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Ghostfolio: Open-source wealth management software

ghostfol.io

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Re: Ghostfolio: Open-source wealth management software

#51

Post by mushufasa »

jollyjerry wrote: post #49
mushufasa wrote: post #40

Earlier quoted context omitted.

Yes I've done a lot of customer discovery interviews in this space, and what resonates is a quote: "People like spending their money, not spending time with it." Outside of people who money manage for a living, most analysis tools seem to fit into a "low frequency, low pain" problem for individuals in the "retail" segment. UHNW have so many assets they need tailored help. And people with huge pain in debt don't have…

Ya the people I talked to that enjoyed tinkering were FIRE enthusiasts or bogleheads. But that felt more like entertainment and community rather than looking for a solution to a specific problem. I talked with small financial advisory firms (1-3 advisors) to see if there were some backend tools to help them with client work. There's some initial data gathering and entry, but the value is the coaching and psychology r…

Yes I think that is very true about advisory. In the retail space a lot of the value prop for an advisor seems similar to a personal trainer -- someone to keep you accountable. At the "more money, more problems" level, advisors actually do become busy executing specific tasks -- monitoring and trading multiple accounts, negotiation among family members, real estate agents, or PE firms... -- tech is empowering advisors to do more rather than replacing them.

Re: Ghostfolio: Open-source wealth management software

#52

Post by ebiester »

skippyboxedhero wrote: post #46
toolz wrote: post #32

Earlier quoted context omitted.

Everyone in my family with a net worth over 5MM self-manages their assets. Many financial advisors/managers are percentage based commission which ends up being about as close to a scam as you can get without it being unethical. (very much just my own opinion here) I don't trust industries that use ignorance to line their pockets, which is why I manage my own wealth.

Worked in wealth management (and am now building something similar to the OP but from a totally different direction), it is a complete scam. The original comment says that no-one is using apps...what do you think wealth managers use? Wealth managers are usually the same products that are re-skinned for professional use with a few added features that most advisors should know how to do themselves...but usually don't (…

So, then, who are the right people for the kind of financial questions that require experience but don't need an ongoing relationship? (For example, someone who has an existing IRA but would like to convert it as to later take advantage of backdoor Roth conversions - it's a complex modeling exercise that's probably simple for an expert but hard to get right for someone who will need to do it precisely once in their life.

Re: Ghostfolio: Open-source wealth management software

#55

Post by ochoseis »

Two things I’ve learned after 15 years of working starting during the GFC:

- It’s counterintuitive, but during your saving years you’re better off if the market’s doing poorly because everything’s on sale. If you’re retired you want the opposite.

- Frequently looking at your net worth is a big distraction. Just focus on the things you can control, like your savings rate and expenses.

Re: Ghostfolio: Open-source wealth management software

#56

Post by mcshicks »

ra7 wrote: post #27

How does this compare to Beancount + Fava?

I very much wondered the same thing. I've had a couple of occasions where I really wanted a numerical answer to some finance questions, like for instance keeping an IRA vs paying taxes and converting to Roth. And I want it to take into account my tax burden, how much cash I have available, etc. The simplest way for me to do it was python scripts and Beancount + Fava. I don't even try and use it for keeping track of my finances, I use quicken for the simple reason that I know my spouse can use it as well. I didn't see "tax planning" on the features for Ghostfolio, this seems so very basic to me that I couldn't consider using it. I understand why in a way, there are so many situations. Of course if I only have to model my particular situation it's much simpler to just write a simple model in python.

Re: Ghostfolio: Open-source wealth management software

#57

Post by [deleted] »

otoburb wrote: post #10

The GitHub link is: https://github.com/ghostfolio/ghostfolio The premium hosted edition of this service isn't inspiring confidence if their front page, presumably residing within the same cloud infrastructure, can't handle the HN hug of death. Operational issues aside, I love seeing open source self-hosted breaking into retail wealth management. Right now, it seems everybody I speak to that isn't a professional or in…

[deleted]

Re: Ghostfolio: Open-source wealth management software

#58

Post by olejorgenb »

darau1 wrote: post #45

Anybody care to define "wealth management" as opposed to run-of-the-mill personal accounting? Why would I use this instead of ledger[1], for example? - [1]: https://ledger-cli.org/doc/ledger3.html

Can ledger track performance over time (which I assume Ghostfolio can). Does ledger (or the eco-system around) come with integration towards sources which categorize assets, and can it easily give a breakdown of the exposure according to such categorizations (per industry, per region, etc.)?

Re: Ghostfolio: Open-source wealth management software

#59

Post by jollyjerry »

mushufasa wrote: post #51
jollyjerry wrote: post #49

Earlier quoted context omitted.

Ya the people I talked to that enjoyed tinkering were FIRE enthusiasts or bogleheads. But that felt more like entertainment and community rather than looking for a solution to a specific problem. I talked with small financial advisory firms (1-3 advisors) to see if there were some backend tools to help them with client work. There's some initial data gathering and entry, but the value is the coaching and psychology r…

Yes I think that is very true about advisory. In the retail space a lot of the value prop for an advisor seems similar to a personal trainer -- someone to keep you accountable. At the "more money, more problems" level, advisors actually do become busy executing specific tasks -- monitoring and trading multiple accounts, negotiation among family members, real estate agents, or PE firms... -- tech is empowering advisor…

I like Arta's pitch as a "digital family office" that handles more than just investments. Managing investments is still table stakes, but they also throw in estate planning and other offerings that a traditional financial advisor would offer.

I tried Titan a while back and found that less compelling as a "hedge fund / active management roboadvisor". It didn't seem to differentiate sufficiently from the passive roboadvisors or what traditional wealth management could offer.

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