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Monarch
- Last updated: 10 Jun 2024
What is Monarch?
Monarch is a finance management platform designed to simplify budgeting, investment tracking, and financial planning. It enables seamless collaboration between users and their financial advisors or partners, while AI assists in organizing transactions.
With Monarch, users have access to a suite of tools such as customizable budgets, net worth tracking, and subscription management. The platform provides detailed financial reports and visualizations to improve financial clarity.
The service also emphasizes security, with robust measures to protect financial data. Monarch’s mobile compatibility ensures users can manage their finances on-the-go.
Monarch use cases
- Individuals managing personal budgets and tracking expenses.
- Partners jointly monitoring financial objectives and investments.
- Financial advisors managing client portfolios and plans.
- Users switching from other financial platforms looking for enhanced features.
- Investors analyzing portfolio performance and asset allocation.
Monarch functionalities
- Custom Budgeting: Modify categories and track spending.
- Collaboration Tools: Invite partners or advisors securely.
- Investment Tracking: View performance and allocation.
- Goal Progression: Assign accounts to monitor goals.
Pros and Cons
Pros
- AI-assisted transaction organization
- Multiple financial tracking features
- User-friendly interface and collaboration
- High-level financial data security
Cons
- No mention of offline functionalities
- Dependent on online financial aggregators
Monarch pricing
| Feature name | Monthly | Annual |
|---|---|---|
| Price per month | $14.99 | $8.33 |
| Bank connections | Unlimited connections | Unlimited connections |
| Collaborators | Unlimited collaborators | Unlimited collaborators |
| Transaction rules | Unlimited rules | Unlimited rules |
| Customer support | Priority email support | Priority email support |
Monarch reviews
Monarch Money has a blend of strong points and significant shortcomings. Users appreciate its money management features, like automatic transaction categorization and no advertisement interruptions, particularly those coming from Mint. These features along with a smooth migration process for Mint users have attracted a certain user base that values detailed financial tracking despite the subscription cost.
On the flip side, a major grip for many revolves around technical glitches and unreliable financial institution connections. Issues with transactions being deleted or duplicated and frustrations with an often unresponsive user interface have left users needing to double-check their financial data constantly. Furthermore, reaching customer service for help has proved to be slow, adding a layer of inconvenience.
International users face additional barriers, including the lack of banking connections and no support for currency conversion, making the app less useful outside the USA.
Considering the varied experiences, Monarch Money’s verdict stands at mixed. For users within its operational regions looking for detailed, ad-free financial tracking, it could be a worthy investment. Nevertheless, the app’s technical issues and poor international support make it a less reliable choice for a broader audience seeking seamless and inclusive financial management solutions.
User reviews
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Monarch FAQ
Can users collaborate on Monarch accounts?
Users can invite an unlimited number of collaborators to join their household accounts.
Is Monarch accessible on mobile devices?
Yes, Monarch can be accessed on iPhone, iPad, and Android devices.
Does Monarch cater to financial advisors with its features?
Monarch provides functionalities tailored for financial advisors including collaborative client management.
Can investment accounts and net worth be tracked in Monarch?
Monarch allows users to sync investment accounts and track their net worth.
Are financial goals manageable within Monarch?
Users have the ability to set, manage, and track unlimited financial goals.
Is tracking property values possible on Monarch?
Monarch enables property value tracking through integration with Zillow Zestimates.
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About the author
M. Kooiker
As an experienced online marketeer with a longstanding interest in AI, I've immersed myself in the latest AI advancements in recent years. Passionate about innovation, I actively test AI tools and dedicate myself to guiding users in selecting the right technology. My mission is to connect people with cutting-edge AI solutions.