Anonymous
Why would people do their investments with roboadvisors when it's cheaper to do RSP via FSMone?
Roboadvisors charges you an annual fee and it gets even more expensive as your AUM increases. Just curious why would people still go with roboadvisors instead of FMSone when in the long run, doing RSP with FSMone would likely be cheaper? And also, the chances of FSMOne closing down is probably lower than roboadvisors in sg?
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Lin Yun Heng
10 Jul 2020
Senior Analyst at Delphi
For a start, Roboadvisors offer you a fuss free, idiot-proof approach to investing. You do not need to set up a brokerage account, you do not need to fill up your W8-BEN form, you do not need to research ETFs on your own. Basically it is perfect for the "know nothing" investor.
In the short term, the "know nothing" investor can start out by doing Robo, and as his/her knowledge increases, they can start to build up their investing knowldege by reading more books/seedly or watching youtube videos. Slowly he/she can start to do it themselves and with a bigger capital, they can do it on their own and incur less fees.
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Some people feel safer and prefer the idea of someone else "managing their finances".
Just like how...
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Personally i remember the sign up / application quite cumbersome and not straightforward. personally put off.