All privacy measures are completely verified with physical security. They also invest in bank-level security for their servers. It could take them years to decode and unscramble the information found within a 256-bit encryption. SSL encryption, particularly when it is as high as this, makes it incredibly difficult for hackers to gain access to your information. This means that your personal information is scrambled once it is entered, only to be decrypted by Acorns when it arrives to their system. Knowing how secure your personal information is should be essential to determining whether investing with this platform is for you.įirst, they have 256-bit SSL encryption.

In addition to having an SIPC protected account for up to $500,000, Acorns also has some other security measures in place to protect your personal information. Be aware that you are taking a risk by investing your money in any type of stock, mutual fund, or index. Investing always comes with an inherent risk of losing the money you have invested. However, this does not mean that your investments will never lose money. They are members of SIPC.Īll securities in your account are protected up to $500,000. This branch of their services is also an SEC-registered broker-dealer and a member of FINRA. The brokerage services provided to their clients is provided by Acorns Securities, LLC. They are an SEC Registered Investment Advisor. The Acorns Grow Incorporated website is operated by Acorns Advisers, LLC. They are licensed and registered under a variety of names and labels. There is good news for those who are thinking about investing with them.

If you want to know whether Acorns is legit, you probably want to know that they are properly registered and prepared to help manage your finances. With some of these heavy-hitters behind them, you can rest easy that you are in good hands on this investing platform. They have more than thirty major investors who truly believe in the mission of Acorns. In addition to a remarkable leadership team, Acorns also has some major investors backing their endeavor. She was the COO and CFO for consumer products at PayPal, as well as CFO of Xoom. Not to be excluded, Jasmine Lee is the Chief Operating Officer with another twenty years of experience under her belt. He has also been an executive at well-known companies like AT&T and DreamWorks Animation. Sullivan has more than two decades of experience, including a stint as the Vice President of Finance at Twitter. He is aided by Chief Financial Officer Rich Sullivan. Kerner has been recognized by Billboard Magazine’s Top 30 Under 30, AdWeek’s Top 20 under 40, and Fast Company’s Innovation Agents. He was the cofounder of Say, the coauthor of Chasing Cool with the CEO of Barneys, and he built the creative agency Noise. He has a rather impressive resume that lends itself to the work Acorns is doing. Noah Kerner sits at the helm of the company as the CEO. More than 9 million individuals have signed up to make good use of their investing service. This may come as no surprise since the site is so popular. They are run by a rather large team of nine individuals. Knowing the faces behind the company is important when determining whether Acorns is legit. It has the most features and capabilities of all three subscription fees. It offers the same items as the Personal account but adds in the ability to open investment accounts for your kids. Last but not least, their Family account costs $5 per month. You even gain access to fee-free ATMs so you can always access your cash. Apart from your subscription fee, there are no account fees for banking with them. You can invest, save for retirement, and bank with Acorns at this level. Their Personal account costs $3 per month and offers substantially more features. At this tier, you can use Round-Ups, earn bonus investments, and gain access to articles from financial experts. You can invest for as little as $1 per month. How does Acorns make money? They require a small subscription fee to get you started. Depending on your investment goals, you may also choose to invest some of your paycheck each month. This means that if you spend $4.50, it will automatically round your purchase up to $5 and invest the remaining $0.50. You can choose to invest your spare change with Round-Ups. Some use the platform to invest for retirement while others use it as a rainy day fund or a college fund for their kids. It takes less than five minutes to establish an investment account for yourself or a family member.

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