Broker Check

Financial Advisor vs. Online Manager - Which is for me?

| January 23, 2015
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The navigation of the financial world is continually changing with the advent of so many online tools entering the scene. Online platforms versus the traditional financial advisor route; traditional IRA versus Roth IRA; Seahawks versus the Patriots - so many decisions!

For example, and Yodlee's MoneyCenter offer free methods for tracking personal spending and bringing all of your finances into one centralized location. Fidelity and Charles Schwab give you the reins over your investments for set fees. Betterment uses algorithms to attempt to optimize your returns for your various IRA accounts automatically, which minimizes the number of people needed to watch over your investments. These few tools hardly even scratch the surface on everything that is out there for you to peruse through when deciding how to handle your money.

With all of these options, some investors may find it a little paralyzing to know where to begin. It could be easy to just put in online trades yourself, but do you have the experience to consider other options when your financial situation changes? Would you truly want an algorithm to replace a human relationship? 

Whether you like it or not, the way you interact with money usually demonstrates what your personal values and interests are. Online trading and investing options are easy and sometimes less expensive, but they often lack tools for evaluating your values and dreams for your family's future. Even if there is an online tool that asks you introspective questions, the accountability to follow through on those questions disappears when a human on the other side of the table disappears. Is this a cost you are willing to sacrifice for a lower upfront fee? 

Financial AdvisorOnline Investing
- Personalized strategy to your situation- Your situation fits into their algorithm
- Accountability to keep trying to reach your goals- Goals are simplified into small variables
- Educate you on options that fit your needs- Present options based on simplistic questions 

We'd love to meet with you to talk about the current investing world and where you can start working toward a comprehensive financial plan.

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