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Robo-advisors are digital investment platforms that use computer algorithms and/or expert oversight to build personalized portfolios for retail investors. These automated investing accounts commonly use ETFs as their primary investment vehicles, but some also offer mutual funds, index funds, and crypto investments.
The best robo-advisors offer things like low fees, copious portfolio options, flexible account types, and easily accessible customer service.
The Best Robo-Advisors
Schwab Intelligent Portfolios – Product Name Only: Best Account Selection Betterment Investing – Product Name Only: Best for Human Advisor Access Ally Invest Robo Portfolios – Product Name Only: Best for Investing and Saving Under the Same Roof Ellevest – Product Name Only: Best for Goal-focused Investing SoFi Automated Investing – Product Name Only:Best for Low Fees Marcus Invest – Product Name Only: Best for Beginners Interactive Advisors – Product Name Only: Best Portfolio Options Fidelity Go – Product Name Only: Best for Mutual Funds Axos Invest Managed Portfolios – Product Name Only: Best for Portfolio Customization Wealthfront Investing – Product Name Only: Best for College Savings Plans and Crypto Vanguard Digital Advisor – Product Name Only: Best for Retirement Resources
The Best Robo-Advisors of 2023
Methodology: How We Determined the Best Robo-advisors
We reviewed nearly two dozen robo-advisors to find the best platforms for low fees, portfolio types, human advisor access, and customer service. We also favored platforms that offered a range of other features and products, such as tax-loss harvesting and flexible account types.
View our full methodology for rating investment products »
The Best Robo-advisors Frequently Asked Questions
What is a robo-advisor?
Robo-advisors are automated investing accounts that use computer algorithms and/or advisor oversight to create self-managing investment portfolios. When setting up your account, these platforms ask questions about things like your investing goals, risk tolerance, time horizon, initial deposit, and monthly contribution.
Are robo-advisors a good idea?
These automated accounts are great for beginners, but they’re also a good idea for those who prefer hands-off investing. Robo-advisors handle everything for you; you’ll just need to fund the account and keep your investing goals, risk tolerance, and time horizon up to date.
Are robo-advisors free?
It depends on the platform you use. Some robo-advisors (e.g., SoFi Automated Investing, Ally Invest Managed Portfolios, and Schwab Intelligent Portfolios) don’t charge any advisor fees. But you may pay monthly fees or percentage-based fees at other robo-advisors.
Best Robo-Advisor for Account Selection
Schwab Intelligent Portfolios – Product Name Only
Why it stands out: Charles Schwab’s most basic automated investing account,
The account also offers automatic rebalancing, and it re-adjusts your portfolio’s target allocation any time you add or withdraw money. Schwab Intelligent Portfolios gives you access to more than 51 ETFs (including Schwab ETFs), and it supports individual and joint accounts, trusts, custodial accounts, and IRAs.
You can even utilize tax-loss harvesting, but this feature is only available to those with at least $40,000 in their accounts.
What to look out for: You’ll need at least $5,000 to set up an account.
Best Robo-Advisor for Human Advisor Access
Betterment Investing – Product Name Only
Why it stands out: Founded in 2008,
It offers two plans: digital and premium. The robo-advisor also offers access to CFPs, but you can only take advantage of unlimited guidance if you’re enrolled in its premium plan. You won’t need a minimum amount to set up its digital plan, but you’ll need at least $100,000 for the premium plan.
And while you can’t utilize ongoing advice with its most basic account, you can still purchase consultations on the side. Betterment currently supports several investment accounts, including individual and joint accounts, trusts, traditional IRAs, Roth IRAs, SEP IRAs, inherited IRAs, and 401(k) rollovers.
What to look out for: If you don’t have at least $100,000, you won’t get unlimited access to a CFP; you’ll have to pay for each consultation (these cost around $299).
Best Robo-Advisor for Investing and Saving
Ally Invest Robo Portfolios – Product Name Only
Why it stands out: If you want to skip out on advisory fees completely,
Ally Invest’s team designs the portfolios it offers, but the platform relies on technology for automatic portfolio management. Its four portfolio options — Core, Income, Tax-optimized, and Socially Responsible — are all compatible with individual and joint accounts, custodial accounts, and IRAs.
Ally’s investment offerings aren’t all that make it competitive, either. Its savings account pays 1.85% APY, and it lets you divide your savings in up to 10 different buckets, or goals, and track your progress. These features — along with Ally’s checking accounts, CDs, mortgage offerings, auto loans, and personal loans — make the platform a great option for those looking to dabble in other areas of wealth-building.
What to look out for: Ally Invest is hard to beat in the fee category, but it doesn’t offer tax-loss harvesting or access to human advisors.
Best Robo-Advisor for Goal-focused Investing
Ellevest – Product Name Only
Why it stands out: Besides its low fees and financial planner access,
It separates its offerings into two different pricing plans:
- Ellevest Plus: This plan costs $5 per month and offers access to a personalized ETF portfolio, unlimited online workshops and courses, ongoing financial planner guidance, and IRA account management. You get 30% off of the financial planning costs with this membership level.
- Ellevest Executive: The Executive plan offers everything the Plus plan offers in addition to multi-goal investing. With this feature, Ellevest lets you open up to five personalized investment accounts for each of your goals. As for financial planning, you get 50% off with the Executive subscription.
The robo-advisor also offers private wealth management for those with at least $1 million to invest.
What to look out for: You won’t be able to utilize automated joint accounts or custodial accounts.
Best Robo-Advisor for Low Fees
SoFi Automated Investing – Product Name Only
Why it stands out:
In addition to automatic portfolio rebalancing and goal planning, the platform invests your funds into a diversified mix of both SoFi ETFs and non-SoFi ETFs. It also supports multiple accounts, including individual and joint accounts, traditional IRAs, Roth IRAs, SEP IRAs, and 401(k) rollovers.
And like several other investment platforms mentioned in this list, you can also invest on your own, thanks to SoFi’s active investing accounts.
What to look out for: SoFi doesn’t offer tax-loss harvesting or socially responsible portfolios.
Best Robo-Advisor for Beginners
Marcus Invest – Product Name Only
Why it stands out:
Its simple interface also provides access to more than 50 ETF portfolios (consisting of both stock ETFs and bond ETFs), but it mainly uses three investment strategies: Goldman Sachs Core, Goldman Sachs Impact, and Goldman Sachs Smart Beta.
The core strategy focuses on index-tracking ETFs, while the Goldman Sachs Impact portfolio best serves investors in search of companies with high environmental, social, and corporate governance (ESG) standards. The smart beta strategy works to elicit higher long-term returns by using Goldman Sachs ETFs.
What to look out for: A drawback of Marcus Invest is that it doesn’t offer one-on-one guidance from human advisors, and its Goldman Sachs Smart Beta portfolios aren’t compatible with IRAs.
Best Robo-Advisor for Portfolio Options
Interactive Advisors – Product Name Only
Why it stands out:
In addition, it provides four different ETF portfolio options: asset allocation, actively managed, smart beta, and socially responsible. The asset allocation portfolios focus your funds into a diversified portfolio, but Interactive Advisors’ actively managed portfolios utilize the expertise of both its team and registered investment advisors (RIAs).
With its smart beta portfolios, you’ll gain exposure to a strategy that seeks higher returns, and its socially responsible option invests in companies that positively impact the world.
What to look out for: Investment minimums and fees for actively managed portfolios are on the higher side. You may need as much as $50,000 to get started.
Best Robo-Advisor for Mutual Funds
Fidelity Go – Product Name Only
Why it stands out: Most robo-advisors use investment funds (typically ETFs or mutual funds) that have expense ratios. One of the best parts about
In addition, it separates its fee structure into three levels based off account balance:
- Under $10,000: $0
- Between $10,000 and $49,999: $3 per month
- $50,000 and above: 0.35% per year
Fidelity Go utilizes both technology and its own team of experts when building and managing its portfolios. And as for account types, it supports individual, joint, traditional IRA, Roth IRA, or rollover IRA accounts.
What to look out for: Fidelity Go doesn’t offer tax-loss harvesting, and those with over $50,000 will have to pay a 0.35% advisory fee.
Best Robo-Advisor for Portfolio Customization
Axos Invest Managed Portfolios – Product Name Only
Why it stands out:
It offers automatic portfolio rebalancing, tax-loss harvesting, quick deposits, and an auto-deposit scheduler that lets you determine when extra money goes into your account. As for its account types, you can automate individual and joint accounts, traditional IRAs, Roth IRAs, and SEP IRAs.
Though the account is automated, you can also choose your portfolio’s ETFs and decide how much you’d like to allocate toward those investments. You’ll be able to do so for more than 30 different investments.
Axos Invest could be a particularly good move for existing Axos Bank users. Users with Axos Bank Rewards Checking accounts can earn up to 1.25% interest if they also set up Axos Invest accounts and other Axos products.
Axos could also be a good choice if you have at least $2,000 upfront. Through March 31, 2023, you’ll earn a $250 bonus if you open a new account, deposit at least $2,000 of new funds, and keep the money in the account for a minimum of 90 days. This bonus is only available to US customers.
What to look out for: Axos Invest doesn’t offer automated joint or custodial accounts, so it isn’t the best choice if you want to invest with a partner or for your dependents.
Best Robo-Advisor for College Savings Plans and Crypto
Wealthfront Investing – Product Name Only
Why it stands out: Like Betterment,
Its other investment types include ETFs and index funds, and its portfolio options and account types are also competitive. Wealthfront offers socially responsible portfolios, tax-loss harvesting, US Direct Indexing (this strategy is like a supercharged form of tax-loss harvesting), smart beta investing, and risk parity portfolios.
In addition, you can customize your portfolio’s ETF allocation if you don’t like the investments Wealthfront selected.
The robo-advisor’s account selection includes individual accounts, joint accounts, trusts, traditional IRAs, Roth IRAs, SEP IRAs, and 529 plans. And while it’s great for those who want exposure to cryptocurrencies, it protects your portfolio against risk by only allowing an allocation of 10% for crypto trusts.
What to look out for: You won’t get access to ongoing, one-on-one advisor consultations at Wealthfront, and you’ll need at least $100,000 to utilize strategies like direct indexing and risk parity.
Best Robo-Advisor for Retirement Resources
Vanguard Digital Advisor – Product Name Only
Why it stands out:
The account mainly allocates your assets across four Vanguard ETFs. These include the Vanguard Total Stock Market ETF, Vanguard Total International Stock ETF, Vanguard Total Bond Market ETF, and Vanguard Total International Bond ETF. Expense ratios for these funds range from 0.03% to 0.07%.
In addition, Vanguard Digital Advisor supports individual and joint accounts, traditional IRAs, Roth IRAs, rollover IRAs, and eligible Vanguard-administered 401(k) retirement accounts. The brokerage also has a great offering of retirement tools and resources.
What to look out for: Vanguard Digital Advisor has a $3,000 account minimum, and it doesn’t offer tax-loss harvesting or socially responsible portfolios.
Other Automated Investing Platforms We Considered
Acorns Invest: Acorns is great for hands-off investors. It offers automated ETF portfolios, IRAs, and tools that invest a percentage of your money from your purchases into companies. A drawback is that you’ll have to pay more ($5 per month) to access custodial accounts. E*TRADE automated investing: For a $500 minimum and 0.30% annual fee, you can take advantage of tax minimization strategies, socially responsible and smart beta portfolio options, and multiple account types (i.e., you can automate individual and joint accounts, custodial accounts, and IRAs). However, you won’t be able to utilize a human advisor unless you’ve got at least $25,000, and the annual fee exceeds that of many competitors. Merrill Guided Investing: This robo-advisor is unique in that it utilizes both computer algorithms and oversight from Merrill professionals. The platform also offers socially responsible portfolios, perks for Bank of America users, and multiple account types. A downside, however, is that it doesn’t offer tax-loss harvesting, and it charges a 0.45% annual fee. FutureAdvisor: FutureAdvisor offers automated ETF portfolios and employs tax-loss harvesting, but its services are limited. It only manages accounts held at TD Ameritrade or Fidelity. Empower Personal Dashboard™ – Product Name Only: This robo-advisor offers several competitive services. These include free wealth management tools, tax optimization and socially responsible investing strategies, one-on-one advisor guidance, and copious investment types. One thing to look out for, though, is that you’ll need at least $100,000 to set up an account. J.P. Morgan Online Investing: JP Morgan’s automated portfolios rely on oversight from the company’s experts and offer features like automatic portfolio rebalancing and easy account integration for Chase customers. It’s not a good option for those in search of tax-loss harvesting, non-JP Morgan ETFs, or socially responsible portfolios.