Best online investment advisor or also known as the robo-advisor is so popular nowadays, at least there are some good things that you can get. But, online investment advisor might not fit for anyone. So, is the online advisor right for you? You should know that this is depending on many things and several considerations as well.
What kind of advice that you need?
Of course, if you have a seven-digit portfolio and need some advice in more complex fields such as estate planning, tax planning and so on, then online advisor is not right for you, at least in your current situation. There are many people were better served by the relationship with the more conventional advisor. For more millennial generation and others with more modest portfolio who might only need basic advice, then there are many online advisors today that might suit with that bill.
All of the online advisers were different
Just same as all of the conventional financial advisers were not the same, then all of the online advisers share that thing. They have their own differences in the areas of expertise, the types of clients who work with them and how they were compensated as well. The same thing also same in the robo-adviser area. For example, the online adviser in one company serves you with various needs come from the basic budgeting and advice for their investments as well. They cost you around $70 to $400 in monthly charges for the continued support. Another company might offer you with services generated into the market and target the investors with specific ranges.
One of the main advantages of online advisor is the convenience by working with them and the easier access with them. For millennial generations, then you used to buy a product or service online, so why not get an online advisor? You should know that the online advisor can be accessed 24/6 hour that attract many clients as well. Anyone has their own busy schedules and this accessibility might generate many people to go and get the financial help that they need.
Understanding the service
Just because your online adviser is so accessible and cost you at a reasonable price does not always mean that the advice is always good. This is responsible for anyone who wants to use online advisors to do their homework first and struggling to understand how the investment recommendation was generated. You can start to choose the best online investment advisor now.