Best Robo-Advisors

Last updated: May 1st, 2019

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Overview

If you’ve always wanted to invest but felt the time and research necessary to do so was too overwhelming, you may want to get a robo-advisor. Robo-advisors provide a relatively low-cost and “hands-off” solution to investing.

Before choosing a robo-advisor, you'll want to compare key details like fees, account minimums, and what funds and additional services are offered. Fortunately for you, we've done all the research, sorted through the details, and have created a comparison tool of the best robo-advisors available.

Want to learn more about how to invest in stocks, check out our video playlist on Stocks: The Basics.

Best For:

Index Fund Investing

Ally Invest Managed Portfolios Logo

Annual Fee

0.30%

management fee

Account Minimum

Special Promotion

None

no promotion available at this time

The Bottom Line

Ally Invest Managed Portfolios provide 24/7 customer service and easy-to-use tools. While the management fee and account minimum are slightly higher than its competitors, Ally invests your funds in ETF's with low fees and provides an easy account setup for existing Ally customers. Ally is also one of the only robo-advisors that allows you to invest your money directly into an S&P 500 index fund.

Best For:

Low Fees

Betterment Logo

Annual Fee

0.25%

management fee

Account Minimum

Special Promotion

Up to 1 year

of free management when you refer 3 friends

The Bottom Line

Betterment is the largest robo-advisor. Providing low annual fees, an account minimum of $0, and additional services like tax-loss harvesting, Betterment attracts all types of investors. You won't be able to invest directly into index funds though.

Best For:

Financial Advice/Planning

Schwab Intelligent Portfolios Logo

Annual Fee

$360

management fee

Account Minimum

Special Promotion

None

no promotion available at this time

The Bottom Line

Schwab Intelligent Portfolios is a good option for those who can meet the high account minimum and desire access to financial planners and online advice. Schwab Intelligent Portfolios also offers a large selection of funds (53) but comes with a $300 initial planning fee.

Best For:

Socially Responsible Investing

Ellevest Logo

Annual Fee

0.25%

management fee

Account Minimum

Special Promotion

$50

for Whyze users opening an account through our link

The Bottom Line

Ellevest uniquely combines low annual fees, an account minimum of $0, and investing with a purpose. While providing tailored investing plans for women, Ellevest also provides the opportunity for anyone to invest in companies that create positive changes in the world. Ellevest is also offering Whyze users $50 just for opening an account!

Best For:

Low Fees

Wealthfront Logo

Annual Fee

0.25%

management fee

Account Minimum

Special Promotion

None

no promotion available at this time

The Bottom Line

Wealthfront provides low annual fees, an account minimum of $500, and additional services like tax-loss harvesting for all accounts. This allows Wealthfront to attract all types of investors. You won't be able to invest directly into index funds though unless your account is above $100,000.

Best For:

Unique Portfolio Options

Wealthsimple Logo

Annual Fee

0.50%

management fee

Account Minimum

Special Promotion

None

no promotion available at this time

Special Pricing:

0.40% with Wealthsimple Invest (min $100k+ balance)

The Bottom Line

Wealthsimple offers unique portfolio options such as socially responsible and halal-compliant options. While the annual fee is slightly higher than its competitors, Wealthsimple offers an account minimum of $0, tax-loss harvesting, and free financial advice.