Robots or AI-Based solution providers. Who knew that such unbelievable concepts that were once limited to only Hollywood’s Sci-Fi movies could be actually invented and successfully used in real life?
Today, AI-Technology and Robotic Science have evolved to a level where it is believed to be extremely efficient, precise, and trustworthy. Right from financial to the medical industry, its usage to manage several monotonous, as well as complicated operations, is increasing with each day.
While the millennials and Gen Z youngsters are easily adapting to the latest innovations, the older generation is also trying its level best to become tech-savvy and accept the inclusion of AI and Robo technology in areas they could never imagine nor trust. Especially the areas related to their finances.
Introduction Of Robo Advisory:
The concept of Robo Advisory was initially introduced in 2014. As the concept of having an AI-Based Robo Advisor was extremely new, the tenured investors who were used to having a personal advisor to manage their financial planning, investment planning, tax planning, and retirement planning, were not so comfortable in accepting this innovative way of financial planning.
However, the millennials were not so hesitant about using this innovative technology. Though slowly, but steadily the number of young investors choosing Robo Advisory kept on increasing and today the overall assets under management in the Robo Advisory segment are believed to be approx. worth US$1,790,692m.
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Importance Of Robo Advisor For Millennials and Gen Z Investors:
Being just as innovative, advanced, vibrant, and easygoing as the millennials and Gen Z investors, over a period of time, Robo Advisor has undoubtedly become an important part of the financial journey of a large number of millennial and Gen Z investors.
Less Expense, More Benefits:
As the Robo Advisor does not have to bear the expenses of owning an office or team, it is comparatively more cost-effective than a human advisor.
Usually, the fee of a Robo Advisor is around 1/3 or 1/5 of that of a human advisor. And as a number of the millennial and Gen Z investors are not as financially stable and affluent as the tenured investors, they have a limited budget for investment as well as to accommodate the comparatively expensive personal financial advisory.
Therefore, they prefer to invest using the AI-Based Robo Advisory.
No Minimum Investment:
Most professional advisors offering assisted advisory services usually have high advisory fees and a minimum investment requirement. Being at the starting point of their financial journey, most millennial and Gen Z investors, cannot afford such high fees or any minimum investment amount.
As Robo Advisory offers a completely personalized financial planning solution that is at par with the personal advisory service, young investors or beginners prefer Robo Advisory over human advisory.
Use It Anytime Or From Anywhere:
Unlike the majority of the traditional investors who believe in doing the right thing at the right time with the right person, the millennials and Gen Z investors believe in doing the right thing, no matter the time, place, or person.
These young and tech-savvy investors believe in working without any kind of restrictions, be it time or space. Therefore, Robo Advisory which gives them complete freedom of accessing it at any point of time with just a tap on the mobile phone or a click on their computer stands apart as a better option for millennials to do their financial planning, tax planning, investment planning, and even retirement planning.
Limited & Unbiased Investment Options:
Though having options is good, sometimes, having too many options creates unnecessary confusion and increases the chances of making a wrong decision. Especially, when it’s about the multitasking millennials and the uber-fast Gen Z investors.
Getting few, but extensively analyzed, unbiased, and reliable investment options by Robo Advisor guides them to make the right investment decision without spending too much of their time and efforts.
All In One:
Comprehensive financial planning or 360 degrees financial planning includes all the aspects like investment planning, tax planning, and retirement planning.
Many personal advisors offer these services as individual solutions and even charge separately for each one of them. As millennial and Gen Z investors have limited financial resources, most of them cannot afford to subscribe to each of the different financial solutions. Thus, not letting them experience complete financial security, growth, and freedom.
On the other hand, most Robo Advisors offer comprehensive financial solutions or all-inclusive solutions to all investors, making it a preferred investment option by investors with a limited spending capacity.
Whether you choose Robo Advisor or Human Advisory, it’s important to start investing as early as you can to achieve your financial goals early in life.
So, don’t wait, start investing with our ROBO ADVISOR today!
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning without any cost on: http://bit.ly/Robo-Fintoo
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the sole decision of the investor and the company or any of its communication cannot be held responsible for it.