. The traditional firms tend to aim to investors with a bit more capital, often requiring higher minimum deposits and charging higher fees — but also the option of live interaction. Signing up for a robo-advisor service is usually a simple process, involving the completion of questionnaires intended to gauge your attitude to risk.
"Over the past few years the 'catch-all' term 'robo-advisor' has become increasingly obsolete, with firms preferring more specific terms such as Digital Wealth Service, Automated Advice, Hybrid Advisor or even Bionic Advisor to better describe what they actually do," says Simon Bussy, Altus' director of wealth and an expert on the digital-advice sector. "The average robo advisory platform charges a management fee for its services, typically less than 0.
"The typical retail investor using a robo advisor can potentially benefit from professional portfolio management at a cost far lower than that traditionally charged by a [live] advisor," says Denerstein. Because they do all the choosing and investing, robo-advisor platforms don't require much on the part of investors. You need no specialized knowledge of stock markets, P/E ratios, balance sheets, or anything else.
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