Investing apps can foil financial planning

New investors need at least two things: money and confidence. But many beginners, especially younger people, lack both. What they do have are investing apps, carefully designed to plug those holes by removing minimum investment requirements and adding a little encouragement. One company, Acorns, will literally invest your small change.

These apps bring what has historically been a rich person’s game to the masses — fund companies, brokerages and financial advisory firms have long locked out small-dollar investors. The problem: Many people may not be ready to invest and, if they are, an investing app alone isn’t the best place to do it.

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