A robo-advisor is an online platform that gives you automated investments advice. First, you need to add your inputs, like risk appetite or your investment. Based on these inputs, the robo-advisor recommends an investment portfolio. This portfolios are actively managed, which means the robo-advisor changes the elements of the portfolio.
Everything is automated, so after signing up you don't have to do anything, just transferring in your savings. With robo-advisors you get convenience but less control on your portfolio. It also cheaper than a mutual fund investing since everything is automated, thus cost-effective.
The biggest robo-advisor in the US are Betterment, Wealthfront, and Vanguard. In the UK and Europe, ETFmatic, Nutmeg, and Scalable Capital are the leading ones.
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