Nordnet launches robo-advisory service in Sweden
Nordnet has introduced its robo-advisory service, Robosave, in the Swedish market, offering digital financial advice focused on low-cost ETF investments. The service aims to guide customers in their investment decisions.
Nordnet launched its robo-advisory service, Robosave, in the Swedish market in August 2017. The new offering expands the bank's services by providing automated, low-cost digital financial advice for investments in Exchange Traded Funds (ETFs).
Robosave is designed to offer personalized advice based on a customer's investment horizon and risk profile. To utilize the service, customers must commit to a minimum monthly saving of SEK 500 and make an initial deposit of at least SEK 5,000. The service has an annual fee of 0.50%, in addition to the underlying funds' management fees (0.15-0.23%).
The service is intended to help customers build long-term savings by systematically investing in high-quality, cost-effective ETFs. Robosave includes automatic portfolio rebalancing to ensure it aligns with the customer's risk profile. This launch signifies a shift for Nordnet from solely acting as a broker to actively guiding customers' investment choices.
Nordnet states that the service addresses the complexity and time commitment often associated with saving and investing. Robosave provides access to digital, objective, and cost-efficient financial advice available around the clock. Nordnet operates as a Nordic bank for investments in stocks and funds across Sweden, Denmark, Finland, and Norway.