Automated investing with a human side

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Source: The College Investor

Fruitful is a financial advisory and wealth management firm that focuses on the human side of financial advice.

They're not the only ones. As Gen AI takes the world by storm, it is interesting to see how many financial companies are dedicating themselves to the human side of finance. After all, personal finance should be just that – personal.

With a flat monthly fee structure and no investment management fees, Fruitful removes the barriers that often prevent young people from receiving quality financial advice. Here's what you need to know:

• Financial advice at a fixed monthly price
• No asset management fees for investments managed by Fruitful
• No minimum investments
• The high-yield savings account currently has an APR of 5.00%

What is fertile?

Fruitful is a paid financial advisory service that offers advice and investment support to its clients for a flat monthly fee. The company has several Certified Financial Planners (CFPs) who offer financial plans and regular financial advice to their clients. Unlike many financial advisors, Fruitful focuses on advice and strategy. It helps clients organize their finances and take practical steps to improve their financial lives. The company will help you invest if you need help and does not charge additional management fees for the assets under management.

What does it offer?

In some ways, Fruitful is a typical financial planning company. However, Fruitful stands out for its flat monthly fee combined with its emphasis on advice rather than investing.

Special, fruitful guide

Each client is matched with a Fruitful Guide who provides a financial plan and helps with regular adjustments during regular check-ins. Customers are entitled to unlimited check-ins with their Financial Guide. For example, you can work with your guide to decide whether to pay off your student loans or buy a new car. They can also help you plan important life events, such as: B. starting a new job, expanding your family, or moving to take care of your family.

No minimum investments

You can start working with Fruitful as soon as you can afford to pay a flat monthly fee to work with one of their Fruitful Guides. Clients can start with no money invested, or they can invest millions. The fee structure allows Fruitful to serve a wide range of customers, including those who have not yet started investing.

No administration fees

If you choose to work with Fruitful, your advisor can help you manage your assets, but you won't pay any asset management fees. Your monthly fee includes asset management costs. This is a solid value for people with at least $250,000 in assets under management.

Flat monthly fee

Successful clients pay a flat fee each month for financial advice. There are no additional fees.

Eligibility for a high-interest savings account

Successful customers can open an FDIC-insured savings account, which currently offers a 5.00% APR return. This is an attractive interest rate that is likely to be promotional in nature. Still, it's a great option to save more money for short- or medium-term goals like down payments on a house, emergency funds, etc.

Are there any fees?

Fruitful offers a 30-day free trial. After 30 days you start paying. Fees depend on whether your account is an individual or joint account and the frequency with which you pay. Paying the annual fee is the best deal for all customers. No matter which plan you choose, you'll get access to the same Fruitful services.

How does Fruitful compare?

We like that Fruitful doesn't charge additional fees for investment management. But if that's all you need, a robo-advisor platform like Wealth Front is probably cheaper. A couple with $600,000 will pay only slightly less in fees to Fruitful than to Wealthfront. If you have less money, you pay even less with Wealthfront. Keep in mind that Wealthfront does not offer personalized financial advice.

Facet Wealth is a fee-based financial advisory company that allows its clients to pay a monthly fee for its services. Fertile and Multifaceted have very comparable models, although Facet focuses a bit more on the technological part of the relationship. Facet Wealth is more expensive than Fruitful. Overall, working with Fruitful would be cheaper if you do not need specific financial advice from a Facet Wealth expert.

How do I open a Fruitful account?

Click the “Get Started” button on the Fruitful website. You will be asked to answer a few questions about your financial situation and select your guide. Provide an email address and billing details. If you cancel within 30 days, you don't have to pay. You can then arrange a call with your guide to discuss your specific next steps.

Is it safe and secure?

Investment accounts managed by Fruitful are held with a custodial partner called Apex Clearing. The deposit accounts are held at a partner bank called Emigrant Bank. By partnering with established financial organizations, Fruitful makes it easier for users to trust that their savings and investments are being kept safe and secure. Funds in the high-yield savings account are FDIC protected up to $250,000. There was an online report of an improper transfer during account opening.

Overall, Fruitful applies best practices when it comes to safe money handling. The company also appears to use proprietary technology to help its customers organize their finances. The legal documents indicate that this is encrypted and meets banks' security standards. This is a huge step in the right direction for financial privacy and security. Many financial advisors do not practice safe handling of information for their clients. So it's great to see a company taking this seriously. However, even the most cautious companies can lose data in the event of a hacker attack or data breach.

How can I contact Fruitful?

To contact Fruitful, send an email to support@Fruitful.com. The customer service team will respond to emails within 24 hours if you send the email between 8:00 a.m. and 9:00 p.m. Eastern Time. Fruitful also advertises that customers can receive phone or video support between 8 a.m. and 6 p.m. Eastern Time and can connect directly with their guides.

Is it worth it?

Paid financial planning services like Fruitful offer price transparency and help avoid potential conflicts of interest. Fruitful is currently the leader in the low price segment and all of its financial guides are CFP certified. Between free wealth management and low financial costs, Fruitful offers great value for money for people looking for a relationship with a financial advisor.

However, even the cheapest options are expensive. If your financial life is relatively straightforward or you have a very small portfolio, it may be better to avoid the fees and manage your investments and financial plan yourself.

Check out Fruitful here >>

Fruitful functions

Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps