With the rise of technology in our day to day lives we begin to see advancements in services traditionally ran by humans. Simply put, Robo-advisors offer similar services to traditional Financial advising at fractions of the costs.

Find other investment opportunities here.

If you would like to learn more about the Robo-advising, keep reading.

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What Are Robo-Advisors?

Robo-advisors are online, automated portfolio management service. Companies use a set of sophisticated computer algorithms for appropriate investments based on your risk tolerance and time horizon. Next, an accurate investment portfolio is automatically set to fit your finance needs and realistic wishes.

It’s the middle option between doing it yourself and hiring a human financial advisor. Robo-advisors are perfect for anyone who prefers to be mostly hands-off with their investments. Essentially, you’ll be paying a fraction of the cost of a human financial advisor. With lower-cost management and features, such as automatic portfolio rebalancing and tax-loss harvesting, investors can expect higher net returns.

All you have to do is fund the service, then the robo-advisor makes changes to your investments when it sees fit and aligns your portfolio back to a target allocation for you. Many of the services will even purchase exchange-traded funds on your behalf. Just set your profile up with your financial goals and your robo-advisor will adjust your profile to how much risk you’re willing to take. Once you start the service, you can sit back and relax and let the robo-advisor do all the work.

Most robo-advisors aren’t free, but they cost much less than hiring a personal financial advisor. They’ll also perform difficult tasks like tax optimization and portfolio rebalancing automatically. This means you can receive higher net returns compared to traditional investing.

If you want minimal involvement in your investments and you are interested in the idea of someone else doing all the work for you, a robo-advisor may be just what you need. Robo-advising allows more people, the opportunity to invest. With minimal costs and involvement, robo-advising offers is the perfect service for anyone interested in investing.

Considerable Factors

Before looking at the best robo-advisors in the market, here are some factors to consider when choosing the right automated investing service for you.

• Management fee: A percentage of your assets with your robo-advisor paid annually. Based on how much you make as a percentile, fees will reduce your return on investment. An example would be a 10% return with a 0.25% maintenance fee. You should expect to receive 9.75%.
• Expense ratio: Goes toward the investments your robo-advisor uses to cover their costs. Examples include mutual funds, index funds and exchange-traded funds (ETFs).
• Account types: Investments generally fall under two categories: retirement accounts and non-retirement accounts.
  • Retirement accounts: Like IRAs and 401(k)s, they have tax advantages for your contributions. However, there are contribution limits and stiff distribution rules.
  • Nonretirement accounts (taxable accounts): Don’t have contribution limits or distribution rules. This means you are allowed to fund the account with as much as you want.
• Investments: Most fall under two categories: index funds and ETFs.
  • Index funds: A type of mutual fund with a portfolio built to match or track the parts of a market index, such as the S&P 500. These index mutual funds provide broad market exposure and low operating expenses.
  • Exchange-traded funds (ETFs): Track an index, bonds, a commodity or a group of assets like an index fund. ETFs trade like a common stock on a stock exchange and have price changes throughout the day as they are bought and sold. They’re attractive due to their lower fee compared to mutual fund shares and higher daily liquidity.
• Tax-loss harvesting: Sell your investment assets at a loss in order to reduce your tax liability at the end of the year. Some robo-advisors can handle it for you.
• Rebalancing: Get your investment portfolio back in order periodically. If you don’t, you encounter added risks as your portfolio becomes heavily weighted by one or several types of investments. Many robo-advisors check for opportunities to rebalance on a daily basis and adjust your portfolio when an allocation varies by a set amount.
• Access to human advisors: The level of access varies from personal advisors to a team of professionals available via email or online chat.
• Assets under management (AUM): More AUM means a more stable company. This also means you can trust it more.
• Socially responsible investing (SRI): Also known as impact investing or values-based investing. It’s a way for you to align your investment with your values. Companies that don’t promote social good are excluded from SRI funds and portfolios.

Best Robo-Advisors

1. Betterment

Betterment offers a good place to start for beginner investors as well as more experienced investors. It offers a powerful blend of goal-based tools, affordable management fees and no minimum account requirement.

Betterment costs 0.25% annually. If you need assistance from a human advisor, Betterment can provide you one at the cost of higher management fees.

Pros:

• Best for taxable accounts
• No account minimum
• Fractional shares limit un-invested cash
• Solid goal-based tools

Cons:

• Asset allocation excludes REITs or commodities
• No direct indexing

See Betterment offers

2. Wealthfront

Wealthfront is a robo-advisor promoting low fees and automated investing. It specializes on its Modern Portfolio Theory to build portfolios from low-cost ETFs. It offers direct indexing for accounts over $100,000, mimicking ETFs with direct investments to stocks to obtain the most tax-loss harvesting benefits.

Wealthfront is best when you have a taxable account. The service is free for accounts under $5K through the BankCheckingSavings promotion or if you’re referred by a current Wealthfront client.

Pros:

• Best for beginners
• Lower fees
• Easy learning curve
• Daily tax-loss harvesting
• Automatic rebalancing
• Direct indexing on accounts over $100,000

Cons:

• No fractional shares
• No large-balance discounts

See Wealthfront offers

3. Personal Capital

Personal Capital is an easy-to-use personal financial software that syncs all your accounts into one convenient location. It uses a hybrid robo-advisor experience with free access to a powerful personal finance management platform.

Personal Capital creates summaries of your spending, net worth, and your investment portfolio. Though, pricing for this management service is a bit more expensive than most other robo-advisors on the market due to the added human touch.

Pros:

• Best for those with high assets
• Wealth management service
• Smart indexing
• Dedicated financial advisors
• Great investment tools

Cons:

• High management fee
• High account minimum

See Personal Capital offers

4. Fundrise

Fundrise is an online real estate company, letting average investors buy into private commercial and residential properties by pooling assets via their investment platform. Get access to real estate deals without loading up the whole boat.

However, these distributions are taxed as ordinary income so make sure you take that into account.

Pros:

• Best for real estate investment
• Low minimum investment
• 90-day money-back guarantee
• Diversified portfolio
• User-friendly platform

Cons:

• Fees aren’t transparent
• Must commit to investment
• Tax consequences

See Fundrise offers

5. Wealthsimple

Weathsimple is best for beginners who aren’t familiar with investing. It features no minimum balance requirement, human assistance, and a user-friendly design.

There are many SRI portfolios to choose from if you favor values-based investing. For those working with taxable accounts, Wealthsimple provides free tax-loss harvesting.

Pros:

• Best for socially responsible investment
• Free access to human advisors
• Free portfolio analysis
• SRI options
• Free tax-loss harvesting
• No account minimum

Cons:

• Higher account management fees
• Limited personal finance tools

See Wealthsimple Review

6. WiseBanyan

WiseBanyan is a robo-advisor service with no hidden charges. The basic service includes automatic portfolio rebalancing and low minimum deposit.

However, if you want to open an IRA, you must pay a premium.

Pros:

• Free services
• No minimum balance
• Excellent technology

Cons:

• Limited account selection
• Paid tax-loss harvesting

Visit for more

7. Motif

Motif is a unique, theme-based and cost-efficient option to a diverse portfolio.

You invest in 20 to 30 stocks or ETFs that share similar characteristics, called “motifs.” You can filter motifs by looking at daily change, one year return, and even popularity.

Pros:

• Best for mixed portfolio
• Pre-built portfolios
• Customizable motifs
• SRI options

Cons:

• Other fees like $4.95 per share and $9.95 per motif
• No dividend reinvestment
• Minimal trading tools

See Motif offers

8. Schwab Intelligent Portfolios

Schwab Intelligent Portfolios is a fee-free robo-investing service from Charles Schwab.

With plenty of financial services, you have the options of tax-loss harvesting, automatic rebalancing and other tools through Intelligent Portfolios. You can also take advantage of all the other benefits Charles Schwab has to offer.

Pros:

• Best from a major brokerage firm
• Low cost
• Diversified portfolios
• Access to financial advisors
• Dutomatic rebalancing
• Tax efficient

Cons:

• High minimum investment
• High cash allocation
• Tax-loss harvesting not available for investments lower than $50,000

Visit for more

9. Vanguard Personal Advisor Services

Vanguard Personal Advisor Services is backed by the trusted Vanguard brand.

You can access human financial advisors via phone. However, the minimum investment requires a whopping $50,000, which usually does not apply to beginner investors.

Pros:

• Best backed by human financial advisors
• Great for advanced users
• Personal advice
• Complex financial planning
• Access to Vanguard Funds
• Savings on taxes

Cons:

• High account minimum
• No tax-loss harvesting
• Possible transaction fees

See Vanguard Personal Advisor Services Review

10. Blooom

Blooom helps manage the complicated task of picking the right funds for your situation from within your 401(k) plan easy with online access.

It’s easy to use and can work with almost any account that has online access. However, this robo-advisor service only works with 401(k) and 403(b) plans.

Pros:

• Best for 401(k) management
• No account minimum
• Free analysis
• Investment expense audit
• Financial advisors
• Low cost

Cons:

• Limited investor assessment
• Aggressive allocations

Visit for more

11. FutureAdvisor

FutureAdvisor lets you test their service for free if you’re not sure if you’ll like robo-advisors.

It’s also one of the few that can manage your 529 college savings plan.

Pros:

• Best robo-advisor to manage your 529
• Free tools
• Financial advice
• Financial advisor support

Cons:

• High account minimum
• High management fee
• Maximum age restriction

Visit for more

12. Fidelity Go

Fidelity Go features another investment powerhouse entering the robo-advisor market. The pricing is transparent. Plus, if you have an existing account with Fidelity, it could turn into a one-stop investment shop.

However, Fidelity Go lacks some of the features that other robo-advisors have to offer.

Pros:

• Best for Fidelity clients
• Seamless multi-account viewing
• Investment research for Fidelity customers
• Low “all-in” annual costs for retirement accounts and taxable accounts

Cons:

• No tax-loss harvesting
• Only basic goal tracking offered

Visit for more

13. SigFig

SigFig features a modest minimum investment of $2,000 and no management fees up to a $10,000 investment.

This robo-advisor fits the bill for investors looking to dip their feet into automated investing.

Pros:

• Free-to-use portfolio tracking feature
• Complementary portfolio reviews from financial advisors
• No management fee under $10,000

Cons:

• High Diversified Income Portfolio fee at 0.50%
• Limited investment platform options (only Fidelity, Charles Schwab or TD Ameritrade are available)

Visit for more

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