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Comparing Robo-Advisers for Retirees

Very interested in how "robo-advisors" are changing the Financial Services industry, especially for my parents' generation.

Photo of Ryan Mader
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I began using automated investing services like Betterment, Wealthfront, Acorns, Digit, ect. about 2 years ago and honestly feel like it has helped me balance lifestyle and savings goals. However, explaining this type of strategy to my parents and their friends has been quite challenging. I'm interested in any way to help them streamline their savings/investing processes. 


This article has helped me have the conversation:


http://www.kiplinger.com/article/retirement/T037-C000-S004-comparing-robo-advisers-for-retirees.html 

Tell us about your work experience:

I have worked for 6 years within Financial Services and Investment Banking. Currently, I work in Corporate Finance at a software company and own my own business.

Specifically, please check all that apply:

  • I'm currently a member of a credit union

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Photo of Kate Rushton

Hi Ryan!

Thank you for your post. Roboadvisors was also mentioned by  Tom Short here - https://challenges.openideo.com/challenge/financial-longevity/research/where-s-my-roboadvisor-for-retirement in the contact of there being roboadvisors for investments but not for planning and managing withdrawals in retirement.

Are there any analogies/analogous situations to the use of roboadvisors in your parents' lives? What do they use as their main sources of information for financial matters?

Photo of Ryan Mader

My parents main source of information is still very "old school". My Father reads magazines like Barrons & Kiplingers. They also stay up-to-date with the business sections of popular newspapers like Wall Street Journal and the Houston Chronicle (our local paper). I introduced him to Robo-advisors when they began talking about Tax-Loss Harvesting since at this point in their lives the main concern is preservation of capital and offsetting taxes. I noticed the new companies like Betterment and Wealthfront tout their tax loss harvesting capabilities quite a lot. 

Photo of Kate Rushton

Hi Ryan!

The ideas phase of this challenge is open for another two weeks. I hope to see your ideas there.

This is the link to where you can post your ideas - https://challenges.openideo.com/challenge/financial-longevity/ideas

Photo of Tom Short

Here's one from Wingee Sin : https://unitedincome.com. !!

Photo of OpenIDEO

Great to have you onboard! We noticed your post is currently unpublished. Was this your intention? We'd love to have it be included in the challenge. You can publish it by hitting the "Publish" button at the top of your post. You can also update your post by clicking on the "Edit Contribution" on top. We're looking forward to seeing your contribution in this challenge.