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You can think of them as the bridge between do-it-yourself trading platforms and personalized wealth management.
00:00 Presentation
0:16 What is a robo-advisor?
0:49 What does investing with a robo-advisor look like?
1:08 Who should use a robo-advisor?
Margaret Giles: So you want investment advice, but you don't want to commit or pay for your own personal financial advisor.
Enter the robo-advisor.
Robo-advisors have lower fees and low to no investment minimums, so you don't need a lot of spare cash to invest with them.
But what is a robo-advisor?
Robo-advisors are digital platforms that you can access online or through an app.
You can think of them as the bridge between do-it-yourself trading platforms and personalized wealth management.
Robo-advisors use computer algorithms to create automated portfolios with a targeted level of risk and provide digital investment advice. The portfolios they offer generally consist of low-cost, passively managed funds.
Some robo-advisors also provide financial planning tools and educational resources. Different robo-advisors have different features, so be sure to do your homework and understand your options before getting started.
So, what does investing with a robo-advisor look like?
Most start with a basic questionnaire aimed at understanding your investment objectives, time horizon and risk tolerance. Once you complete the questionnaire, they will offer you an investment portfolio that best suits your needs.
From there, you may have some room to tweak your portfolio, but it's usually limited.
So, who should use a robo-advisor?
They are ideal for new or early career investors who want to do a little more with their investments without making it a full-time job.
Learn more about digital investment advice.
Your guide to getting started with Robo-Investing https://www.morningstar.com/specials/your-guide-to-getting-started-with-robo-investing
Why “free” robo-advisors aren’t really free https://www.morningstar.com/articles/1089905
Who are the robo-advisors you can trust? https://www.morningstar.com/articles/1087574
Should You Use a Robo-Advisor? https://www.morningstar.com/articles/1086299
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