A computer has won three times in a row against a world champion of “Go”, an ancient Chinese game. A few years ago, researchers and engineers thought such a thing was beyond the capabilities of a machine.
Artificial intelligence thus appeared (neo-2016) in the challenge with the human mind. Thanks to a computer program developed by Google, it beat a genius in this Chinese game three times in a row.
A fact that has been considered an important advance has brought the artificial brain ever closer to the human one. From there, the development of intelligent algorithms has never stopped.
Today it is evident that there is no match in some aspects: AI manages to be faster and more accurate in making calculations once it has all the elements to work with.
As it is with finance, an area where algorithms can work with numbers and statistics. That’s why I think it’s smart to rely on Robo-advisors to make investment decisions.
WHAT ARE ROBO-ADVISORS
Robo-advisors are computer-based investment advisors who provide recommendations and advice on how to invest your money.
They use algorithms and software to automate the investing process, making it easier and faster for investors to start investing.
There are several Robo-advisors on the market, each with its own set of unique features and benefits.
The first Robo-advisor appeared in 2008 with the launch of Betterment. The goal was to make investment advice more accessible and affordable for everyone.
At the time, the investment industry was still very much about human advisors, with high minimum investments and high fees.
Betterment wanted to change this by using technology to deliver automated and low-cost investment services.
But why use a Robo-advisor?
There are several reasons why you might prefer a Robo-advisor to a traditional human consultant. They are also used by investment funds.
Ray Dalio and his Bridgewater team also use algorithms to make decisions: they work in parallel between the opinions of traders and those of a machine that they have perfected from time to time.
Here are three qualities that you can find in such a sophisticated tool:
– Affordable: you can start investing with little money and without a minimum investment.
– Automated: the Robo-advisor will do all the work for you, from building your portfolio to its rebalancing.
– Convenient: Robo-advisors generally have lower commissions than human advisors.
– Transparency: you always know exactly what commissions you are paying and how your money is invested.
TYPES OF ROBO-ADVISORS
The different types of Robo-advisors can be distinguished based on the percentage of “human” presence expected in the process.
It is possible to distinguish between:
– Human4robo advisor: a model that provides that all operations are carried out in an automated manner and human activity is limited to supervising the correct functioning of the algorithms.
– Robo4human advisor: the creation of the portfolio is carried out automatically but the management is delegated to a consultant.
– Robo4strategy advisor: customer profiling takes place automatically but the definition, creation, and management of the portfolio are carried out by a broker.
– Online advisor: a service that offers only advice and suggestions and that delegates all types of operations to the advisor or directly to the investor.
Here are many Robo-advisors on the market: some better than others. Here is a list of the ones that I believe are the best performing.
However, there are several good Rob- advisors on the market, but these are my favorites.
However I advise you to prove the validity of some of them yourself, and when you believe you have trusted the right one based on your tests, increase the capital.
1 – BETTERMENT
Founded in 2008, Betterment is one of the oldest and most popular Robo-advisors. It has over 300,000 customers and $16 billion in assets under management.
What I like most about Betterment is its ease of use and low commissions. You can start investing with as little as $10 and there are no account minimums. Plus, Betterment doesn’t charge any fees.
To help you make the best decision, we’ve compiled a list of the top three investment Robo-advisors, based on our research and analysis.
2 – SOFI AUTOMATED INVESTING
SoFi is an online personal finance company offering a variety of financial products, including student loan refinancing, mortgages, and now investments.
SoFi Automated Investing is a Robo-advisor service launched in March 2018. It has no account minimum and no transaction or balance fees.
SoFi also offers human consultants if you need more help with your finances.
3 – VANGUARD DIGITAL ADVISOR
Vanguard is one of the largest investment firms in the world, with over 4,000 billion dollars of assets under management.
Vanguard Digital Advisor is a Robo-advisor service launched in August 2018. It has a minimum account of $3,000 and has no transaction or balance fees. You can also choose to work with a human counselor if you need more help.
4 – WEALTHFRONT
Wealthfront is an online financial advisor founded in 2011. It has over $200 million in assets under management and is one of the most popular Robo-advisors.
What I like most about Wealthfront are its low fees and advanced features. You can start investing with as little as $500 and there are no transaction or balance fees. Wealthfront also offers a number of other functions, such as tax-loss collection and portfolio rebalancing.
5 – ELLEVEST
Ellevest is a digital investment advisor for women, founded in 2016. It has over $100 million in assets under management.
Ellevest has no minimum account and no transaction or balance fees. What I like most is her focus on helping women achieve their financial goals. Ellevest also offers several other financial products, such as retirement planning and savings accounts.
Bottom line Robo-advisors are a great way to invest your money, especially if you don’t have much investment experience. They are also much cheaper than traditional human consultants.
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