In today’s world, whether you prefer automated investing or the guidance of a financial expert, an array of investment solutions is available. You can truly enjoy the benefits of both.

Sometimes, you might need a wealth management expert to help steer your financial path. At other times, a simple tool to meet your investment goals is all you require. Regardless of your financial stage, there’s an advisory service tailored for you.

If this sounds new, it’s because access to financial advice used to be limited and costly. Just over ten years ago, the advisory scene was dramatically different. Brokers held the reins, charging high commissions, making advisory services out of reach for most. However, with the introduction of low-cost online investment platforms, everything changed.

Digital investing platforms and mobile applications are designed to assist you in achieving your financial goals based on your risk tolerance, significantly lowering the cost of advice and broadening access to investment products that were once exclusive to the wealthy. Technology is reshaping investing by offering advice at a much more affordable rate than many anticipate, according to Alyson Klug, Head of U.S. Wealth National Sales at a major bank.

While online investing may seem ideal, it’s important to note that some individuals have more intricate financial situations that could benefit from a more involved approach. A “hybrid” option—melding the ease of an online advisor with access to a team of financial professionals—continues to redefine the advisory landscape.

NO UNIVERSAL INVESTMENT STRATEGY

Investing doesn’t follow a one-size-fits-all model. Some individuals prefer to manage their investments independently through a brokerage account, while others seek a convenient online advisory option. Additionally, many might want a dedicated financial expert to oversee everything. Whichever method you choose, investing is now more accessible and affordable than ever. “Education and advice are now widely available,” states Pam Kreuger, CEO of Wealthramp. “Accessing these tools varies based on individual perspectives.” For instance, a young investor may face fewer financial complexities than someone more established, thus requiring less intensive guidance. However, as life circumstances evolve, having an advisor can help maintain focus on long-term objectives.

Your investment style isn’t solely dictated by knowledge. The time you can commit and your willingness to engage will influence your approach. “Choosing to make your own investment decisions on a brokerage platform presumes you have the time, knowledge, and comfort to do so consistently. If any of these factors are lacking, consulting an advisor might be wise,” Klug notes.

A VARIETY OF INVESTMENT OPTIONS

Women in finance now have diverse investing choices available—from personal trading accounts to high-touch advisory services. Opting for advisory means various levels of financial guidance and technology are now at your fingertips to create a strategy tailored to your specific goals.

Robo-advisors represent the most economical option for investors. These digital services assess your risk tolerance, investment timeline, and goals through a series of questions. Algorithms then use this data to recommend suitable asset allocations and investment portfolios, with much of the monitoring and rebalancing automated. The best part? You don’t need a large sum to start investing. For example, to initiate an account with a major automated investing service, you need only $5,000, with an annual advisory fee of 0.30% and a minimum charge of $75.

HYBRID ADVISORS

Following the robo-advisor are hybrid advisory accounts, which blend the automated features of a robo-advisor with human interaction. Investors using these accounts benefit from a team of financial advisors who can assist in creating a financial plan and provide goal-oriented advice. These services tend to be pricier, with higher account minimums. For instance, a leading bank’s hybrid service requires a $25,000 minimum investment and charges an annual advisory fee of 0.60%, with a $250 minimum.

If you need additional support beyond investing, financial coaches are another option. They won’t dictate your investments but can guide you in strategizing debt reduction, increasing savings, and achieving your financial targets. Coaches typically charge between $100 and $300 per hour.

Finally, financial advisors usually cater to investors with $50,000 or more who seek comprehensive advice on investing and meeting financial goals. While their fee structures are higher, you gain access to a dedicated professional who can meet with you regularly, whether quarterly or annually.

Ultimately, your choice hinges on your financial landscape and objectives. A robo-advisor may suffice initially, but as your circumstances grow more complex, a financial advisor could become invaluable. “Solutions are available for everyone,” Klug emphasizes. “Understanding how to access assistance tailored to your needs is key.”