Put simply, Robo-advisors are online wealth management services. They are automated software platforms that provide recommendations of an investment portfolio. The client answers some questions online such as age, how much money they wish to retire with, income, and their attitude to risk. Following this, one of a few “ideal” portfolio selections of assets is then recommended. The revenue of Robo-advisors often comes from the commission of the product sale.
Robo-advisors first came onto the scene in the US and were independent of financial institutions. However, some financial advisory groups have developed their own hybrid model of Robo-advisors.
What’s the alternative to a Robo-Advisor?
Financial Mappers fills the gap for those who want to manage their finances independently – it’s your Personal Financial Management Hub. It provides an option for people who want to comprehensively manage their finances.
The interactive calculator in the Financial Mappers software allows independent inputs and particular lifestyle parameters to be entered and altered by the user. Information including home, loans, debts, investments, property, superannuation, SMSF, credit cards, and personal living expenses can all be included, so nothing is overlooked.
Even better, the use of extensive modelling tools, allows you to create multiple “what if” scenarios which enable you to have access to a wide range of information and future projected results. Once chosen, the preferred investment plan can then be tested against a range of different economic cycles or historical data. Financial Mappers also generates a series of reports based on information provided by the user. These easy-to-understand reports allow you to take control by acting on them independently or taking them along to a meeting with a financial advisor allowing you to be more informed.
At the end of the day, you may still want to invest in a managed fund. There are plenty of options available and you can choose the one you think will best suit your needs when considering all your other investments. Please note that we suggest that you seek professional advice if you think this may be suitable for you.
Find out how you can ditch the debt and manage your finances without the risk with Financial Mappers.
Glenis Phillips SF FIN – Designer of Financial Mappers
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