Can you have more than one robo-advisor?

It is possible to have more than one robot advisor. Some investors may utilize multiple Robo-advisors because of their tolerance for risk or the size of the portfolio.

Some pros and cons are as follows:

Pros

1. The startup cost is usually inexpensive, ranging from $0-$100 depending on the provider.
2. You can get started quickly after answering just six questions about your goals--or not answer them at all!
3. Robo-advisors tend to be more transparent about fees, which typically range from 0.25% to 1%.
4. If you have a lot of money but aren't quite sure what to do with it, Robo-advisors can help manage your finances automatically based on your responses.

Cons

1. Because they use algorithms (and not human beings), a Robo-advisor may not have your best interests at heart. Some investors feel that Robo-advisors aren't capable of providing investment advice or guidance on building wealth.
2. Since these applications largely rely exclusively on algorithms to make investment decisions, they're not allowed to make recommendations regarding your tax situation, estate planning, insurance, debt management, or retirement plan- -things that you need a financial planner for.
3. If there is a market crash, it may be impossible to get your money back out when you want. Robo-advisors aren't human, so they follow the rules--in other words, they don't know how to take risks or fight to help you get your money back.
4. There's a lot less customization because it defaults settings you might want to change and has fewer options than human, financial advisors.
5. Also, most Robo-advice products are limited in their services and have you pay for advice on an ongoing basis.