By Moriah Costa on Thursday 31 August 2017
The platform is the latest entrant to the growing digital wealth sector.
Savings and investment bank Nordnet is launching a robo-advice service in Sweden.
The digital wealth management service, called Robosave, will invest in exchange traded funds and charges a fee of 0.50 per cent, with an additional fund fee of 0.15 per cent to 0.23 per cent.
“Robosave does not look for hot stocks or the perfect market timing,” said Peter Dahlgren, CEO of Nordnet (pictured). “The service will help you build long-term savings by investing systematically in ETF’s with high quality and low cost. Many people think that savings is complex, time consuming and that the choices are difficult. With Robosave, we can offer financial advice that is digital, objective, cost effective and available 24/7.”
The platform will rebalance and trade to ensure the portfolio is in line with each client’s risk tolerance. Portfolio’s are determined based on 12 questions and clients must invest a minimum of 5,000 SEK (£485) and a monthly deposit of 500 SEK (£48).
“Nordnet is making the biggest shift in business model since we started more than 20 years ago,” Dahlgren said. “We go from just being a broker where customers are expected to make all decisions on their own, to add tools that will actively guide the savers in their investment decisions.”
Nordnet operates in Sweden, Norway, Denmark and Finland but Robosave will only be available for investors in Sweden.
This article first appeared on www.roboadvicenews.com