What’s the magic formula for growing wealth? Today, this is an aged-old question that many of us would like to know.
For some people who have already discovered this secret, the answer may be relatively simple. Yet, for others, the answer to this question is not easy at all. Whatever the case or situation, you may want to take a look at some of the latest in technology, particularly in the area of investments. For instance, one of the most recent applications that some investors are looking into is called the robo advisor app.
What is a Robo Advisor?
A robo advisor app can be described as an application that has been designed for the purposes of digital trading and investing. It is also a platform that is currently being used by certain groups of investors.
Actually, some new and seasoned investors may want to use this app to assist them with building and maintaining their own investment portfolios. When this type of application is used by investors, their investments are presently being handled with no to minimal human intervention.
Now that you know a little bit more about what a robo advisor app is, you may also want to know some of its key benefits. That said, here’s 5 benefits that you should know.
Benefit 1: Creates investment portfolios according to personal preference
Similar to strategies used by a real person financial advisor, these applications have been designed to use real world scenarios in its algorithms, too. For example, if an individual investor’s personal goals are considered to be low risk and not aggressive, the robo app will match this approach whenever making that investor’s trading and investment decisions. Simply put, this robo app will only use trading practices that mimic an investors risk profile.
Benefit 2: Low fees Required to Participate in trading and Investing
If you are looking for different ways to save money on your investment strategies, you may want to consider cutting down on certain expenses. In some cases, you may even want to consider reducing the amounts that you pay a financial advisor.
Due to the latest technologies available in this industry today, you can achieve your objectives by looking for alternatives. With this application, you may be able to do just that. Since this innovative option will not require commission fees and less costly ETFs, this is also one of the benefits that many of today’s investors are looking for.
Benefit 3: Simple for Both Novice and Seasoned Investors to Use
Even though these apps perform a variety of sophisticated and robust operations, they have been designed for ease of use. For instance, they have been designed with numerous user friendly features, and it gives the user the capability to customize a suite of management tools when creating their profiles.
Based on the application that has been developed, users can set automated functions according to their personal preferences. For instance, in some cases, the user can easily set the financial goals that they want to achieve by the touch of a button or two.
