Personal Capital offer a variety of services and tools to help you manage your finances, but there are some key differences to consider.
SmartAsset is focused primarily on providing advice and guidance, while Personal Capital focuses more on giving users the ability to track their progress and stay on top of their finances. SmartAsset offers more personalization, while Personal Capital provides more detailed data tracking.
Ultimately, choosing between these two products will come down to your needs and preferences. If you're looking for general guidance, then SmartAsset is the better choice. But if you're looking for a more comprehensive financial tracking tool, then Personal Capital is the way to go.
SmartAsset vs. Facet Wealth
Facet Wealth is another financial planning and advice platform that offers a range of services similar to SmartAsset. However, there are some key differences between the two companies.
Facet Wealth charges a flat annual fee for its services, while SmartAsset is free to use. With SmartAsset, you can answer questions about your financial situation and goals, and the company's algorithms will provide you with customized recommendations.
Facet Wealth, on the other hand, is a human-based financial planning firm. That means that, instead of relying on technology, Facet Wealth provides its clients with one-on-one support from certified financial planners.
So if you're looking for more personal attention when it comes to your finances, Facet Wealth may be a better option for you.
So, what is our verdict on SmartAsset? Overall, we think it’s a great personal finance tool and educational resource. It’s free to use and packed with features that can help you save money and plan your financial future.
However, it’s not perfect - there are a few things we think could be improved. Unfortunately, SmartAsset has no mobile app, so if you want to access your account on the go, you’ll have to use the mobile website.
Another thing to keep in mind is that SmartAsset is a US-based company, so if you’re based outside of the States, some of the features (such as the tax calculator) won’t be relevant to you.
Overall, we think SmartAsset is a great choice for anyone looking for assistance with their finances. So why not give it a try? It's free, after all!
Is SmartAsset legit?
Yes, SmartAsset is a legitimate company. It is registered with the Securities and Exchange Commission and is dedicated to helping people make informed financial decisions. However, keep in mind that SmartAsset is not a financial advisor; it simply connects you to one.
On SmartAsset’s website, users can also take advantage of numerous educational resources that can help them make informed decisions about their finances. But, at the end of the day, you should still consult with a financial advisor to get the best advice for your specific situation.
What is the difference between a financial advisor and an RIA?
A financial advisor is someone who provides guidance and advice on financial matters to individuals or businesses. They may be compensated through fees, commissions, or a combination of the two.
An RIA, or Registered Investment Advisor, is a type of financial advisor that must meet certain regulatory requirements and fiduciary standards. RIAs are usually compensated through fees and are not allowed to receive commissions or other forms of compensation that would create a conflict of interest.
Does SmartAsset have an app?
Unfortunately, SmartAsset does not have a mobile app at this time. However, its website is mobile-friendly, and you can access all the same features on your mobile device.
According to many customers' SmartAsset reviews, the mobile website is user-friendly and easy to navigate. So, even though there’s no app, you can still use SmartAsset on the go.
What are SmartAsset's fees?
SmartAsset does not charge any fees for its services. It is compensated by the financial advisors it connects you with. These advisors may charge fees for their services, which will be disclosed to you before you commit to working with them.