An adviser who holds a Financial Services License (or is authorised under one) is able to recommend a product.
The benefits of an adviser are;
The drawbacks of an adviser are;
Find an adviser
The best place to find an adviser is at Adviser Ratings
A robo adviser must also hold a Financial Services License. Typically you will be asked some online questions to establish your risk profile. The “Robo” will then place your investment in a relatively low cost “passive fund” like an ETF.
A $50,000 investment, returning 7% p.a. for 35 years will grow to $325,691 with an “active manager” fee of 1.5%. Using a Robo adviser with a fee of 0.5% the balance will be $455,240. A 40% improvement.
The benefits of a robo adviser are;
The drawbacks of a robo adviser are;
Find a robo adviser
Here is a non-exhaustive list of robo advisers;
Online tools, information and products make DIY an inexpensive, viable option.
The benefits of DIY are;
The drawbacks of DIY are;
There are a number of online sites offering insurance policies. Here are some of them.
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