Possible to track monthly automatic payments without having to manually enter each transaction?

For example investing $X per month in the NZX50 with the 'regular savings plan' - Do I have to manually record each of these or can Sharesight work this out?
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  • Hi Tom,

    Thanks for the post and it's an interesting idea. At the moment, you would have to record each of these manually.

    This automatic contribution concept is likely of interest for those contributing to Kiwisaver (NZ) and superannuation (AU) plans as either a dollar or percentage contribution of salary on a regular basis.

    I, for example, top up the managed funds that I own through superannuation on a quarterly basis. My statement shows how many units I own, the buy transaction details, and balance. Regardless of how or where you're contributing you should at least receive a statement that would give you enough information to add to Sharesight.

    Our guys will capture the idea and assess. To be honest, given our focus is on listed securities that execute via a broker, this feature wouldn't rank that highly in our development queue but I do think the idea has merit and would theoretically apply to millions of investors.

    -Doug
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    Hi Doug,

    I think theres been a lot of interest in investing recently, especially among groups of people that wouldn't typically be associated with it. Smartshares seems to be gaining in popularity, and new platforms and apps that remove restrictions on minimum amounts seem to be taking off. So people might be quite interested in an automatic transaction option that you set on Sharesight, just like you would set it in Smartshares or similar.

    Thanks for the reply and for passing the idea on! I'm grateful to at least confirm I'm not missing out on some functionality I skipped over.

    Cheers
    Tom
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  • Yes indeed - Sharesight/our API is actually behind some of the popular roboadvisors you might have seen in the marketplace so in this case, for the investor, all the transactions come through automatically to their Sharesight account.

    I'll reach out to Smartshares to see if there's a possibility of working together.

    -Doug
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  • The issue with automatic investing is that while the amount invested might be known, the number of units or shares purchased will not, as the price will fluctuate. Sharesight knows the closing price on the day, so we will be close but probably not exact. So we would need the actual transaction with whatever product you are investing into. As Doug says you should be able to get that from them, ideally as a csv download so that loading it into Sharesight shouldn't be too hard.

    Automatic contributions, btw, are a good way to implement Dollar Cost Averaging, which is a sensible and time-tested way of moving savings into investment markets

    Andrew Bird
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  • I thought that the closing price on the day would be what's applied for the purchase of new units. If this is known to Sharesight then in theory there shouldn't be any discrepancy in the number of units or price between what's showing on Sharesight and Smartshares.
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  • Apps like Moneycontrol which are focused solely on the Indian securities market update my portfolio pretty accurately using the price data that they have got.
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