Note: This article is courtesy of Iris.xyz
By Sara Grillo
A Roboadvisor is kind of like getting your investment advice from the McDonald’s drive through window. It’s a website that provides automated financial advice with minimal human intervention. They basically use an algorithm and some basic input from the client to form a set of investment recommendations that your assets are invested into.
Up until now, the high minimum amounts required for personal investment advice has left the middle class in the cold. Also, these services tend to price out at a rate which you have to be rich to pay. But now here comes McDonald’s. A simple website, a math equation, a low fee – sounds good, right? How do I hand over the keys to the car?
Well, there is one factor that is being overlooked: human emotion. People are emotional about their money. What may seem like a good idea on paper can be seen in a different light when it has a real impact on your real life.
As an experienced financial advisor, I understand how human beings tend to behave when they see their money vanishing before their eyes. Let me walk you through how a typical conversation goes every time I bring on a new client.
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