The tech age hits a whole new level with people getting financial advice form machines. Robo-advisors, sometimes also called automated investing, is one of the most inexpensive ways to start investing. but don’t bank on them being your only option.
Stepping into the investment world as an individual investor can seem overwhelming, especially if you do not have a lot of money to work with, but NerdWallet research shows robo-advisors are a good and inexpensive option.
“The reality is that if you don’t have a lot of money, a lot of human advisors ae not going to work with you,” says Arielle O’Shea, Investing and Retirement Specialist at NerdWallet.
The question then becomes about dependability. There are no guarantees of success with either robo or human advisors. People are able to be more aggressive, and help their clients with questions, while robo-advisors use long standing research in an attempt to get you the most beneficial deal.
NerdWallet investing specialists have two favorites when it comes to robo-advisors: Betterment and Wealthfront, because of low minimum deposit requirements.
“Wealthfront will actually manage the first 10,000 dollars for free which means you can try out a robo advisor and see if it’s a good service for you before you pay anything in fees,” says O’Shea.
Opening an account with a robo-advisor also tends to be simple in addition to being inexpensive.
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