Hi, I don’t feel confident yet to pick and choose my investments, I’ve been using fidelity GO for my IRA and brokerage accts!
I had to fill up a questionnaire to decide what the portfolio would be better for me!
Do robot systems really work???
Tks
I tried Schwab’s robo-invest service before (maybe 5 years ago). I did not like it - I was able to get a better rate of return investing on my own. Plus, robo-advice most often suggest and/or buy funds that are managed by the company you open your account with (at least that’s what happened in my case), and I don’t like that. So I closed that robo account. You can easily do just as well as robo-advisors with index funds if you’re not comfortable buying individual stocks. See previous Office Hours post from Jeremy for index funds explanations.
Thank you so much. I’ll definitely check it out!
Hi Ellen!
I like robo-advisors! I actually think they’re a fantastic place to start if you otherwise wouldn’t know how to get into investing. Generally they pick nice, broad based, low fee index funds for you. The exact strategy I use when picking my own.
That said, I’m a fan of Fidelity (most of my money is there) but Fidelity Go isn’t my favorite Robo advisor. The fee is a little higher than others (0.35%) and they may use some actively managed funds (which may underperform) and I haven’t found anywhere where they’re especially clear or transparent about their robo-advisor strategy. I prefer Betterment or Wealthfront’s robo advisor services.
All THAT said, it’s not really a BIG deal. The much bigger deal is putting more money in and buying and holding for longer. If you’re comfortable with Fidelity Go, stick with it for now! If you want to move away eventually, keep learning and maybe open another account with a few hundred bucks and manage it yourself. Then you can compare how your account is doing vs Fidelity Go. When you’re comfortable enough to manage all the money on your own, you can move the bigger chunk of money over! 
Jeremy
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Thank you so much!!! I sold my house and have 250k seating on a HYSA. I’ve transferred about 14k to fidelity GO, traditional IRA and a brokerage acct the I am managing with your help! So far I am doing well with all accts. I have an automatic deposit of 1k every month going to the GO acct. I want to learn more with you before I move more money in. I also learned with you that the sum dump would be better for me as I planned to retire in 10 years, I just turned 50 and have been working for 35 straight years! The sooner the better!
I have my work 401k that I also add 1k a month !
I am so glad I found you!! I have no financial admin skills and thought I would have to work till 65 at least!
I want to check the index fund and the othe option you’ve mentioned about getting the year you r born and adding 65 to find out the best investment! Not really getting that yet!
Once again thank you for saving my retirement!
Ellen