Der Einfluss von Portfolio-Tracking-Tools auf das Investitionsverhalten von Privatanlegern

Abstract

Against the backdrop of the ongoing "democratization of the capital market”, this Discussion Paper examines the influence of digital portfolio tracking tools (PTT) on the investment behavior of private investors. It analyzes the impact of this software on decision making and trading activity. The research design comprises a quantitative online survey (𝑛 = 267) conducted between December 2025 and January 2026. The questionnaire includes categories regarding usage motivation, functional requirements, and the behavioral effects of software use. Results show that PTT serve primarily as organizational and control instruments to reduce complexity and create transparency. Hypothesis testing confirmed significant correlations between usage frequency, control frequency, and behavioral adjustments. A key finding is the identification of a structural “media break”. Despite a significantly increased frequency of portfolio observations, usage does not lead to a proportional increase in trading activities. The functional separation of analysis and transaction acts as a stabilizing factor, promotes rational decisions, and minimizes cognitive biases within behavioral finance. While objective analysis functions are prioritized, gamification elements show a distinct polarization. In summary, PTT contribute significantly to the professionalization and democratization of private wealth management. They promote emotional stability and strengthen discipline in pursuing longterm wealth accumulation. This constitutes an essential basis for sustainable private pension provision. From these findings, practical design recommendations for online brokers to promote rational investor behavior are derived.