The Robo-Advisor Phenomenon
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Recently one of the more popular investing strategies has been to utilize one of several so-called “robo-advisors”. What is a robo-advisor? It is not actually an advisor at all, but instead an algorithm that chooses how to invest your funds, based on information you give when you sign up. Although more and more companies are offering this as a form of financial advice, there are two juggernaut companies that paved the way for this phenomenon, Betterment and Wealthfront, and this review of Wealthfront explains the program’s key characteristics in much greater detail. Here, we will discuss the general pros and cons of investing with a robo-advisor.