What we’re seeing here is a service that gives everybody the option to receive professional financial advising, including middle class consumers who in the past might not have been able to afford it.
New York, NY (PRWEB) June 30, 2013
FinanceSpectrum.com financial advice website today released its support for the newest type of financial advising, the kind which is currently making the transition from in-person to web-based. FinanceSpectrum.com explored the up and down sides to both styles of advising for its readers, and encouraged consumers to truly go with an option that suits their lifestyle best—since there are now many options available.
These days, it seems that an incredible amount of things that used to have to be done in-person can now be done online. Things like renting a movie, depositing a check, finding the cheapest flight, paying bills, getting term life insurance quotes, doing one’s taxes, and even talking to somebody while being able to see them through the beauty of apps like FaceTime or Skype.
The latest service to move into online-mode is financial advising. In a February 27th U.S. article by Daniel Bortz, he reported that companies like LearnVest, Personal Capital, and Future Advisor are taking their services to the web to provide what they believe to be a better experience in financial advising for consumers. Bortz stated that these companies boast rates which are far more affordable than traditional financial advisors, and also believe that their product is incredibly accurate due to complex computer algorithms which rely on decades of research to make decisions about investing for individual consumers based on their answers to surveys.
FinanceSpectrum.com is happy to see a low-cost option for folks who would like to explore financial advising, but never quite fell into the bracket to be able to afford a traditional advisor. FinanceSpectrum.com is quoted as saying, “What we’re seeing here is a service that gives everybody the option to receive professional financial advising, including middle class consumers who in the past might not have been able to afford it. It’s looking like prices start around $69 for a couple of phone sessions with a financial planner, and then ongoing fees include about $20 a month to maintain the subscription. This is a great price, especially considering that in-person advisers can start around $2,000 or more just to get going. I think the biggest question is whether or not consumers are going to trust online advising the same way they would an in-person consultation with a known financial planner.”
FinanceSpectrum.com pointed out that there are perks and drawbacks to both ways, the most obvious being the price difference. Many consumers might opt for the online consulting simply because it’s what they can afford. FinanceSpectrum.com also stated that it depends on how consumers feel about letting a computer algorithm determine how they should invest as opposed to a person.
In the above-mentioned article, the co-founder of FutureAdviser, Bo Lu, stated that his company uses an algorithm-based system designed after decades of research to help advisees determine what their best options are for investing. Lu is quoted as saying, “Fundamentally, computers are better at this than humans are. They’re faster, more diligent, and don’t have emotions.”
FinanceSpectrum.com advised readers to do more research on their own and to really go with the option that suits their individual lifestyle and circumstance. The financial advice magazine acknowledged these innovative online financial planning companies for taking a leap and for providing an affordable option for everybody.
FinanceSpectrum.com is an online magazine that provides guidance, tips, and advice on topics related to economics and finance. FinanceSpectrum.com’s article topics include investing, saving for retirement, creating and implementing household budgets, and cleaning up one’s credit history.