Cova Review

Cova Ratings at a Glance

Cova receives a near-perfect score for enabling investors to track their assets in a convenient register. Users can sync their bank accounts, investments and apps to access balances and assets holdings in one place.

The register provides real-time tracking of more than 150,000 global stocks and 8,000 crypto tickers, wallets and exchanges. Cova’s support of over 11,000 financial institutions and major global crypto exchanges enables convenient linking of accounts.

Users can collaborate with a customized peer group consisting of financial planners, attorneys and advisers by giving them access to their portfolio to assist in estate planning and other financial matters. Other collaborations can be with a spouse to share a user’s net worth and use it for loan applications.

Cova enables users to select their beneficiaries and activate the Lifechecker setting. Users receive emails requiring them to click a link if they’re inactive on Cova to prove they are alive. Users who haven’t verified life after the number of days in their settings are deemed deceased, and a folder of their portfolios is sent to beneficiaries.

Users can set an additional check to ensure their beneficiaries are informed of their investments by enabling a trusted helper to inform the recipient of the portfolio in case the recipient is unreachable. A trusted helper should be someone acting on behalf of the user and in the best interests of the recipient.

Besides enabling traditional and digital asset tracking, Cova enables users to store documents. Scattered wills, notes, videos and other media can be difficult to manage, so Cova provides document management in a secure vault.

Cova’s understanding of investors being jittery about sharing financial information has resulted in it providing encrypted data. It uses bank-grade encryption and security protocols to ensure asset protection. 

Even communication between Cova and the user is encrypted via secure sockets layer (SSL) and stored within the system with a unique key for each user. Cova enforces a two-factor (2-FA) authentication and a vault pin. It also provides notifications of unusual logins.

Users can generate monthly portfolio and asset history reports. Cova also enables users to track their liabilities such as credit cards and loans.

A beta version of asset tracking for businesses is available. It helps businesses reduce advisory paperwork by enabling them to offer clients a mobile tool for real-time tracking and syncing of their portfolios. A key reason that the business feature is in beta testing and Cova didn’t attain a perfect score for product offering is that the mobile app isn’t available yet.

You can reach Cova via email, telephone and live chat on the website. For urgent queries, it’s best to call. Trained consultants offer detailed information about the company’s products and benefits.

Email support requires a few hours to respond during busy periods. Another option for prompt feedback is the live chat on the website. A consultant is constantly on standby during the week for a live chat, but weekend service is unavailable.

Alternatively, users can get information about Cova on its social media pages: Twitter, Facebook and Instagram.

Cova takes the security of a user’s information and asset holding seriously. It doesn’t have access to a user’s bank account or crypto credentials because it uses a third-party account aggregator to connect a user’s accounts.

The aggregators adhere to high ethical practices in regulatory compliance, data security and privacy. Cova collects a user’s bank account information but cannot transact on behalf of a user. Its internal process ensures that staff cannot see a user’s portfolio data.

The platform uses encrypted data at rest, in transit and in use. Communication between a user and Cova is encrypted via SSL and stored within the system by using a unique key for every user.

Users are required to enact a 2-FA authentication, and they receive a unique pin to the vault for document storage. 

Cova performs regular audits to ensure its security protocols are up to date and enables users to delete their accounts. That results in the system deleting the user’s data from the primary database and notifying the aggregators to delete the information from their system and stop account connectivity. Every 15 days, Cova purges its backup, resulting in the permanent removal of a user’s information.

The great thing about this platform is that it allows users to test it before making any financial commitments. Users can sign up for free premium access for 14 days. The key features such as tracking, app connection and real-time data are disabled.

To enjoy those features and more, users must subscribe to the premium package, costing $10 per month. Benzinga readers are entitled to a 20% discount by using the code BENZINGA20.

The main benefit of using Cova is syncing traditional and digital asset portfolios, making it an all-in-one asset register. It enables users to track their individual assets and net worth.

But the platform’s portfolio offering extends to its notification feature. Users can stipulate the beneficiaries of their portfolios and appoint trusted helpers to ensure beneficiaries are notified. It’s the Lifecheck feature that enables users to set how Cova transfers their wealth records to loved ones in case of unexpected events like death or incapacitation.

Another feature that makes Cova stand out from its competitors is automated liability tracking. Users can see real-time data of their credit card balances and other loans.

Businesses will soon be able to offer their clients a mobile tool to sync their portfolios. That feature is currently in beta, but it will go live when Cova releases its app.

Source: Cova

Getting started on Cova is simple. All you have to do is sign up. Product information is available on the site, and the platform is designed for convenient use. Beginner investors won’t struggle with navigating the platform.

In case of queries, users can get prompt feedback via phone or live chat. The only feature that would make this platform more convenient is an app. Cova is currently designing one, so on-the-go investors will have easy access to their portfolios.

Cova vs Competitors

Some of Cova’s competitors also offer traditional and digital asset portfolio syncing, but Cova’s Lifecheck feature makes it stand out. It also enables investors to manage wills, notes and other media in one place by offering document storage in its vaults. And that’s just one of the several features Cova provides. Users can’t add recipients who should be notified about all the assets once their accounts become inactive.

Cova ensures a user’s portfolio tracking is convenient by combining all assets on one platform. But more importantly, it informs beneficiaries of their inheritance, ensuring a user’s portfolio doesn’t become unclaimed assets.

Once Cova releases its app, it will provide a service to businesses and enable individual investors to access their portfolios wherever they are if they have a mobile device.

Frequently Asked Questions