A few weeks ago, Fidelity became the latest financial behemoth to officially announce its roboadvising platform. The term "roboadvisors" just means that technology (instead of humans) is being used to assist you in making investment decisions.
Many of us hesitate to take advantage of these innovations because they can often seem quite opaque. But, you can be leaving a lot of money and time on the table. As a result, I created a fun and informative video that explains all about roboadvising, also known as automated investment services. Take a look below.
If you look around, you will notice that many new financial products, from student loan refinancing to peer-to-peer lending, are disrupting the traditional financial services industry.
Roboadvising is no different.
While you may not use these products directly (yet), this might mean lower interest rates on your debt, more dollar savings, lower transaction fees, more investment options, as is the case with roboadvisors. All this means is more time for you to spend time with family and friends.
If you don't believe me, consider this fact - $12 billion poured into the FinTech space last year alone, almost 3x the rate of 2013. If there's anything I've learned in the asset management industry, it's follow the money.
And the beauty of financial innovation is that the beneficiary is typically the consumer - us!