Might have potential, but only as a backup?
So I mentioned new robo-advisor service Theo in my update on March 7th, but much like the fully armed battle station I didn't realise it was already operational.
I had a quick look at the site, and the system seems fairly simple.
You apply to open an account, provide your information, fund the account, then they start managing your money according to their algorithm. As seems to be normal now in Japan, registering your My Number is required to open an account.
The minimum amount to invest is 100,000 yen, and they charge 1% on the first 30 million and 0.5% on any money beyond that.
This seems a touch expensive. If it was 0.5% on the whole lot, or if say the first 5 or 10 million incurred the higher fees it would be more attractive.
They have a survey tool that creates a portfolio for you, so I tried that. I am an aggressive investor with a long timescale so I was surprised to see how conservative the allocation ended up. Less than 50% equities doesn't really match my goals.
Perhaps they were going off my low estimated withdrawal rate.
I am guessing that they would allow you to tweak your portfolio manually once you have an account though.
I might open an account and see what they look like on the inside.
They don't seem to have NISA or J401k capabilities, so I think I would probably invest in those accounts first, and then maybe consider using Theo for any additional investments.
Has anyone tried this service? Anything to add? Did I get anything wrong?