- Understand the world of investing. It is an intellectual field and you would need to spend many hundreds, if not thousands, of hours to get a preliminary idea of investing.
- Keep up to date by spending few hours every week on the latest happenings in the financial world. This requires a lot of reading in a disciplined manner. You would need to take time away from your other activities (family, work, friends, hobbies) for this activity on a consistent basis.
- Be ready to make mistakes while investing, and take those mistakes in your stride. That means, be ready to lose money while making your own amateur decisions.
- Check if you are intellectually cut out for this activity. If you were academically average in your student days, or your IQ is low, then there is a high chance that you might not do well while investing on your own. Investing is an intellectual activity and you need aptitude to perform well in it. It is no wonder that high-quality investment professionals have high salaries.
- Hence, a vast majority of individual investors need the service of finance advice and investment advice that is handled by experts. A small section of individual investors are expert DIY investors and hence might not need the financial advice service, but this is not the case for the rest of the people.
With the advent of robo advice, a large number of people, who are not financial experts and who find the traditional financial advisory service as expensive, can avail the service of long-term investment advice.
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