Since their launch just a few years ago, so-called robo-advisors have been entrusted with billions of dollars by many different kinds of investors.
So, what exactly are robo-advisors?
Despite the name, robo-advisors aren’t actually robots. They’re sophisticated and use advanced algorithms, designed to take strategies developed by human investment advisors and share them with everyone.
Because they’re automated, robo advisors tend to be cheap and easy to use, making them an attractive option for all kinds of investors, from young people just starting out to more established investors like retirees looking for help generating income.