Robo advisors are digital platforms that provide automated, algorithm-driven financial planning services with little to no human supervision. A typical robo-advisor collects information from clients about their financial situation and future goals through an online survey and then uses the data to offer advice and automatically invest client assets.
By leveraging technology and automation to provide diversified passive investing, Robo-advisors are often very inexpensive and require very low opening balances so that nearly everybody can benefit from a robo-advisor if they choose.
Robo advisors are perfect for time-starved working adults who are looking to grow their money passively. Instead of physically going down to a bank to look for a relationship or fund manager — who may or may not even have your interests at heart — why not opt for a more transparent method which only seeks to grow your wealth?