FRANKFORT, Ky. — More and more consumers are turning to robo-advisers to manage investment portfolios. Easy-to-use smartphone apps and online portals make establishing a robo-adviser account convenient and quick.
The Department of Financial Institutions (DFI) has issued an investor awareness advisory providing information and resources to help investing consumers better understand robo-advisers. The advisory defines and explains types of robo-advisers, and recommends best practices for selecting a robo-adviser.
“The use of robo-advisers for portfolio management is becoming increasingly popular; however, investors should carefully consider whether this approach is right for their investing needs,” said Marni Gibson, DFI Securities Division Director.
The full advisory is available on the DFI website at http://kfi.ky.gov/public/Investment%20Help/Robo-Adviser-KY.pdf.
Robo-advisers are relatively new to the investing landscape. Before making any financial decisions, ask questions, do your homework, or contact DFI at 1-800-223-2579.