As Canada has some of the highest investment management fees in the world (fees that can take a chunk out of your returns) robo-advisors are also a perfect fit for fee-averse investors.Robo advisors are also particularly well suited for people looking to make medium to long-term investments (think five to ten years) because robo investment firms embrace the principles of passive investing and riding the market.There are, however, some cases where a robo-advisor may not be right for you. For instance, if you’re looking for quick, short-term gains, robo-advisors are not a good fit as their investment strategies rely on a long-term market outlook rather than on immediate returns.Robo advisors are also not intended for investors who need a lot of guidance and hand-holding. Passive investing financial institutions provide a service rather than a one-on-one personal investing relationship. They’ll invest your money but don’t expect advice on how you should change your strategy if you plan on buying a house (i.e. To make matters worse, Canadian investors pay some of the highest MERs in the world, with many funds charging MERs of over 2%!Luckily, robo-advisors usually offer investing portfolios with ETFs that feature MERs well below even 1%. Be aware, however, that the management fees charged by robo-advisors are separate from the MERs charged by individual funds.
A management fee (which is a percentage of the overall amount of money you have invested) is something you pay directly to the robo-advisor company.
The management fee covers things like rebalancing your portfolio, dividend reinvestment and customer assistance.Whether you’re an inexperienced investor or an investing aficionado, wi th their low fees, ease of use and competitive returns, robo-advisors have something for everyone. The fee covers a spectrum of expenses, including the salaries of fund managers, operating expenses, market research, broker fees, taxes and more.The fee is expressed as a percentage and indicates the amount that is subtracted annually from the fund’s overall holdings. You don’t pay the fee yourself directly, rather the amount is paid by the fund itself before its overall returns are calculated (i.e. The fee is deducted before the mutual funds returns are calculated). While you don’t need to understand all the fine points of how an MER works, it’s vital to be aware that an MER will cut into your earnings.
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