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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.
Best Robo-advisors
- Betterment Investing: Best Overall
- Fidelity Go: Best for Beginners
- Wealthfront Investing: Best for Large Accounts
- SoFi Invest: Best for Low Fees
- Charles Schwab Intelligent Portfolios: Best for Account Flexibility
- E*TRADE: Best for Mobile
- Vanguard automated investing: Best Retirement Plans
- Interactive Brokers: Best for Socially Responsible Investing
- M1 Finance: Best All-in-One
Here are the best robo-advisors (aka automatic investing platforms) as picked by Insider's editors.
Compare Robo-advisors
Best Robo-Advisors Frequently Asked Questions (FAQs)
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.
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.
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.
It may be worth investing with a robo-advisor if you're interested in hands-off (or passive) investing. Robo-advisors consider personal information and individual financial goals to generate investments using an algorithm.
But if you have more complex financial goals, or prefer an active investing strategy, a robo-advisor may not be the best option.
Best Overall Robo-Advisor
Betterment Investing
Betterment is the overall best robo-advisor investment platform. It was founded in 2008 and is one of the first platforms to offer robo-advice. Some of Betterment's offerings include goal-based investing, tax-loss harvesting, charitable giving options, cryptocurrency portfolios, and socially responsible portfolios.
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.
Betterment is also a suitable platform for passive investors, beginners, and for personalized retirement plans.
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 Beginners
Fidelity Go
Fidelity Go is the best robo-advisor for beginners that offers low-cost personalized portfolios based on answers from a short questionnaire about risk tolerance, investing goals, and time horizon. Plus, it only has a $0 minimum and generally low fees.
Most robo-advisors use investment funds (typically ETFs or mutual funds) that have expense ratios. One of the best parts about Fidelity Go is that it not only offers low fees, but it also relies on mutual funds (i.e., Fidelity Flex mutual funds) that don't contain expense ratios.
In addition, it separates its fee structure into three levels based on 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. You also don't get access to human advisors unless you have at least $25,000 in your account.
Best Robo-Advisor for Large Accounts
Wealthfront Investing
Wealthfront Investing is a pioneer in the robo-advisor space, similar to Betterment. If you have at least $100,000 to invest, you can access Wealthfront's direct indexing and risk parity investing strategies. It also offers something most automated accounts don't: crypto trusts.
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.
Wealthfront also now offers an automated high-yield bond portfolio which hands-off traders can get a customized low-cost bond ETF portfolio. Wealthfront Automated Bond Portfolio pays a 5.75% yield, which is even higher than Wealthfront's cash account which pays 4.55% to 5.05%.
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 Low Fees
SoFi
SoFi Invest has several perks: It has a $0 account minimum, it doesn't charge any fees, and it provides complimentary CFP access.
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 Account Flexibility
Charles Schwab Intelligent Portfolios
Charles Schwab's most basic automated investing account, Schwab Intelligent Portfolios, offers personalized, self-managing ETF portfolios. While its account minimum is higher than that of most robo-advisors, it makes up for it with its lack of advisory fees.
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.
Schwab Intelligent Portfolios review
Best Robo-Advisor for Mobile
E*TRADE
E*TRADE Core Portfolios accounts have 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).
E*TRADE's mobile app allows commission-free trading of stocks, ETFs, mutual funds, and options. The app lets users manage their money, transfer cash, deposit checks, and pay bills. It also includes Bloomberg TV, which gives investors third-party research and news updates.
You can also check out the Power E*TRADE app. Unlike the regular E*TRADE app, the Power E*TRADE app provides you with user-friendly tools, advanced investing features, potential spot trades, dividends, and much more.
What to look out for: You can't be able to speak with a human advisor unless you've got at least $25,000, and the annual fee exceeds that of many competitors.
Best Robo-Advisor for Retirement Plans
Vanguard Digital Advisor
Vanguard Digital Advisor is one of the two automated accounts (the Vanguard Personal Advisor Services account is the other option) online brokerage Vanguard provides. When it comes to account setup, it offers a similar approach to other robo-advisors: You provide details on things like your investing goals, risk tolerance, time horizon, and Vanguard builds a personalized ETF portfolio for you.
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.
Vanguard Digital Advisor review
Best Robo-Advisor for Socially Responsible Investing
Interactive Advisors
Interactive Advisors is Interactive Brokers' automated investing account. While fees and minimums can be on the higher end, one of the highlights of this account is that it offers roughly 60 portfolios, more than 50 of which only require a $100 minimum.
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 All-In-One Robo-Advisor
M1 Finance
M1 Finance is the best all-in-one robo-advisor for investing, banking, and borrowing under the same platform. Both hands-on and hands-off investors can benefit from the platform as it provides money managment tools, attractive investment options, loans, credit, and mobile access.
M1 Finance offers multiple investment options (such as stocks, ETFs, fractional shares, and crypto), DIY trading, and automatic investing options. Moreover, M1 Plus members get access to loans, high-yield savings accounts, and the M1 Finance credit card.
It also utilizes pie-based models so users can select how much or how little they want to invest in stocks or ETFs. M1 Finance also offers retirement savings accounts, like traditional and Roth IRAs, as well as a crypto account and custodial account option.
What to look out for: M1 Finance doesn't offer human advisor access or tax loss harvesting features.
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.
- Merrill Edge: 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™: 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.
- JP Morgan Automated 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.
- Wells Fargo Intuitive Investors: This robo-advisor offers ETFs for passive investors through individual and joint brokerage accounts, margin accounts, IRAs, and more. Wells Fargo's automated investing portfolio provides dividend reinvesting, automated portfolio rebalancing, and tax-loss harvesting features. But Intuitive Investors has a high $500 account minimum and a 0.35% annual management fee.
- Axos Invest Managed Portfolios: Axos Invest Managed Portfolios lets you invest toward a range of different goals, and its 0.24% advisory fee is quite competitive. 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.
- Marcus Invest: Marcus Invest offers ETF portfolios for individual and joint accounts and IRAs. Each portfolio factors into your goals, risk tolerance, and time horizon, and Marcus Invest regularly employs asset allocation and portfolio rebalancing. 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.
- Ellevest: Besides its low fees and financial planner access, Ellevest is a great option for female investors, as its strategies work to close the gender money gap by factoring in things like career breaks and women's longer lifespans. While it targets women, its services are open to all investors. The robo-advisor also offers private wealth management for those with at least $1 million to invest.
- Ally Invest Robo Portfolios: If you want to skip out on advisory fees completely, Ally Invest is a great option. Plus, it has a fairly low minimum requirement of $100, and it sets aside 30% of your portfolio as an interest-earning cash buffer to protect you against market risk. Its four portfolio options — Core, Income, Tax-optimized, and Socially Responsible — are all compatible with individual and joint accounts, custodial accounts, and IRAs.
Why You Should Trust Us: How We Reviewed The Best Robo-Advisors
We used Personal Finance Insider's methodology for rating investment platforms when reviewing 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.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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