How much of your life today is automated? If someone had asked you ten or fifteen years ago to predict how much of your daily routine could be accomplished with the help of technology, you probably wouldn’t have anticipated just how much can be done with the help of robots.
Even today, the idea of financial robo-advisors might strike some as being too trusting of technology, but the truth is these software types can help all sorts of Canadians improve their finances. Canadian robo-advisors currently hold US$5.5 billion in assets, and that number is expected to climb to US$14 billion by 2022.
Money and Technology Work Well Together
That’s a lot of growth, but it’s understandable when you think about how easy it is to track gains and savings with a robo-advisor. Online financial services are more trustworthy and accessible than ever, you can buy insurance, access RESPs, and even get financial advice over the phone. And when times are difficult with finances, you can also get help from helpful financial technology when you don’t know where to go when you need to borrow cash in a flash.
Online payday loans have been improved with the ease that comes with the speed of the internet. You can secure a payday loan from a trustworthy and discretionary lender who can review your application faster than ever.
Even if you’re a strict budgeter and whiz at planning out your expenses, there’s always a chance that an unexpected cost can catch you off guard. Knowing that there are reliable and easy payday loans available in Ontario can be a major relief in meeting your financial obligations when things get tight.
What Is a Robo-Advisor?
One common money myth is that only people who are doing very well financially can be investors. Robo-advisors make it easy and accessible to invest money, which means that you don’t have to have a certain financial profile to be able to make smart investment choices with your money. Robo-advisors determine your risk tolerance and goals and once your bank account is connected to the software, you simply input how much you want to invest.
The software puts your money into its funds and automatically rebalances your dollar distribution so your asset mix is where it should be. Since this type of investing appeals to people all over the wealth spectrum, anyone can consider using one. Here are some examples of current and popular options for those who are considering automating their investments:
- Questwealth Portfolios
- BMO SmartFolio
What Are the Perks?
One of the most popular robo-advisors is the Toronto-based Wealthsimple, which currently holds over $3 billion in assets under management. One of the perks of using this software is how sleek and simple its interface is, which makes the user experience easy. Another great benefit of turning to this form of digital investing is how easy it is to track how you’re doing.
If you like simplicity and want to start enriching your finances, then it’s time to consider automating your investing with the help of a digital advisor. They come backed by major banks and offer customer service when you need it for a painless experience with plenty of reward.