So what do you need to know about costs? If you have less than $10,000 to invest and don’t need a strategic financial plan or support around insurances, super and debt, robo advisers like Stockspot and Six Park offer some low-cost options. To encourage more people to invest, Stockspot charges $0 on a $10,000 investment for the first six months, after which it charges $66 a year (including GST). A slightly larger portfolio of $20,000 would pay $132 per year (inc GST).
It’s really useful to double or even triple check with one or more credit score providers when getting a free credit check. This will reassure you that you’re getting the most reliable credit rating applicable to you at the current time. By contrast, the number of women who have obtained a wealth management product such as superannuation or managed funds from a financial planner or accountant has fallen by 4 per cent since 2016, according to Roy Morgan. You need to be aware that free credit checks aren’t always reliable and up to date as your credit score is dynamic. She adds that robo advice tends to be more suited to women who are “financially educated and have a genuine interest in investments”. This means that it can change in line with your financial circumstances so if you default on a loan one month, it could dramatically decrease – whereas you may pay back a loan in full in which case your credit score could increase. It could take a little while for your credit check to update and show the results accordingly.