What are the differences between a financial advisor and a robo-advisor?
An example of an AI chatbot conversation about financial advisors versus robo-advisors.
What are the differences between a financial advisor and a robo-advisor?
A financial advisor is a human professional who provides personalized financial advice, while a robo-advisor is an automated platform that uses algorithms to manage investments.
Which one is better for someone just starting to invest?
It depends on your needs. A robo-advisor might be more cost-effective and easier for beginners, while a financial advisor can offer tailored advice.
What are the fees associated with each?
Financial advisors typically charge a percentage of assets under management or a flat fee, while robo-advisors usually have lower fees, often around 0.25% to 0.5%.
Can a robo-advisor handle retirement planning?
Yes, many robo-advisors offer retirement planning features, including goal setting and investment strategies tailored for retirement.
What should I consider when choosing between them?
Consider your investment goals, the level of personalization you want, your budget for fees, and how comfortable you are with technology.
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