Does anyone have an update on the Acorns investment system?
I am looking at introducing my young adult children to investment and this seems to be an appropriate vehicle. It allows a modest investment and market exposure (c$1,000) where the fees are not too high. They can control the general nature of the investment (conservative through aggressive) but not directly control the investment. Investment is in ETFs, both Australian and international.
There is a savings element to this also.
I did consider direct investment in ETFs but with a balance of $1,000 the brokerage fees do not make it worthwhile even at $10/trade.
I started to open an account but stopped when I was asked for my bank details before being asked to supply my name and TFN!
There is also a lack of transparency in that it is not possible to get details on the performance of the various portfolios. It is also not possible to split an investment between portfolios.
