My Finance Blog

The Pros and Cons of Robo-advice

The world feels like it's getting faster everyday. Our phones are smarter, information more accessible, and when we want or need to know something, we tend to want to know it sooner than later.

We rely a lot on the internet to get our answers almost instantly. but when it comes to expert advice, we often have to make an appointment and wait. But those days might soon be over.

Robo-advice is financial advice delivered online, either via your computer, smartphone or tablet. Using algorithms based on date you enter (your age, gender, assets, income, financial goals, etc.), and it generates financial advice based on those details.

But there are costs, and as with all technology, there may be some limitations or downfalls. While the cost for information will most likely be less if you book a meeting with a human consultant, a human consultant is going to have a deeper awareness of your circumstances and go beyond just ticking a few boxes to gauge your situation. 

MoneySmart offers a great rundown on Robo-advice and how it could help you determine the best course of action for your finances. Take a look at their article here.