Are Robo-Advisors Worth It? | Investing 101 for Beginners

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Should you invest with a robo-advisor and are they worth it? In today’s video I explain and review what is a robo advisor and how they work in comparison to you investing in index funds or using a licensed financial advisor for your investing and financial planning needs. We’ll answer the age old question of who is better, a robot or a human.

Robo-advisors are a newer fintech innovation aimed at changing the traditional financial planning model. Rather than a human being financial advisor advising you and investing on your behalf for a fee, a robo advisor will do it for you, for typically less.

Robo-advisors are digital platforms typically managed by the same financial firms that offer you other financial services. The goal is to automate the more cumbersome parts of financial services at a lower price point so that you have more time to focus on other things.

Robo-advisors take basic information from you the client on things like what are you retirement goals, how far are you from that and what is your risk appetite. They do this so that they system can automate to match you goals, with the general programming currently around more long term funds or your stand stock-bond split. The robo-advisor can automate things like rebalancing your portfolio, and make offerings of tax loss harvesting or basic retirement tools.

Robo-advisors are typically advertised as the lower cost alternative compared to traditional financial planning services, however this really ranges company to company. And it’s relative, robo-advisors can range from 0-0.5% vs the typical 1-2%.Plus, it’s good marketing.

What you might save on nominal fees, you lose out on traditional customer service in that a robot won’t explain to you the though process and how markets work and why. For more basic financial situations, this can be a good alternative, however, depending on how complex your financial situation is, a robo-advisor is not yet able to provide tax or estate planning financial services. So a more complex financial situation could benefit from greater expertise. However, a relatively basic financial situation who just wants additional assistance with no need for interaction could enjoy the use of a robo-advisor.

At the end of the day, robo-advisors are just another option for your financial goals. You could always manage your own finances or use a human financial advisor, it just depends on what your own goals and investing strategy is.

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0:00 Intro
0:19 What is a Robo-Advisor?
1:17 How does Robo-Advising work?
3:21 Pros and Cons
9:57 Is a Robo Advisor worth it?

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Typical disclaimer: This is not financial advice, nor can I give you finance advice. Sorry! Everything here is for informational purposes only and not for the purpose of providing financial advice. You should contact your financial advisor or accountant to obtain advice with respect to any particular issue or problem. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won’t experience any loss when investing. Always remember to make smart decisions and do your own research!

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