ROBO ADVISORS : ALL ABOUT ROBO- ADVISORS
ROBO ADVISORS : ALL ABOUT ROBO-ADVISORS
WHAT ARE ROBO ADVISORS?
Robo Advisors as the name indicates, it is an advisor that offer services automatically based on a specific set of rules and algorithms. They are programmed to take specific inputs and generate output.
On the platform of robo advisor, you need to answer specific questions such as current situations, goal, risk profile, date of birth, a time period of investment etc.
The advice given by robo advisors are divided into multiple parts such as tax planning advice, insurance advice, health insurance planning, investment advice etc.
The advice given by them differs from traditional financial advisors..
BENEFITS OF ROBO ADVISOR
There are multiple benefits of robo advisor. Few of them are given below.
Compared to traditional advisor, robo advisor is low-cost affair.
These type of advisors eliminates human error.
These type of advisors are accessible 24×7 anytime, anywhere.
You can interact and change your inputs multiple times to check function of advisor.
These type of advisors are not biased by specific products.
DRAWBACKS OF ROBO ADVISOR
Few Drawbacks of robo advisor are given below.
No personalize touch.
Advice is given based on inbuilt algorithm. In case of a mistake it may lead to wrong advice.
These type of advisors are not programmed for an extraordinary situation or financial crisis.
ARE ALL ROBO ADVISORS IN INDIA SAME?
The answer is – All these robo advisors are not the same. They have a different algorithm and complexity.
The output generated by these advisors differs with input given such as financial situation, goal, risk profile etc.
If you are planning to invest using robo advisor, you should evaluate these advisors carefully.
WHO SHOULD USE A ROBO ADVISOR?
Who should use robo advisor?
Well, it is a debatable topic.
Prima facie, anyone who is planning to invest money can use Robo advisor in India.
Expert investors should either use DIY (Do it yourself) concept or rely on time-tested traditional advisor approach.
TOP 10 POPULAR ROBO ADVISORS IN INDIA
Here is a list of few popular as well as emerging robo advisory players in India.
10. ANGEL BROKING – ARQ
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