Making investments is a great and easy way to help you make money, especially if you use an automated investment account. But with so many options on the market, it can be tricky to find the one that works best for your needs. Here’s how you can find the one that’s best suited for you.
What exactly is an automated investment account?
Automated investment accounts can sound a bit daunting, especially if you’re new to the investment market. All it means, really, is that instead of having a human advisor that you talk to about your investment choices, your investments are managed by a “robo-advisor” that relies on computer algorithms to make investment choices. You can still get financial advice from these “robo-advisors” and some companies also offer the option to talk to a human advisor if you need more help.
How do you pick one?
There are a lot of options out there, so it’s important to keep all the factors in mind. Don’t be overwhelmed by the choices; just make sure you know what you want when you start looking. How much money are you looking to invest? How much assistance (and what kind) do you want to be available to you, whether from a robot or from an actual human advisor? How much are you willing to pay for the services you’re signing up for?
These are all important questions that you need to keep in mind when you’re choosing your automated account. This Money article has compiled a list of different automated accounts based on the needs of the investor—check it out for an easy guide to specific companies you can look for.
Narrow it down even more
Beyond the basic questions and account types that you should be on the lookout for, there are even more specialized accounts that you can get depending on your needs and wants. For example, there are accounts specifically focused on socially responsible stocks (such as stocks that have a positive impact on women in the workplace). The point is, there are a lot of options out there, and you’re bound to find one that fits your individual investment needs. So get looking!