Valid only for new individual investment accounts with Betterment LLC. Who's this for? Betterment was one of the first robo-advisors to hit the market in , and it has maintained its good reputation ever since. There is no minimum balance required for Betterment Digital Investing, and the annual account fee is a low 0. Investors can get started by answering a few questions to assess their risk: how much they want to invest, why they're investing and their preferred timing for cashing out their investments.
Betterment will then recommend a stock-and-bond allocation based on your goals and adjust automatically whenever you make a deposit, withdraw funds or change your target allocation. Betterment's algorithms will also check your portfolio drifts how far you are from your target allocation once per day and rebalance if necessary. Investors can also adjust themselves or build a custom portfolio.
Accountholders can review the historical performance of their investment strategies, and there is a user-friendly financial dashboard where they can track their investments to make sure they're on track to meet their goals and also connect other external bank accounts so they can see all their money in one place. There are a few automated tax tools accessible to all users, including tax-loss harvesting, where the robo-advisor will automatically sell holdings experiencing a loss to help offset taxes, as well as a "tax impact preview" tool that lets you see how much you might have to pay in taxes before withdrawing funds.
Zero account, transfer, trading or commission fees fund ratios may apply. Wealthfront annual management advisory fee is 0. Stocks, bonds, ETFs and cash. Additional asset classes to your portfolio include real estate, natural resources and dividend stocks. Like Betterment, Wealthfront was one of the first robo-advisors on the scene, and it shares many of the same features as its competitor, including features like a low 0.
Wealthfront picks investments based on user's risk tolerance and timeline until retirement. Unlike other robo-advisors on this list, Wealthfront also offers a college savings plan and an 0. But they don't pay an advisory fee or commissions. Once new investors answer a questionnaire about their investment goals, risk tolerance and timeline, Schwab creates a customized portfolio based on more than 80 variations of low-cost ETFs, investment strategies and risk profiles.
The robo-advisor monitors the portfolios daily and automatically rebalances as needed. For that price, accountholders get unlimited guidance from a CFP, interactive planning tools, plus a personalized roadmap for reaching their goals.
Charles Schwab stands out from other names on this list because it has more than brick-and-mortar branches across the U. Ellevest has quickly become a leader in the personal finance space for women thanks to its easy-to-use robo-advisor. After asking a few questions about your money, life and career, Ellevest will create and manage a personalized investment portfolio for you.
Ellevest made our list as the best robo-advisor for women because its platform algorithm considers important realities of women's lives, such as pay gaps, career breaks and longer life expectancy, so women can get a true sense of where they stand financially. Ellevest also provides access to online workshops, email courses and video resources from its team of financial planners and career coaches.
Unlike the others on this list, Ellevest requires membership in order to use its automated investing service. Here is a breakdown of pricing for the three tiers:. Learn more about Ellevest's different membership tiers. No account minimum for active or automated investing, or to participate in IPOs. Active investing has zero commission fees for trading stocks and ETFs exchange and fund management fees may apply.
Automated investing has zero management fees. Investors can create a personal watchlist that follows their stocks to stay up to date and receive the latest investing news. With SoFi Invest, the automated investing platform has zero account management fees and no minimum requirements. It offers a broad range of low-cost ETFs and will automatically rebalance your portfolio on a quarterly basis.
We ranked SoFi's robo-advisor option as the best for extra investing perks, because it's one of the few robo-advisors that offered bonuses. Here are a few:. Plus, SoFi members receive a 0. SoFi members can get access to exclusive events and experiences, as well as career services and financial advisors. A robo-advisor is a software platform that uses algorithms to create an investment portfolio for you. The best robo-advisors aim to maximize your return potential according to your individual risk tolerance.
Robo-advisors will automatically adjust your investments regularly, also known as rebalancing, so you don't have to. When you open an account with a robo-advisor, you will start by answering some general questions such as your age, your investment goals, your investment time horizon and your overall risk tolerance, or how much risk you are willing to take.
You'll then deposit some money, and the robo-advisor will invest it in diversified portfolios of stocks and bonds that match your risk tolerance. For example, investors with aggressive risk tolerance may see a greater percentage of stock ETFs in their portfolio while those with more conservative risk tolerance are likely to see a greater percentage of bond ETFs in their portfolio. To get the most out of your robo-advisor account, it's smart to contribute on a monthly basis similar to your k , which will help your investment grow in the long term.
Robo-advisors make a great choice for beginners looking to dip their toe into the investing pool since they don't require you to know much about the stock market. Newbie investors should consider a robo-advisor that doesn't have a minimum opening deposit, such as Betterment or SoFi Invest , so you can start small to see if you like automated investing.
With a robo-advisor, your investments are put on autopilot, working on your behalf, and you can check them whenever works for your schedule. Research shows — and experts agree — it's good not to closely track your investments, which can lead to rash decision-making when the market goes up and down which it always will. You're better off leaving your investments alone for the long haul and, if you need to, review them on a quarterly basis.
Robo-advisors are a popular choice because the management advisory fees are much more affordable than if you signed up with a traditional financial advisor. The downside? At small balances, Acorns fees can cut into or completely wipe away investment returns. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs.
We adhere to strict guidelines for editorial integrity. We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The final output produces star ratings from poor one star to excellent five stars. Ratings are rounded to the nearest half-star. For more details about the categories considered when rating providers and our processes, read our full broker ratings methodology and our full robo-advisor ratings methodology.
Robo-advisors automate investment management by using computer algorithms to build you a portfolio and manage your assets based on your goals and your tolerance for risk. Since portfolio management is handled by software rather than a human financial advisor, robo-advisors charge lower fees, which can translate to higher long-term returns for investors.
Robo-advisors use advanced software to handle many of the tasks that used to require expensive experts to manage. Services range from automatic rebalancing to tax optimization, and require little to no human interaction. That said, many providers offer access to human advisors available for questions related to account management or long-term investment planning — though these services may cost more.
Management fees. Expense ratios. Mutual funds, index funds and exchange-traded funds all charge this annual fee to cover the costs of running the fund. Account types. Investment accounts fall into two general categories: Retirement accounts, such as IRAs and k s, that offer tax advantages while adhering to certain rules; and taxable accounts, where there are no specific tax advantages but also no limits on contributions or distributions. Most robo-advisors use low-cost index funds and ETFs.
Portfolios are fluid, and market fluctuations can cause the mix of investments you hold to get out of sync with your goals. Rebalancing brings that allocation back to its original mix. Access to human advisors. Many robo-advisors have merged computer-driven portfolio management with access to human financial advisors.
Some services offer a dedicated advisor to individual clients; others offer only email or online chat with a team of advisors. Broker NerdWallet rating NerdWallet's ratings are determined by our editorial team. Fees Account minimum Promotion Learn more. Learn more. SoFi Automated Investing.
The scoring formula for online brokers and robo-advisors takes into account over 15 factors, including account fees and minimums, investment choices, customer support and mobile app capabilities. Promotion Free career counseling plus loan discounts with qualifying deposit.
View details. Why we like it SoFi Automated Investing is great for beginning, cost-conscious investors who favor a hands-off approach. Pros Broad range of low-cost investments. Free management. Automatic rebalancing. Customer support. Cons Limited account types. No tax-loss harvesting. Fees 0.
Promotion Up to 1 year of free management with a qualifying deposit. Why we like it Betterment has maintained its status as the largest independent robo-advisor for a reason: The company offers a powerful combination of goal-based tools, affordable management fees and no account minimum. Pros Multiple portfolio options and customization.
Low account minimum and fees. Robust goal-based tools. Cons No direct indexing. Low ETF expense ratios. Daily tax-loss harvesting. Cons No fractional shares. No large-balance discounts. Ally Invest Robo Portfolios. Promotion None no promotion available at this time. Why we like it Ally Invest Robo Portfolios is best suited to retirement accounts or loyal Ally customers who want to house a managed account, a trading account and their bank accounts under one roof.
Pros Solid investment selection. Cons No tax-loss harvesting. Pros Extensive investor tools and educational resources. Strong customer service. Low investment-expense ratios. Specialty portfolio options. Axos Managed Portfolios. Why we like it Axos Invest stands out for the level of customization allowed by the service: The company allows investors to add or remove 32 investment types, including socially responsible investments.
Pros Low account management costs. Customizable portfolios.
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Best Robo-Advisors Right Now: Top Picks · SoFi Automated Investing · Betterment · Wealthfront · Ally Invest Robo Portfolios · E*TRADE Core Portfolios. We compared portfolio management, usability, and fees from the best robo-advisors. This list will help you find the best automated portfolio builders for. Best Robo-Advisors Of June ; Merrill Edge Guided Investing. ; Axos Invest. ; Personal Capital. 4 ; Wells Fargo Intuitive Investor. 4.