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Technology is taking over the world with the passage of time. It becomes an essential part of our lives and now we cannot imagine living without them. From kitchen supporting items to the mobile supporting applications, it takes some place in every field of work. Due to the technology advancement, frequently new solutions to doing things are launched in the markets and get attention easily by the people. Traditionally, there was no concept of using robots instead of humans. Technology penetrates in our life even that much, as it started taking place of people not in simple tasks but even in technical fields as well from serving at restaurants to advising in financial management. Such as Robo advice in Australia enter the financial market and get the acceptance very quickly due to their benefits and cheap method of doing investments.
The automated system of investment is built with a software which used to take decisions of investment on the behalf of the owner by keeping in view the preferences he has for investment. Sometimes they work better than human advisors but the efficiency is at its peak when human intelligence and artificial intelligence works together. It is the best solution or advisor if you are new to the investment business. This software allows the accessibility to the person who owns it by signing in than a questionnaire is need to fill about what kind of investments you want afterward by following the selected options, the software suggests the portfolio of investments which are best in your case by keeping in view the time duration and the risk related to the investment options.
Robo advisors are taking place of the human financial advisors but not everywhere, most of the companies are working with the help of both to maximize their returns. However, this software not provides the financial planning for future investments rather they provide services to manage your money in the best possible way. Although these advisors are cheaper than human advisors but they cannot overcome the importance of human advisors. These are the systems constructed by the human intelligence so we cannot deny from the fact that the human advisors are irreplaceable but we can add value by using this kind of software in the working of the people. Most importantly these kinds of advisors are not emotionally sound so they cannot understand or think about the other side of the picture. However, Robo advisors are the best option for new investors which cost them less and provide good options for investment.