When I originally started my robo-investment experiment that I wrote about here: https://carterbrown.com/betterment-vs-acorns-vs-robinhood-an-experiment/
I had no idea how long it was going to go on. Betterment lost out early on as their side by side returns were much lower than Acorns and Acorns had the better (in my opinion) platform and app. Then their debit card and spending account, they also had the IRA feature.
In the end, I already have all of this. My accounts are at Fidelity, I have a core spend account there, IRA, Trust accounts, etc. There is just no need to duplicate it. Which is where I found myself:
Having way too many accounts and little bits of experimental money in too many different pockets. It was time to reign it all in and close all of the no-longer-needed accounts.
So Acorns you were next on my hit list. I enjoyed using it – even though I never put much into it. I loved their “round ups” but really it’s just a gimmick. People need the discipline to save more.
I also didn’t care for the opaqueness of the robo-advisors in exactly what they are investing in. Oh sure, you have an idea, but I never felt I knew exactly in what. 80/20? Sure… whatever that is, 80% stocks, but what kind of stocks? Index fund? Weighted average? What?
Betterment was the the first to fall and Acorns the second. All that is left now is Robinhood. Now while I have a trading platform at Fidelity, I can see playing with Robinhood for a little bit more. Can’t say for how long but for at least another year before I make the decision to pull that back also.
My local credit union is next. I only kept that bank account open for their bill pay. We updated the bill pay to a different account so now I can close that also.
Stream lining my financial life and it feels good!