Beginning your investing journey can be daunting. With oceans of financial literature to wade through, it's difficult to know where to get started and which stock and securities to invest in. But there's one easy solution for beginners: getting a robo-advisor.
These automated financial advisors are driven by AI and programmed to put your money to work. The best part is that you don't need large sums of money, investing know-how or large amounts of time. All you need to sign up is to answer some questions about your investing goals and meet the account minimum (if at all), and boom, you'll be well on your way to investing.
Here's everything you need to know about these automated investing services and what you should consider when picking one.
What is a robo-advisor?
A robo-advisor is an automated financial advisor and investment platform. The system uses a software algorithm to build and manage your portfolio so you don't have to. When you sign up for a robo-advisor, you'll answer a few questions, such as:
How old are you?
When do you plan to retire?
What type of investor are you (conservative versus aggressive)?
What are your investing goals?
Do you want to invest to retire, generate income, create wealth or save up for immigration Law firm Turkey a major purchase?
Robo-advisors use automation and software to craft and manage your portfolio, instead of a financial expert.
While some robo-advisors have minimum account requirements to start, it's usually a low barrier to meet. For instance, you might only need $500 to get started. Others don't have an account minimum, which means you can start investing with just a few extra dollars in your bank account.
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