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How much does it cost to build a wealth management app?

Standard price for a wealth management app: $37,500

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What is a wealth management app?

A wealth management application is a web or mobile application that enables users to manage their wealth. Wealth management apps typically include interfaces for viewing the value of user portfolios, receiving investment recommendations, and viewing account transactions.

Wealth management apps are similar to financial planning, tax preparation, and budgeting apps. Popular examples include Personal Capital and Mint.

Here are some recent wealth management app examples built with Xperts:

  • A financial app with some social media aspects. The main focus is to aggregate all investment and bank accounts in one resource to help users track their net worth. Users can also build profiles that can link to their portfolio if they want to share it on social media.

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What is the typical cost to build a wealth management app?

A wealth management app usually costs $37,500 to build. However, the total cost can be as low as $25,000 or as high as $50,000. A wealth management app with a low number of features (also known as a "minimum viable product", or MVP) will be more affordable than an app that includes all intended functionality.

For example, here are some recent wealth management app price quotes from Xperts:

  • $35,500

Here are some considerations that may impact the cost of a app:

How long does it take to build a wealth management app?

A wealth management app usually takes 473 hours to build. However, a wealth management app can be built in as few as 280 hours, or in as many as 667 hours. The exact timeline mostly depends on how complicated your app is. As a general rule, it will take longer if you require highly custom designs, niche features, or non-standard release platforms.

For example, the most recent wealth management apps built with Xperts received the following hourly estimates:

  • 473

How to successfully grow your wealth management application

A wealth management app can acquire new customers by marketing to relevant demographics. Wealth management apps, which typically target wealthy individuals, typically use social media as a marketing channel. For example, Facebook can be used to reach out to wealthy individuals who work in finance or other related industries. Wealthy investors may also prefer to receive information from wealth managers via email, rather than through mobile apps. In order to attract existing customers, wealth management apps should provide their users with tools for reviewing the performance of their portfolios and ask them to provide feedback on the quality of customer service provided by the app.

Risks and challenges of building a wealth management application

A wealth management app faces legal risks related to the handling of client funds and securities. Before creating a wealth management app, you will want to ensure that your solution is compliant with all applicable laws and regulations for transferring funds and securities. You will also want to be certain that you have processes in place for monitoring transactions and flagging suspicious activity. It is advised that wealth management apps implement mandatory annual security audits, perform routine penetration tests on their APIs, encrypt data at rest, and provide users with strong password policies. It is generally advised that developers avoid building custom authentication solutions when using third-party services like Google or Facebook login to authenticate users since these platforms are already certified by regulators as secure enough to handle users’ sensitive information.

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