There are so many robo advisors out there these days that it is rather difficult to know which ones are good and which ones are poorly designed. Not a...
There are so many robo advisors out there these days that it is rather difficult to know which ones are good and which ones are poorly designed. Not all robo advisors were made well. It is very important that you make sure you’re using an efficient one.
In this article, we’ll aim to inform you of the main variables to consider when looking for a good robo advisor. Let’s get started, shall we?
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1 – Easy to Use
The whole point of a robo advisor is to make your life easier. This won’t happen if you choose a robo advisor that doesn’t navigate well and hasn’t provided simple utility instructions.
A good robo advisor platform provides easy navigation to any page that you need to reach from the main toolbar. On top of this, you should be able to follow through the setup instructions without any assistance at all.
2 – Balanced Fees
Some sneaky platforms also have hidden fees that you shouldn’t need to worry about. Your account should have a specific minimum deposit, but it shouldn’t charge you anything other than a small maintenance fee. Typically, this maintenance fee is taken directly from your earnings as well, causing you to not have to dig into your own pockets at all.
3 – Tax Efficiency
Good robo advisors have tax-efficient trading options. This is included in the algorithm the robot uses while trading for you. The basic idea is that it will pick trades with a low level of tax, allowing you to pay as small an amount of tax on your trades as possible.
4 – Available Customer Service
No matter how efficient a robo advisor is, there is always going to be a time when you want to speak with a human being to sort out an issue of some form. It is always good to choose a platform that provides live customer service, just in case. The security that comes with this knowledge is quite reassuring.
These are the main things to look into when finding a good robo advisor. Good luck and happy trading!
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