From the course: Managing Your Personal Investments
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- Up until recently, there really was only two options in managing money, doing it yourself or outsourcing it to an advisor. In the last few years, thankfully, things have changed. If a hands on advisor charges 2% to give you individual advice, it stands to reason that a digital version of that advisor should be cheaper, right? The new generation of digital advisors are called robo-advisors. Here's how they work. Every client has to share the same information that you would share with a traditional advisor, including your income, goals, risk profile. Instead of a human making decisions about what's best for you, a digital platform, usually run by an algorithm, does it. And instead of 2%, these robo-advisors usually charge between 0.25 and 0.75%, well under half the cost of a traditional advisor. The benefits beyond the lower cost are usually that they have great online tools for you to easily see where you are and…
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