Asked 2w ago
Have read about other roboadvisors and also come across MoneyOwl. Not sure what’s the best platform.
Hey Anon, there are so many robo-advisors out there that we're spoilt for choice haha. Personally, I've tried quite a few robos, namely StashAway, Syfe, MoneyOwl, Endowus, Autowealth and UOBAM.
I'm currently using Endowus and Autowealth mainly because the assets are held in a legally segregated custody account under my own name. Recently, I also registered with UOBAM as they have a promotion ongoing where they'll deposit $20 into your account. On a side note, I actually quite like the fact that both Endowus and Autowealth doesn't have a mobile app otherwise I will tend to keep checking my portfolio every day or even multiple times a day and panic when the market goes down.
I believe that Seedly has quite a few comparison articles on the different robos out there so do take a look!
Despite not using MoneyOwl personally, my friend uses MoneyOwl... the interest are pretty slow and low.
I’ve been using StashAway, the interest are not bad and the app is SOOO easy to use for a beginner like me!
For example, my friend invested $1.7k inside MoneyOwl since Aug 2019, I only invested $1k inside StashAway at the start of July this year.
As of now, my interest is +3.6% which means I gain $36! While my friend who invested MORE & LONGER in MoneyOwl... only gain $22 as of now.
Hey! With regards to robo-advisors, I really reccomend Stashaway, as you can easily get into things quite well with a decent read up on the basics of investing. I personally am still using Stashaway as it gives you the flexibility with regards to your starting capital, as well as uses an algorithm to allocate your assets
Despite not using Moneyowl, I will share some of my thoughts on how I look at moneyowl.
Moneyowl is a one-stop center to knowing more about personal finance. They are the first bionic Roboadvisor which means that there is human interaction for you to communicate your concerns.
As a newbie, it is advisable to attend their comprehensive financial planning to understand your personal finance and realise why should you invest.
There is no pressure buying their products. You can review again and ask the Seedly community in regard to your concern
Roboadvisor is a good way to start investing because you start to understand the financial assets available. Best of all, someone is helping you to manage while you are learning
Investing is not something you should rush. Enjoy your financial journey
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