Moving from robo advisor to online broker

Hi all,

I currently have around 50K invested with a robo-advisor (Selma). However, I have decided to start investing with an online broker (IB) instead, so as to minimize the fees.

There is only one thing: I am not entirely sure what the best way to move away from Selma would be. I am thinking of selling all my investement at once and then reinvest the money over the course of a few months. But maybe this is not the best way to proceed… Do you have any advice or experience with this?

Thanks!

Given the amount and the fact is was already fully invested, did you consider just going all in? I assume you have either more money saved, or are at the beginning of your journey and will likely be able put more money into your savings over the next years.

Hello,

I was with Selma a month ago and I’ve sold all my investment with them to reinvest it back with part of my saving in VT with IB.

Here was my experience with Selma: I asked them to sell all my investment (7’500 CHF) and to transfered it to my new main bank. It took them 2-3 business days to do it and then more than a week to transfered the amount to my bank. Why ? Well, they didn’t understand that I wanted to transfered the amount to my bank, don’t know why… So I had to recall them and passed a new KYC since I’ve changed my main bank account. Once I had my money back, I lump sum the amount (7.5k) and part of my saving (22.5k) through VT. Despite this misunderstanding, the process was quite smooth and the Selma crew are really easy to reach :wink:

As you are already invested, I would just reinvest your 50k in the ETF(s) that you selected.

Thank you both for your prompt reply.

did you consider just going all in?

I wanted to spread my investments over 4-5 months, but I think you are right. Since I am going in for the long run, it will not make much of a difference anyway.

I was with Selma a month ago and I’ve sold all my investment with them to reinvest it back with part of my saving in VT with IB.

Thanks for sharing your experience. Good to know the process went more or less smoothly.

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The point was that you are already fully invested (at Selma).
E.g. If your broker sold all your assets by error, would you not just rebuy everything you had immediately?

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Yeah, that makes sense! Thanks.

How was you experience with them? Satisfied and with good performances?

I had a very good experience overall. Their app is really user-friendly and their customer service is great (at least it was for the one time I had to use it.)

I think it’s great for someone who does not want to bother with DYI investing.

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They have a really good customer services and will always find an answer about your problematic and about some of your wishes according to your investment profile. As an example, I’ve asked them if it could be possible to not have investment in REIT and Bonds according to what I was looking for. After a discussion, they reached to the conclusion that it will be possible. Another example was about precious metal, if you don’t want it you can tell them to not invest in it.

Selma is a nice robo-advisor of you are ok with their fees and if you are not looking to a DIY solution. It’s an invest and forget solution for people who just want something fully automated :slight_smile:

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Could you also ask if it is possible to transfer the ETFs to IB and sell/buy them there.

This would have the advantage, that you could sell and buy the new ETFs at the same time and can reduce the (uncompensated) risk that comes with daily fluctuations. Although I don’t know how expensive that would be.

Thanks for the suggestion. I somehow doubt that Selma offer this service, but I will ask anyway.

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