What is a Robo Advisor | How Robo-Advisors work | Benefits of Robo Advisors
What is a Robo Advisor | How Robo-Advisors work | Benefits of Robo Advisors. In this video, you will learn about Robo Advisor and how do Robo Advisors work.
A robo-advisor is a type of brokerage account that automates the process of investing. Most robos charge lower fees than conventional financial advisors because they invest your money in prebaked portfolios made primarily of specially chosen, low-fee exchange-traded funds.
A robo-advisor can help you automate the process of investing for retirement and other financial goals.
Most robo-advisors are accessible via the provider’s website, and will start by asking a series of questions to learn more about you and your financial goals, such as saving for a house, investing for retirement or simply building wealth.
They then take your responses and apply algorithms to suggest a portfolio, which usually consists of a mix of mutual funds and exchange-traded funds. If you’re comfortable with the suggested portfolio and choose to start investing, you’ll fund your account through electronic transfer, wire transfer or some other means.
Robo-advisors generally charge annual management fees of 0.25% to 0.50% of your assets under management, although some charge a fixed monthly subscription fee instead. Low fees compared to traditional financial advisors are considered one of the key advantages of robo-advisors.
Robo-advisors can be a good option for you if you are just starting out, don’t have a lot of money to invest, and don’t have the time or desire to manage their own finances.
Some of the best robo advisors are Betterment, Charles Schwab and SoFi.
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