Wealth management firms and private banks are constantly increasing the minimum threshold that is required of account holders. In a few instances in just this past year alone, some private banks have actually doubled the entry level of their high-end wealth management services. This leaves investors who do not meet the criteria out in the cold.
However, this has started to change with robo-advisors in the picture now. Not only do they have lower account minimums, some don’t have one at all – which makes wealth management advice accessible to all.
Convenient
Robo-advisory is becoming popular for one of the same reasons why people enjoy shopping online – it is convenient. Although it is helpful to meet your relationship manager in person to discuss your finances, that can take up considerable time.
Compare that to receiving investment advice and ideas on your laptop, tablet or mobile phone – even when you’re on the go or on holiday – engaging the services of a robo-advisor that never goes away on leave and is available to you 24-7 can be pretty convenient.