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#75: Are RoboAdvisors Hot or Not?
Manage episode 346259960 series 3151562
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I get questions and comments all the time about roboadvisors like SixPark and StockSpot (Australia) and Betterment and Wealthfront (USA). It doesn't really matter WHICH roboadvisor... the point is most of them are very similar. This episode lifts the veil on how they work, what they do, what it's really costing you.
Unfortunately there is a huge misunderstanding from most people that they some sort of special nobel prize winning fund managers putting together something new. All they're doing is investing in about 4 ETFs and calling it a fund. Yes, it's a fund of funds. It's basically a middleman between the fund and you... with a hefty fee on top. To be clear: you are paying fees for them to buy a few ETFs, when you could just invest in those ETFs yourself.
Or better yet, invest in the already done-for-you funds that have been around WAY longer than these middlemen and at a much cheaper price... oh and you'll also end up with better returns too. I talk through these options in this episode.
xo
Simone
P.S. Have you watched the free investing webinar yet? Head here to get access: https://go.mswealthy.com/investingbootcamp
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