Many people ask how to automate their investments with Etrade.
While it’s not currently possible to buy regular stocks automatically in Etrade, FinTasks allows you to automate your Etrade stock buying with automated recurring stock buying.
In this article, I am going to show you how to automate your investments in your Etrade account.
Does Etrade have Automatic Investments?
Yes, Etrade does have automatic investments, but it’s only limited to their mutual funds. Their auto investment plan (AIP) is explained below.
You can not buy regular stocks or equities automatically with Etrade but FinTasks allows you to connect to the Etrade API and buy stocks automatically on your schedule.
Why Set up Auto Investments?
Regular investing in stocks, ETFs and index funds can grow your wealth and allow your money to work for you.
The only true way to be successful investing in making regular investments into 401k, IRA and brokerage portfolios.
When you set up automatic investments your money will grow on autopilot while you live your life. Whether you invest $50 a month or $5,000 a month, automatic investing can grow your wealth over time.
Auto Investing with Etrade’s Automatic Investment Plan (AIP)
If you are ok auto investing into a mutual fund then you can use Etrade’s AIP plan to automatically deposit money into a mutual fund account.
Choose the type of account that you want to create. You can choose from brokerage or retirement accounts.
Enter in all of your personal information making sure it is all correct. Once you are complete, click the submit application to send your account request to Etrade.
They will look at your application and approve your account. This can take anywhere from instantly to 20 minutes. Once your account is approved, you will need to fund your new mutual account.
Now go to this page at Etrade and click Get started.
Choose which account you want to set up automatic investing for.
Now you will need to choose a mutual fund to auto-invest in. Here is a large list of the mutual funds you can invest in. Be sure to choose a fund with NTF (no transaction fees) and a low expense ratio.
Best Mutual Funds for AIP
Here are some of the best mutual funds I would suggest:
- Wasatch Micro Cap (MUTF: WMICX)
- Fidelity Low-Priced Stock (MUTF: FLPSX)
- Dodge & Cox Stock (MUTF: DODGX)
- Primecap Odyssey Stock (MUTF: POSKX)
- T. Rowe Price Blue Chip Growth (MUTF: TRBCX)
- T. Rowe Price Communications & Technology (MUTF: PRMTX)
Now you simply pick the mutual funds you want to buy on a regular basis, set how much you are going to invest regularly and you are all set.
It will automatically buy these mutuals funds on your set schedule so you can sit back and watch your stock grow.
But, if you want to be able to invest into normal stocks, ETFs or index funds, you will need to use software like FinTasks to buy Etrade stocks automatically.
What is FinTasks?
FinTasks can automate your investing tasks like moving money, investing money, buying stocks, selling stocks, and more.
With FinTasks you can set up automatic recurring tasks that will allow you to save hours a month by automating your recurring investments, transfers and any other activity.
Unlike most automatic trade apps or robo traders, FinTasks allows you to buy specific ETFs, stocks or index funds of your choice. Instead of the app or software choosing what to buy, you choose your stocks and your desired diversification percentages and FinTasks will take care of the rest.