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Message
Setting up automatic investing contributions in trading account
Posted on 3/13/21 at 8:47 am
Posted on 3/13/21 at 8:47 am
I’m trying to sort out how to automate $X dollars to automatically transfer from checking into a trading account and then automatically buy X, Y, and Z ETFs (or mutual funds).
As I search this, it keeps bringing me back to a variation of a robo advisor which seems a bit more complex than the simple rules logic I’m trying to go after. I don’t need a robo advisor to create a portfolio for me. I want to run a 3-5 fund strategy that keeps expense ratios as low as possible but is automated. In short, run the same play that a 401K plan does using payroll contributions based of specific fund allocations.
I’m leaning towards Schwab Intelligent Advising (Schwab’s robo offer) as the best solution I have found thus far. TIA
As I search this, it keeps bringing me back to a variation of a robo advisor which seems a bit more complex than the simple rules logic I’m trying to go after. I don’t need a robo advisor to create a portfolio for me. I want to run a 3-5 fund strategy that keeps expense ratios as low as possible but is automated. In short, run the same play that a 401K plan does using payroll contributions based of specific fund allocations.
I’m leaning towards Schwab Intelligent Advising (Schwab’s robo offer) as the best solution I have found thus far. TIA
This post was edited on 3/13/21 at 8:49 am
7
Posted on 3/13/21 at 9:29 am to lynxcat
If it’s a set amount each month, week, biweekly, etc, you can set up automatic investments on fidelity. I use this for my Roth IRA. Takes a bit of upfront work to set it up for 5 funds, but I think it does what you’re looking for.
ETA: I've only done this with mutual funds. Not sure if it works for anything else
ETA: I've only done this with mutual funds. Not sure if it works for anything else
This post was edited on 3/13/21 at 9:53 am
Posted on 3/13/21 at 9:50 am to lynxcat
Not sure you can set up automatic contributions for ETFs
Posted on 3/13/21 at 10:20 am to lynxcat
Ever looked at M1 Finance? Pretty sure you can set up weekly, biweekly, monthly transfers and it will auto invest into whatever basket of ETFs or stocks based on your selected allocations
Posted on 3/13/21 at 11:12 am to lynxcat
Idk if this is specifically what you mean but I have schwab and it takes money out of my checking account on the 1st of the month, then on the 5th of the month automatically buys index funds with it. It's not a robo anything it was just playing around with the settings
This post was edited on 3/13/21 at 11:13 am
Posted on 3/13/21 at 12:26 pm to lynxcat
Robo-advisor services are the new thing. Dollar cost averaging and rebalancing means muted performance until the investment base is large enough.
Most brokers have the robo-advisors now. Most brokers do have some sort of automated investing service.
Vanguard has it (since you mentioned low-cost is a driving decision for you).
If you're already a Schwab client, check out Schwab’s Automatic Investment Plan (it appears that it may be mutual fund only).
What is AIP?
Schwab’s Automatic Investment Plan (AIP) is a service that serves as a dollar-cost averaging program* allowing you to invest a fixed dollar amount at regular intervals in an eligible mutual fund held in your account. There is no charge for this service.
What funds are eligible for AIP?
All funds that are part of Schwab’s Mutual Fund OneSource® service and certain other funds are eligible. You must have an initial position in an eligible fund prior to enrolling in AIP.
What is the minimum amount required to start AIP?
Once you have an initial position in an eligible mutual fund, you may invest as little as $100 per fund per transaction.
How often can I invest?
You determine the schedule—twice monthly, monthly or quarterly. Quarterly investments take place during the first month of each quarter (January, April, July and October).
Most brokers have the robo-advisors now. Most brokers do have some sort of automated investing service.
Vanguard has it (since you mentioned low-cost is a driving decision for you).
If you're already a Schwab client, check out Schwab’s Automatic Investment Plan (it appears that it may be mutual fund only).
What is AIP?
Schwab’s Automatic Investment Plan (AIP) is a service that serves as a dollar-cost averaging program* allowing you to invest a fixed dollar amount at regular intervals in an eligible mutual fund held in your account. There is no charge for this service.
What funds are eligible for AIP?
All funds that are part of Schwab’s Mutual Fund OneSource® service and certain other funds are eligible. You must have an initial position in an eligible fund prior to enrolling in AIP.
What is the minimum amount required to start AIP?
Once you have an initial position in an eligible mutual fund, you may invest as little as $100 per fund per transaction.
How often can I invest?
You determine the schedule—twice monthly, monthly or quarterly. Quarterly investments take place during the first month of each quarter (January, April, July and October).
Posted on 3/13/21 at 1:53 pm to lynxcat
I’m not sure if this is exactly what you’re looking for, but one of the brokerages I use is M1 Finance, because you can create “pies” and set a percentage allocation, and every time you fund it (I do it every Monday) it targets that specific allocation (they call it dynamic rebalancing) you set automatically.
Posted on 3/13/21 at 2:06 pm to lynxcat
I’ve got a brokerage account set up with Vanguard and have automatic deductions taken out each paycheck. I just invest mine in vanguard’s 500 Index Fund (VFIAX). I’m sure you could set up 3 separate deductions for each fund you want to invest in if it won’t let you do them all on one transaction. I’m a novice when it comes to investing and it was easy enough for me to set up.
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