Unless you're born into riches or win the lottery, you need to work hard to build your savings. An investment portfolio through an advisor is the traditional way to grow your wealth, but limited access and high fees leave many Canadians on the outside looking in.
There is a new way to get investment services just like the rich. It's called online wealth management (sometimes it's known as automated investing or robo advisor), and it means you get the same quality of investment management as your neighbourhood multi-millionaire. Online wealth management offers some very real advantages over traditional brick and mortar outlets.
The experts at Questrade Wealth Management's Portfolio IQ were asked to list the three top advantages of a robo-advice service:
Your money grows faster. This kind of service is provided at a fraction of the cost of traditional financial advice. Services like Portfolio IQ keeps fees ultra-low, so your savings can grow and compound to your benefit.
It's easy and convenient. Money shouldn't stress you out. With online wealth management, a team of experienced money managers is always monitoring your portfolio to ensure it's growing as you'd like. This means you can sit back and relax.
An investment plan customized for you. Online wealth management lets you tailor your investment portfolio to suit your preferences. Rather than getting a standard package of investments or being pushed towards certain promoted mutual funds that aren't a fit, a robo advisor tailors a custom portfolio directly in line with your goals, your risk level and your assets – and even how much money you have to invest.
