Are any of you guys using a robo-advisor such as Wealthfront or Betterment? What are your experiences like so far?
I had an account on both Acorns and WiseBanyan for eight months just to see how they worked. Both were fine and did exactly what was expected.
For both accounts, I had to complete a questionnaire to establish my risk tolerance. On some questions, I can see new investors getting confused by the terms. At the conclusion, I can see other new investors becoming frustrated because the recommended investment portfolio doesn't make sense given what they have seen on financial media or heard in commercials.
I dropped WiseBanyan first because their statement was extraordinarily hard to understand. There were many micropayments into investment accounts and seemingly rebalancing taking place twice a month.
I dropped Acorns shortly after. The Acorns app was well designed and simplified the web site so I could make additional investments quickly. Of the two, I preferred Acorns.