Even with small sums, you can benefit from professional asset management, which is also inexpensive and can be completed with just a few clicks on the Internet – the advantages of robo-advisors are well received by customers.
A robo-advisor makes fully automatic investment decisions, tailored to the investment goals and, above all, to the risk tolerance of the customer – sustainability aspects are also increasingly being taken into account. “A robo-advisor does not offer advice, but it does offer a recommendation for action based on the information available,” says Stephanie Heise from the North Rhine-Westphalia Consumer Advice Center.
“However, the result can be better for many than with a bank advisor who wants to sell certain products on a commission-oriented basis.” These are often expensive and often do not meet the real needs of the customer. The cost of what the robo-advisors would put together could be well below what banks charge for their services.
That seems to be convincing more and more investors. The savings plans in particular are extremely well received. After all, investors can benefit from professional asset management with very small sums. It starts with just a few euros. “Savings plans are very much in demand,” confirms Martin Daut, Quirion’s Chief Executive Officer. “Of our approximately 64,000 customers, 55 percent also have at least one savings plan.” Young investors in particular use the offer. At Quirion, 70 percent of the accounts for minors also have a savings plan. For 30 to 39 year olds, the rate is even 72 percent. “A savings plan is apparently used for exactly what it is intended for: long-term wealth accumulation,” says Daut.
FMH-Finanzberatung selected the best robo-advisors with a savings plan exclusively for WirtschaftsWoche. The decisive factors for the ranking were the offer and the costs. The experts deliberately refrained from making any statements about the performance. They are more of a “snapshot”, also because many strategies have not been on the market for long. The ranking was based on the number of strategies eligible for a savings plan, the minimum amount required to open a savings plan, and the minimum savings rate and service fee per year. They were also asked whether there were child savings plans.
“It is gratifying that some providers have lowered the entry hurdle, which means the minimum investment amount has been reduced,” says Beate Balke from FMH-Finanzberatung. As an example, she cites Bevestor, where the minimum investment amount was reduced from EUR 1,000 to EUR 500 at the end of March.
Four Robos were recognized for their savings plan offerings for classic strategies. Quirion offers ten strategies that can save from a minimum savings rate of 25 euros. The first savings rate corresponds to the minimum amount when opening the savings plan; as well as the other top finishers. The service fee at Quirion is 0.48 percent. The first 10,000 euros are free of charge in the first year. There is a two percent credit interest on the clearing account Plus.
The selection of 27 strategies at Scalable Capital is significantly larger. Since Robo has reduced the minimum investment amount and thus also the minimum savings rate for the savings plan to 20 euros per rate, around 85 percent of new customers in asset management have a savings plan. "Here we see a clear upward trend, because the number has risen steadily since then," says Ina Froehner of Scalable Capital. Depending on the size of the depot, the costs are between 0.49 and 0.75 percent. Whitebox is in third place. Although there are only three strategies to choose from, the service fees are comparatively low at 0.35 percent. It starts from 25 euros. By far the largest selection among the top ranked offers Smavesto with 102 strategies. At EUR 50, the minimum savings rate is higher than that of the competition. The fees are also one percent higher.
Those who prefer it sustainable instead of classic will also find many investment opportunities. The selection of sustainable investment strategies is constantly growing. "The robo-advisors are increasingly focusing on sustainability and are improving their offerings accordingly," says FMH expert Balke. "Of the 23 robots evaluated, only four have no sustainable strategies and four only offer sustainable strategies."
Quirion, Scalable, Whitebox and Samvesto are also among the Robos rated “very good” in the sustainable savings plans. The costs and the minimum savings rate are the same as for the classic strategies. Quirion offers ten sustainable strategies, Scalable has 24, Whitebox has three and Smavesto has 102. Evergreen is also among the top-ranked. The robo advisor has specialized in sustainable investments and made it to second place. 15 strategies are eligible for a savings plan. It starts with a savings rate of just one euro. Service fees do not apply.
And how are the sustainable strategies received? At Quirion, 20 percent of the savings plans are already based on the 'sustainable portfolio'. It's different with Scalable: "There are no significant differences between sustainable and non-sustainable strategies," says Froehner. Everyone has to decide for themselves whether it is worth choosing sustainable strategies for the savings plan, says consumer advocate Heise. It is important to take a close look at how the Robo defines sustainability. Does that match investor expectations? "First comes the question of how you define sustainability for yourself," says Heise. Protection of the environment and climate? Good working conditions, no child labor? Good corporate governance? Do you prefer everything at the same time?
"Then it helps to look at how a robo implements sustainability and whether that corresponds to your own ideas," she substantiates. Do you buy ETFs that simply work according to the exclusion principle, i.e. do not contain shares in certain industries such as oil, coal, weapons or gambling? "Then it can be good for your own conscience, but investors don't achieve a concrete effect with it," she points out. Or does the robo invest in actively managed funds whose managers specifically buy shares or bonds from particularly environmentally or climate-friendly or socially responsible companies? This can make financing easier for these companies, and influence on management is also conceivable. "In the end, however, it's not really measurable," says the consumer advocate. "And the higher cost of such funds tends to drive up the overall cost of using the robo as well."
What also makes the decision difficult for investors: Many robos have not been on the market for long, and the range of strategies is also growing steadily. This makes comparing returns difficult. "For robots that have been on the market for several years, it is useful to take a look at the respective performance, especially in times of crisis," says the consumer advocate. "But it is only information, by no means a guarantee for a similar development in the future." Comparison platforms such as www.geldanlage-digital.de or www.brokervergleich.de offer a good overview.
Also read: Trade Republic versus Scalable – Which neo-broker brings interest-hunters more?
