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Our Rich Journey – ROBO-ADVISORS: Should You Invest with Them for Financial Independence? | Our Warning: Acorns, Betterment, Personal Capital . . . robo-advisors seem to be all the rage now! An increasing number of investors are using robo-advisors to add to their passive income portfolios – but, are they an effective way to gain financial independence? In this video, we discuss what robo-advisors are, what robo-advisors invest in, and the pros (4!) and cons (7!) of using robo-advisors. We also have a special treat at the end of the video, where we enlist your help in making another robo-advisor video!
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ROBO-ADVISORS: Should You Invest with Them for Financial Independence? | Our Warning
In today’s fast-paced digital world, one can’t help but notice the rise of robo-advisors as a popular alternative to traditional financial advisors. These automated investment platforms offer a convenient way to manage your investments and potentially grow your wealth. However, before jumping on the bandwagon, it’s crucial to consider the pros and cons of robo-advisors and their suitability for achieving financial independence.
Robo-advisors have gained attention for several reasons. Firstly, they tend to have lower fees compared to traditional financial advisors. This affordability factor appeals to those who are looking to optimize their investment returns by minimizing costs. Additionally, robo-advisors utilize algorithms and complex algorithms to design investment portfolios that are tailored to an individual’s risk tolerance, goals, and time horizons. For inexperienced investors, this level of personalized guidance can be reassuring.
Moreover, robo-advisors provide accessibility to the investment world. Gone are the days where investing was limited to the wealthy or well-connected. With just a few clicks, anyone can open an account and start investing. This democratization of investing is a significant advantage for individuals seeking to gain financial independence.
However, despite these advantages, it is crucial to exercise caution before fully committing to robo-advisors. One of the main drawbacks is the lack of human interaction. While algorithms may provide personalized advice, they cannot replace the human touch. Financial advice is not solely focused on numbers and algorithms, but also considers subjective factors such as a client’s values, emotional needs, and long-term aspirations. These nuances are often better understood and addressed by a human advisor.
Furthermore, robo-advisors may struggle to adapt during market volatility or unexpected shifts in the financial landscape. Algorithms are designed based on historical data and predetermined parameters, which may not always be applicable in times of economic uncertainty. Human financial advisors, on the other hand, can respond to real-time events and adjust strategies accordingly, potentially saving investors from significant losses.
Another consideration is the risk of over-reliance on technology. While robo-advisors may make investing more convenient, they also encourage passive investing. Investors may become detached from their financial decisions and lose the opportunity to learn about markets and how to make informed choices. Taking an active interest in your investments can foster a deeper understanding of finance and ultimately contribute to achieving financial independence.
Finally, it’s important to acknowledge that robo-advisors are relatively new players in the financial industry. While they have been growing in popularity, their long-term track record is still limited. Investors need to be cautious and thoroughly research the platform and company they choose to work with.
In conclusion, robo-advisors offer undeniable advantages in terms of accessibility, affordability, and personalized guidance. However, their limitations in terms of human interaction, adaptability, and potential for detachment from financial decision-making warrant a serious evaluation of their suitability for each individual’s financial independence goals. It’s crucial to strike a balance between embracing technology and recognizing the value of human expertise in navigating the complexities of personal finance.
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I just started with a low cost index fund. I've gained 31 cents in the past couple of days.
Hey Guys great video, what do you say about investing in gold?
What about Beanstox?
I started using Schwab's no fee robo-advisor! Schwab's Intelligent portfolio!
In terms of fees, I heard that those 0.25% interest compound and grows with your investment there for taking a big chunk of your money in the future. Those are not fixed interest. I don’t think is wise to pay compound interest on your investment. So there is no such thing as low cost nor free roboadvisor .
This is very informative.
Hey guys just discovered your content via this video. Leaning into investing recently outside of the traditional low touch methods such as fin advisor, 401k, etc. I was actually looking at Go by Fidelity, but after watching this video I hit pause and promised to educate myself a bit more before hitting the easy button of a Robocalls Investor. We give up way too much control over our hard earned cheese and that is not financial independence. Anyway, I heard you mention something about coming up blank on finding studies on robos vs. the market or humans, can't recall, but I found a paper from Kelly Business school Indiana Uni that might be worth reading – all of this might be moot by now since your vid was from 2019, but sharing is sharing. Let me know your thoughts. Included abstract and link to paper down below.
Schwab
can you guys do a review on titanvest
I use Acorns and it started off as a “savings account” but after 3 years of saving my spare change there it has grown and I’ve made 1K. I guess it’s not a lot but it’s a lot more than the few cents that the bank would have given me. I’m now seeing the potential in investing for real which is why I’m looking into it.
What about tax returns to irs, if you have a foreign roboadvisor?
Fidelity Go
hows the journey going with the robo advisor?
Review Fidelity Go!!!!!!
Good to look out for these bait and switch tactics. If it's too good to be true then it probably is!
wealthfront!
I had both Acorn and Stash, got rid of Acorns, and love Stash because it serves more like a regular brokerage firm and you get to pick and choose what you're investing in.
I use Acorn just to build an emergency fund. M1 seems like a good platform, which I just signed up.
I currently use Schwab intelligent portfolios. What does everyone think about this platform? Thanks.
Rbc investease
What is too many ETF’s?
Hello Im new to this whole investing in stock market havent started yet but trying to learn more before I jump right in.Im thinking of using a robo advisor as it would be the easiest way for me to learn.thank you this video is a encouragement to possibly make the next step.best of luck to you two!
Can you do a video on wealth bar? It’s a Canadian robo advisor company.
Thanks.
I subscribed u r video . Grate job .
I have a Fidelity platform and was thinking of trying their robo-advisor. Maybe you could pick theirs as one of the three you were going to test against each other.
the more I learn about investing, the more my brain hurts until I do not know where should I put my money on.
Vanguard is testing out a Robo Advisor now called Vanguard Digital Advisor. They basically have 4 etf and it's the same etf in there Target Date Funds just more pretty.
Sofi
9:15 They don't really believe in robo-advisors, yet are going to get and test one (or more) and report their findings to us? Superb! We'll all learn a lot from this! Thank you both!
I liked your video for support and subbed.
Is Ellevest to go adviser any good?
Another pro: oversight. No financial advisor would ever recommend buying just 1 or 2 ETF's if a client has a larger balance. I agree if it's only $500, but what about $50,000? You need that extra diversification.
is it good to make Roth IRA in Fidelity with robo advisor? is it ok to follow the portpolio risking factor 10? which will have 85% stocks,, 60% us 25% international?
I really like the Personal Capital software which is free and great for tracking your net worth. Like you said they offer services, but I have a pool of funds that are under an advisor, and some under my own control so I can compare my performance to my manager. Great video on robo-advisers!
Is Charles Swchab's "Intelligent Portfolios" account be considered as a Robo-Investor?