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You are here: Home / Investing / The Financial Advisors That Fit In Your Pocket

The Financial Advisors That Fit In Your Pocket

January 18, 2018 By Susan Roberts

by Susan Roberts
January 18, 2018Filed under:
  • Investing

The proliferation of mobile apps has meant that more investors are relying on robo advisors to manage their assets. How do these work?

What Is a Robo Advisor?

A robo advisor is an online investment advisor that offers automated investment services. It makes use of software and algorithms to manage and analyse a person’s assets, making recommendations based on that data.

According to The Balance, a robo advisor can offer asset allocation of investments, automatic rebalancing and investment tools that include retirement and education planning.

As this financial information comes via an app, users can quickly access data from their smartphone without the need for human intervention. In fact, experts reckon that 10% of all assets could be managed by automated financial advisor apps and services by 2020.

With a financial advisor in your pocket, does this mean there’s no longer a need for human investment advisors?

The Changing Face of Investment Advice

Robo advisors can manage many aspects of a person’s investment portfolio without the need for human intervention, but sometimes this isn’t always the case. Some investors still prefer the human touch and may decide to use hybrid robo advice services that make use of both automated investment options and humans to ensure a balanced approach.

The lower fees charged for using automated financial advisor apps certainly make them appealing for wider segments of the population, especially those whose financial needs are straightforward or have a limited balance. The apps allow users to check and track their investments, make deposits and withdrawals and even trade or cancel orders.

If you have more complex financial needs, however, or have a large investment portfolio, you may find robo advisors don’t always meet your needs. Instead, a personal financial advisor may be preferable who has more extensive investment knowledge, including a wider range of software for financial advisors. You’ll find software for financial advisors available here. This ensures your entire personal financial picture can be assessed.

Robo advisors might also not meet your needs if you want to invest in peer-to-peer lending or closed-end funds or you’re an active stock picker looking to outperform the markets, as flexibility is limited. However, as the apps develop and offer greater functionality and technical capability, this area of financial planning is only set to get more sophisticated over time.

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