Robo Advisor vs Human Advisor? Which Should You Choose
If you are just starting out, the use of online investment and financial planning tools can be helpful. These online tools can help you get started and can also provide some level of discipline when it comes to investing. However, as your financial picture becomes more complex, and you have multiple financial goals to achieve, a robot simply can’t put all the pieces together. All you will get is standard reporting that has been pre-programmed. In too many cases, because you are the one filling out the information alone, and there is no one checking your responses, you could potentially be missing relevant information that can later hurt your chances of achieving your financial goals.
If you don’t do your own taxes, you probably shouldn’t do your financial planning and investing.
Here’s where the help of a human financial advisor comes in handy:
- You have multiple investment accounts
- You need help getting all of your financial pieces to work towards your goals. This may include working with your other professionals such as insurance agents, estate planning attorney, accountant, HR and benefits department, and other.
- You need someone to uncover potential pitfalls in your long term goals
- You have a complex family situation
- You need one person or team to rely on to help you with financial decisions
- You want a more personal approach and someone you can call when you have questions
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