In order for individual investors to get the most out of their online relationship, they should avoid the colossal mistake most individuals make. The biggest mistake is simply not being clear about expectations.
There are many really high quality online investment advisors and overall financial planning offerings on the internet. Some of the online investment advice companies will offer financial planning or other services in addition to money management. Some of them will offer you no customization whatsoever of your portfolio. While others, will allow for some degree of customization based upon your overall situation. However, if you aren't really clear about what you want out of the relationship, you may become quickly disappointed in what the online provider is going to do for your portfolio.
Just like any face to face relationship you would engage in for financial planning or investment advice, do your homework about the organization. Is it venture capital backed and possibly going to be sold down the road? How will that affect your portfolio? Do you like the management team? Do the financials of the company seem stable? What is the quality of the investment advisors? What will the overall costs be to invest? Are there any kickback deals that may affect how the managers invest the money or where they invest the money?
By setting clear expectations of what you want out of the relationship and doing a good job with your homework, you can do yourself the best service possible for finding investment advice from an online company that suits you.
Written by: Ted Jenkin
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