Hardbacon and Passiv are both solutions providing tools to support retail investors and help them grow their money.
Passiv is an entrepreneurial initiative created by two New Brusnwickers that was launched in 2017. This fintech’s mission is to help investors stop paying high portfolio management fees through its platform designed for independent, passive investors.
Hardbacon is also a Canadian fintech founded in 2017. Based in Longueuil, Quebec, Hardbacon strives to help its users get richer by better managing their money in three areas: planning, budgeting and investing. In this third area, Hardbacon can be compared to Passiv, although the functionality of the two solutions differs.
Passiv is presented as a web-accessible platform upon which users can link a limited number of brokerage accounts. The platform enables investors to monitor and automate their investment management. The following automations are available:
- Automatic calculation of transactions required to rebalance a portfolio
- Automatic execution of transactions
- Automatic notifications when dividends are paid
The goal of the platform is to transform your portfolio from active to passive management. You will no longer have to worry about rebalancing your portfolio, as Passiv takes care of it for you.
Hardbacon, for its part, does not offer any functionality to notify its users of the transactions required to rebalance a portfolio, although the application provides portfolio diagnosis, which helps users keep an eye on their portfolio’s diversification and asset allocation. Like Passiv, Hardbacon sends alerts when you receive a dividend, and you can also configure personalized stock alerts.
Passiv’s compatibility with Canadian institutions is quite limited. Currently, Passiv supports only Questrade and Interactive Brokers, and it should also be noted that Passiv does not have a mobile application.
As for Hardbacon, it supports more than 100 Canadian financial institutions.
The Passiv platform is accessible only through a web browser. It is also important to understand that Passiv is a portfolio rebalancing tool; it does not provide access to financial data or the ability to learn about funds or shares, as you can do with Hardbacon’s investment functionalities.
How much does it cost?
Passiv has a free, limited version or you can pay $99 per year for the premium version. The free version is provided with notifications and automated calculations, but you cannot make trades.
Hardbacon’s free version allows you to link a bank account and access budgeting and planning functions by financial goals. Hardbacon Premium, which costs $12.99 per month or $99 per year, allows you to link an unlimited number of accounts, and provides access to investment-related features.
Passiv or Hardbacon?
Passiv, although operating in a similar niche, is not a direct competitor of Hardbacon. In fact, Hardbacon provides tools for planning, budgeting and investing, which Passiv does not. Unlike Passiv, however, you cannot make trades, or even automate them through the Hardbacon app.
Hardbacon differs as it is a comprehensive solution touching all facets of its users’ personal finances. The Hardbacon application not only offers portfolio analysis tools, but also budgeting and planning tools for your financial objectives. It should also be noted that Hardbacon allows you to link to a much larger number of bank and investment accounts, while Passiv is limited to two Canadian institutions.
It is difficult to compare Hardbacon to Passiv, since their solutions are very different and will suit two very different types of users. Hardbacon is for those who want to plan and achieve their financial goals, budget and stick to them, and monitor their investments more closely. Passiv will satisfy Questrade and Interactive Brokers clients whose needs are limited to rebalancing their portfolios.
If you liked this article, you’ll definitely like Hardbacon’s mobile app, which links to your banking and investing accounts, helps you plan your financial goals, budget, and invest better. The basic version of the app is free, but you can do more with Hardbacon Premium. As a loyal reader of our blog, you can get 10% off any Hardbacon Premium subscription. To take advantage of this promotion, use promo code BLOG10 when subscribing through our website.