Risk Disclosure

The value of shares, funds, commodities and digital assets goes down as well as up. Every manager on this site has lost money over some period, and every one will again. A manager labelled "Risk 1" can still fall; a manager labelled "Risk 5" can fall by half. You may get back less than you put in, and in the case of digital assets, potentially very much less.

Each manager publishes a backtest and a live record. A backtest is a simulation of what the rules wouldhave done on historical prices; it includes a cost haircut but cannot include everything a real market would have done, and rules chosen today with knowledge of the past tend to look better on the past than they will on the future. The live record is real but short. Neither is a promise.

Alfred does not know your finances, goals, tax position or tolerance for loss, and does not give personal recommendations. The risk levels, rankings and the "match" questionnaire are tools to help you compare managers, not advice to choose one. Manager chat replies are generated by an AI model explaining rules already applied; they are not advice and may be wrong. If you need advice, consult a licensed adviser.

Nothing is bought or sold in your account without your explicit approval of that order. That protects you from the service acting without you; it does not protect you from the market. Approving a proposal is your decision and your responsibility, including when you approve quickly, in bulk, or on a notification.

Your holdings are sized to the amount you delegated, bought at the prices available when you approve, and subject to your brokerage's minimums, rounding, fees and availability. A manager's record is calculated on the model; your result will differ, sometimes materially, and Alfred shows the difference rather than hiding it. Trades you make yourself in the same account are yours and are named as such.

Brokerage commissions and spreads are charged on every order and, for some brokerages, on every closed lot. Frequent small orders cost more, proportionally, than few large ones; Alfred limits small orders for that reason, but no rule removes the cost. Where your brokerage reports fees, Alfred shows your returns net of them. Taxes on gains, dividends and income are yours to report and pay; Alfred does not provide tax advice.

A manager's published record assumes dividends are reinvested. In your account, dividends are paid as cash by your brokerage under its rules and tax withholding, and Alfred may not be able to see or attribute them. Your account may therefore show a lower return than the manager's record for the same holdings.

Some managers hold few names, a single sector, a single country, or digital assets, and can move sharply on news affecting that concentration. Managers denominated in a currency other than yours carry currency risk on top of market risk. Securities may be suspended, delisted or become impossible to sell at a fair price.

Alfred depends on market-data feeds, your brokerage's systems and AI services, all of which can fail, be delayed or return wrong data. Alfred is built to pause a manager rather than act on bad data, and to tell you when it has, but a pause is itself a risk: a manager that is paused cannot act on a move it would otherwise have acted on. Notifications may be delayed or missed; you should not rely on them as your only signal.

The demo brokerage fills every order instantly at the proposed value, never rejects for funds or availability, and charges no fees. Results there are illustrative and will be better than the same decisions in a real account.

Do not delegate money you need for living costs, debt or the near future. Diversify across managers and beyond Alfred. Review your team regularly. If you are unsure whether any of this is suitable for you, it is not — yet.

Related: Terms of Service · How Alfred stays honest