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  • 13 April 2022 Kyle Nolan created this task

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    I would appreciate this a great deal on the financial planner side of things. It creates efficiencies on the data gathering side of things. It also strengthens my financial planning offering because I can do a client expense audit, where I find ways to reduce the clients spending naturally.

    Reduce travel budget with travel hacking.

    Reduce financial fees, etc.

    16 September 2022
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    From an advisors perspective this is mandatory. I couldn’t consider subscribing without it. Hopefully we will be notified when this happens.

    23 October 2022
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    Don’t forget to considera european banks, PSD2, etc

    15 March 2023
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    I am currently using a separate tool for budgeting and transferring big numbers to expenses here. It would be great to have one tool that could do both.

    31 March 2023
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    Plaid integration would a god send 🙏

    31 March 2023
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    Plaid integration would be unbelievable! Or just acquire Kubera and integrate that into ProjectionLab.

    01 April 2023
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    I agree this would be awesome! Currently I use Empower as a net worth tracking tool and their retirement planner looks like a high-school project compared to what you have here. I also use YouNeedABudget which pulls transactions from accounts automatically and lets you categorize them and run reports and stuff. Their product is nice, but really doesn’t give much analysis capabilities.

    05 April 2023
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    Plaid has really gone downhill since the acquisition so maybe in addition to projectionlabs you could build a plaid competitor and profit

    05 April 2023
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    Yes, would love a plaid integration for real-time account balances. Currently using empower and have been underwhelmed.

    I am loving your product.

    06 April 2023
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    I’m not sure if the target here is professionals or individuals. I’m just an individual. The best way to hook me is with linked accounts. I would check ProjectionLab much more often. Plaid (or similar) integration seems like it would be outside the core competency for this tool. It might be better to just link to a tool that already does live account linking, like YNAB/Mint/Empower. Not sure if theres APIs for that though.

    21 April 2023
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    I’m also thinking the near perfect all in one tool would be a marriage of Kubera and PL. Kubera can cover the account linking, balance updates and performance analysis, and PL can cover all of the planning and modeling, it would be near perfect!

    04 May 2023
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    I actually think it would be better not to pursue this. It’d dig into your margin if you used Plaid or force prices up, cause all kinds of support noise, and honestly detract many people with privacy concerns.

    11 May 2023
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    I mean shouldn’t it be an option i.e. subscription tier that does automatic linking using plaid if you don’t want it don’t pay for it

    12 May 2023
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    I would never use it personally but having it as an option would be fine. I main thing I like about this is not having to link accounts because I don’t want that information being spread around.

    15 May 2023
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    I second either mint or empower – they’ve already done all of the API work from there!

    09 June 2023
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    Tbh linking accounts even in combo w/ a 3rd party provider is a job for a complete team (just check out what maybe.co tried - and failed at). Plus a lot of ppl are concerned about giving away access to their brokerage accounts.

    Long story short: so far I guess PDF imports (I know this sounds old-fashioned) is the way to go.

    At least for europe their are import projects open sourced @ github

    16 June 2023
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    I agree. I subscribe and use YNAB but also started a subscription on PeojectionLab to analyze my financial options.

    24 June 2023
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    I currently Use Xero, its a great example of Intergration to Bank accounts, works well in Australia.

    27 June 2023
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    As an individual user, I would not find much value in this. When I have a plan that I like, I do not want it randomly changing when my account balances fluctuate.

    Also, it seems that all these linking services ALMOST work. For something like PL, I would spend more time checking and fixing the broken links than it is worth it to me. Now in a checkbook balancing program, this is a very important feature and it is well with the time messing with getting the links to work.

    07 August 2023
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    As an individual, this becomes important as you have more accounts. Especially as you have 20+ accounts/assets that need updating.

    However, I’d be really happy with a CSV bulk export/import feature that updated balances. Especially if it supported exported formats from Empower/Personal Capital or Kubera. Just being able to export and import would be useful, epsecially for those onboarding the first time into ProjectionLab.

    https://www.tillerhq.com/201749how-do-i-get-my-personal-capital-data-into-a-spreadsheet/

    07 August 2023
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    Personally, I agree with a previous commenter who also does not like the idea of providing access to their accounts. Rather I prefer a way to load your holdings (stock symbols, mutual funds, etc) and the share quantities,, which would then have their share price updated daily. NO SECURITY ISSUES! Even with all the so-called security measures out there, I have personally had my bank, credit card, and even my security clearance account hacked.

    12 August 2023
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    Please do this. Going in and updating each month is a pain.

    06 September 2023
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    A https://www.yodlee.com/au integration would be nice. Or even just Upbank integration

    13 September 2023
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    I would like to integrate with danish banks and investment banks via aiia.eu. I can help with this integration as well.

    14 September 2023
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    Would be great to have this feature, please have a look at Finary.com who did integrate with lot of stuff via API pretty quickly

    10 October 2023
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    As long as it’s not mandatory. One of the reasons I came to PL was because I didn’t want bank information linked to a planning tool. I’m the kind of person who likes a camera and a phone while wearing a belt and suspenders though, so maybe I’m in the minority wanting my tools separated.

    31 October 2023
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    I understand your point. As long you keep the option to add data manually everyone stay happy.

    01 November 2023
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    As a financial planner who would like to roll this out to my clients, aggregation is key- at least on the investment side.

    01 November 2023
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    Linking of accounts in real time would allow projectionlab to compare its projections with your real-word results, which ultimately improves the product, making it more accurate over time. This could also auto-import other values such as dividend yields (which change over time). Ultimately it could mean way less work to set up, and real-time tracking moving forward.

    02 November 2023
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    With Mint EOL EOY I am shopping for alternatives. Lots of people are shopping for alternatives. I believe 50 million users of the Mint platform if I recall. Sounds like a market opportunity!

    26 November 2023
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    This would be a great feature, but for privacy and security reasons, I would prefer OAuth to Plaid.

    02 December 2023
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    I decided to try ProjectionLab knowing that this feature was not (yet?) available. In the end I decided to cancel before the end of the trail mainly because of the lack of this feature.

    03 December 2023
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    my2cents: In theory this would be great, but its a lot of effort to build stable/reliable integrations. There are heaps of other features that should be considered first mainly because this will never fully cover all available options. It’s not a big effort to manually collect/aggregate the information and enter it once a month into ProjectionLab.

    20 December 2023
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    TLDR: Great idea in theory but probably not worth the cost and complexity to do it well.

    Long Winded Explanation: If this is done it can’t be done with just one connector. Plaid and Fidelity don’t like to play well together. I also have run across a number of other institutions that don’t sync with the various connection offerings (Plaid, MX, Finicity, etc). This is going to drive the need for agreements with multiple data aggregators which is going to come at a cost, not to mention a lot of complexity.

    I’ve tried a number of other programs all with automatic connections and I almost always end up doing manual accounts instead because they either don’t sync reliably or properly. For example, my 401k has both Roth and Traditional sides to it. Both of which should be treated accordingly in a financial planning software like this. However every program I have tried only syncs my 401k as a single account due to data aggregator limitations. So again I end up deleting and doing manual accounts.

    20 December 2023
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    If we can get an API access to Projectionlab.com then I can build the integration I need between that and my banking and portfolio.

    20 December 2023
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    Have you seen the YNAB > PL account sync chrome extension that Zach Whelchel built using the community plugin methods exposed on the early access site? (https://chromewebstore.google.com/detail/ynab-%3E-projectionlab-sync/loeekpinmlccgelapofbejkbnfilfggl)

    Some more info on those methods here: https://discord.com/channels/869222901054857216/1071414867950575677

    An API separate from this could be interesting though, granted that would only work for folks using the cloud sync data persistence method. If there isn’t an existing suggestion for that, feel free to add one.

    20 December 2023
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    Some really great points all around in this thread. Thanks everyone! It’s a lot to think about.

    20 December 2023
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    Don’t want this at all, better focus on other stuff

    31 December 2023
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    I also don’t think this is as important as other features. Updating account balances a few times a year when I’m doing other tasks like rebalancing is not a huge deal. Watching account balances more frequently can be counterproductive as well.

    31 December 2023
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    I would find a ton of value in this. I use Empower regularly and know I would never use it if it didn’t have account linking.

    31 December 2023
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    I don’t see how this is viable.. Empower is one of the “better” ones out there and I have to email their support to maintain appropriate connectivity almost monthly. This is despite fairly common companies. They change logins and security enough to make it a pain. The ongoing cost of implementing and supporting this over time cannot be overstated. It would be nice to have everything centralized of course, but not at the cost of the several other improvements that have been suggested. I don’t know how financially well off PL is, but I can’t see this being implemented and sustained on the cheap…

    01 January
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    Syncing automatically with banks, brokers etc… in the end can be painful. Needs to resync the 3rd party apps frequently, introduces risk of blocking these accounts, potentially introducing cyber security threats. Finally I changed my mind and I prefer the manual process :), perhaps being able syncing with an excel file would be nice.

    03 January
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    One thing I found helpful is using something like fidelity full view to have an aggregator, then just grabbing those values to just populate into current finances. I see this tool as a finance projection (as the name implies) tool, not a budgeting app. I’d rather Kyle spend time on honing the projection aspects of the product, and not trying to become next Mint

    03 January
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    WealthTrace has very nice integration with brokerages, banks, etc. including bringing in information about % in stocks, % in bonds, etc. But the other features like future projections including Monte Carlo are more important to me than balance updates.

    15 January
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    I would view this as more of a nice to have given the role that this app plays with my day to day with clients. i think there are bigger band for buck items out there that would be more valuable, i.e. account drawdown features or enhanced monte carlo, etc..

    16 January
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    Many other sites successfully use multiple integration partners as fallbacks so they can get the best connectivity. This is something that I really need for Projection Lab as I have way too many accounts to update.

    22 February
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    I have been using other tools that claim to have this integration working - Mint, New Retirement. Personal Capital. It always breaks for investment accounts with 2 factor authentication. I also think from security perspective it is better not to. It of course depends how many accounts people have and much change happens. For my personal use I can do it manually without any issues and not worry about my passwords being stolen.

    30 March
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    negative for a long term planning app. I don’t need to micromanage every single days update as it’s not relevant long term anyways.

    I’ve yet to use a live update that doesn’t have constant issues up stream due to authentication changes. empower, mint,etc you name it i stop using those mostly i only have a short bit of time i don’t want to spend 30 minutes putzing with “re-validation required” every other day. It’s also requires extensive permissions from the upstream providers to data, empowers fidelity linked requires a lot of stuff due to micromanaging individual transactions that i do not want to provide empower for privacy reasons. IMHO It takes away from more valuable long term features.

    Monday