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Britt Erica Tunick is an award winning financial journalist who has spent the past 17 years writing about virtually every aspect of finance. She has mastered the art of boiling down complicated financial topics for readers to understand. |
Robo advisors can provide basic financial advice and are usually free of charge. Your Next Financial Advisor Could be a Robot By Britt Erica Tunick If you have questions about saving for the future or managing your personal finances, the odds are good that your questions will be answered by some sort of automated program or robo-advisor soon. Many banks have been actively working on virtual assistant bots designed to help customers get a better handle on their spending habits so that they can make better decisions about their finances. These bots, which will be available to bank customers through mobile apps, have been designed to work through both text and voice commands to use alerts to notify users of things such as a change in their credit score. They can even send links to users for videos that can help them get a better grasp of things such as how a credit score is determined. Not surprisingly, Facebook is also getting in on the action and is working on its own personal finance bot that will operate on Facebook Messenger. Per a recent survey from Accenture, 46% of bank customers are now willing to get advice from robo-advisor software programs for everything from which types of bank accounts to open, to how to invest and save for retirement. While robo-advisors have primarily been used by the wealth management industry until now, as consumers have embraced Internet and mobile banking apps and services the reach of these programs has expanded to the banking industry. Based on responses to Accenture’s survey, 69% of bank customers now plan to use robo-advisors to help them plan for retirement and 79% plan to use them to help decide how they should allocate their investments. If you are looking for basic financial advice, robo advisors can provide that and are usually free of charge. If, however, the investment advice you need is more complex, you should still consider hiring an experienced financial advisor. |
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