Interactive Brokers has upgraded its portfolio management tool by integrating a retirement planner. This addition is a significant upgrade to the platform, which already provides analytics and a unified view of users' finances.

Customizing Financial Data

The new offering seeks to enhance retirement readiness by allowing users to customize financial data and set personalized goals. With this latest update, users can reportedly utilize the retirement planner to assess their preparedness for retirement.

According to a statement by the company today (Wednesday), the tool allows individuals to input detailed financial data and evaluate if their cash flow will sustain their retirement plans. By offering a personalized approach, the retirement planner helps users to set and track their financial goals effectively.

Commenting about the new offering, Steve Sanders, the EVP of Marketing and Product Development at Interactive Brokers said: “Portfolio Analyst presents a clear and comprehensive picture of holdings and assets. Anyone from a skilled trader to a beginning investor can use it to track and evaluate their portfolios, manage their finances, and achieve financial success.”

Portfolio Analyst supports a wide range of accounts, including brokerage, bank, credit cards, and more. By linking over 15,000 financial institutions, it provides a detailed snapshot of all assets and liabilities. The platform's multi-custody solutions and customizable reporting features aim to offer insights into risk metrics, benchmarks, and performance attribution.

Features

The addition of the Retirement Planner aligns with the Portfolio Analyst's goal to make advanced portfolio analytics accessible to all investors. Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers, highlighted the tool's versatility. The platform's integrated tools support users in tracking their portfolio allocations, rebalancing, and ensuring their financial strategies align with long-term retirement objectives.

Recently, Interactive Brokers reported impressive financial results for the second quarter of 2024, highlighting an expansion in earnings and revenues. The brokerage firm posted a diluted earning per share (EPS) of $1.65, a 37% jump compared to $1.20 in the same period last year.

IB’s EPS was $1.76, a 33% YoY rise from $1.32. The company had a net revenue of $1,230 million (23% YoY increase), with adjusted net revenues reaching $1,290 million (21% YoY increase), compared to the prior year's $1,000 million and $1,064 million, respectively. Besides that, the brokerage giant partnered with HSBC to allow clients to access the global trading markets on a single platform.