Best Robo-Advisors for 2023

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Robo-advisors, sometimes known as automated online advisors or digital investing services, are technology-based investment platforms that offer fully automated online investing.

If you want a hands-off approach to investing, robo-advisors are an obvious choice. And these days, the top robo-advisors offer useful tools like automatic rebalancing and consider your financial goals when picking investments.

However, this is a crowded market, and it's not always easy to make the right choice. That's why our list of the best robo-advisors is covering some of our top picks for different types of investors.

Quick Recap of the Best Robo-Advisors

Here's a quick recap of the best robo-advisors currently in the investing space and how they stack up against each other. We've thoroughly reviewed and tested each robo-advisor service listed below.

  1. Wealthfront — Best Overall
  2. SoFo Automated Investing — Best For Fees
  3. M1 Finance — Best For Experienced Investors
  4. Vanguard Digital Advisor — Best For ETF Investing
  5. Blooom — Best For 401(k) Management
  6. Schwab Intelligent Portfolios — Best Broker-Provided Robo-Advisor
  7. Betterment — Best For Beginners
  8. Interactive Advisors — Best For Socially Responsible Investing

Best Overall: Wealthfront

Our Score: 9
Minimum Deposit: $500
Annual Fees: 0.25%
Human Advisor Access: No

Best For: Wealthfront offers robo-advising products that work well for the needs of a wide range of investors, from beginners with no investment experience to experts looking to fine-tune a portfolio that’s kept in line by automatic systems.

The automated investing product suggests an ideal portfolio based on your profile but gives you plenty of customization options with more than 200 available exchange-traded funds (ETFs). You can choose a classic portfolio, a socially responsible portfolio, or customize your own.

Taxable accounts can save with automated tax-loss harvesting, and those with $100,000 or more can tap into direct indexing for further investing efficiency.

Potential Drawbacks: Wealthfront uses a simple, flat fee structure which means larger accounts pay higher fees. And if you want access to a human advisor, Wealthfront isn't for you. This is a software-only robo-advisor regardless of your account balance.

Fees: Wealthfront uses a flat fee of 0.25% of assets under management, automatically deducted from your account. For taxable accounts, it claims most users save more on taxes than the annual cost of the account.


  • Wide range of available ETFs
  • Simple fee structure
  • Control over your portfolio composition
  • Tax-loss harvesting for taxable accounts


  • No access to human advisors
  • No fractional shares

Sign Up For Wealthfront | Wealthfront Review

Best For Low Fees: SoFi Automated Investing

Our Score: 8.5
Minimum Deposit: $5
Annual Fees: $0
Human Advisor Access: Yes

Best For: If you want to avoid steep fees, SoFi is one of the best robo-advisors you can use. In fact, this automated investing account doesn't charge annual fees. And you only need $5 to begin investing, making it very beginner-friendly.

Like many other robo-advisors, SoFi Automated Investing builds portfolios with a mix of ETFs that match your investing goals and risk tolerance. You can open an individual account as well as tax-advantaged accounts like IRAs

SoFi also provides automatic rebalancing and lets you set and track progress towards multiple financial goals. Human financial planners are also available if you have questions at no extra cost.

Potential Drawbacks: Unlike some more established robo-advisors, SoFi Automated Investing doesn't offer tax-loss harvesting. And SoFi also tends to invest in some of its own ETFs alongside ones from other companies. This wouldn't be an issue, but many SoFi ETFs have incredibly high fees in the 0.29% to 0.49% range.

Fees: SoFi Automated Investing doesn't charge annual fees. However, be careful with how much of your portfolio invests in SoFi ETFs since many of these have steep fees.


  • No annual fees
  • $5 investing requirement
  • Human advisors are available


  • Many SoFi ETFs have high fees for ETFs
  • No tax-loss harvesting

Sign Up For SoFi | SoFi Wealth Review

Best For Experienced Investors: M1 Finance

Our Score: 8.5
Minimum Deposit: $100
Annual Fees: None
Human Advisor Access: No

Best For: M1 Finance is an excellent robo-advisor if you have investing experience and want more control over your portfolio. This is because M1 lets you choose from over 60 M1 expert portfolios or make your own portfolio of stocks, ETFs, and expert-curated portfolios.

The interface at M1 Finance works with “Pies,” a pie chart showing your portfolio allocation. You can customize your pie to contain any supported investment, and M1 works to maintain your portfolio composition over time.

M1 also supports fractional shares starting at just $1 and works with several account types, including individual, joint, and IRAs. M1 doesn’t charge any management fees for accounts, but some portfolios and less common services require a fee.

Potential Drawbacks: While there are professionally designed portfolios for beginners, newer investors may find picking their investments a little intimidating. It’s still a simple process, but if you don’t know what an investment fund is, it could still be a little more work than most robo-advisors.

Fees: M1 Finance doesn’t charge any commissions or trading fees, and there isn't a recurring account fee. The only costs you pay are for specific investments, which are disclosed on the investment screen. There's also an inactivity fee of $20 if you don’t use your account for 90+ days.


  • Provides more control over your portfolio
  • Supports fractional share investing
  • No annual fees


  • No tax-loss harvesting
  • No access to human advisors

Sign Up For M1 FinanceM1 Finance Review

Best For ETF Investing: Vanguard Digital Advisor®

Our Score: 8.5
Minimum Deposit: $3,000
Annual Fees: Approximately 0.20%
Human Advisor Access: No

Best For: Many leading robo-advisors invest a portion of client assets in Vanguard ETFs. After all, Vanguard manages some of the world's largest mutual funds and ETFs and has a reputation for providing excellent low-cost ETFs. And with Vanguard's robo-advisor service, you can automatically invest in these same ETFs for diversification and low fees.

Vanguard Digital Advisor also lets you tackle multiple financial goals at once. It does this by pooling assets across your taxable accounts to fund goals. And as you get closer to certain goals, Vanguard can shift resources around and even change your portfolio composition to be slightly more conservative to reduce risk.

Plus, you can also include accounts you have at other companies to make sure you have a comprehensive picture, though they won't be managed. And you can get access to their debt calculator to help you consider a strategy to pay off your loans.

Potential Drawbacks: The $3,000 account minimum for Vanguard Digital Advisor is higher than many robo-advisors. You don't get tax-loss harvesting either.

Fees: Vanguard waives advisory fees for its robo-advisor service for the first 90 days. Afterwards, it charges approximately 0.20% annually.


  • Various ETFs available
  • Vanguard is a pioneer in the low-cost ETF space
  • Dynamic portfolios help you work towards multiple financial goals and reduce risk


  • $3,000 minimum balance requirement
  • No tax-loss harvesting
  • No access to human advisors

Sign Up For Vanguard Digital Advisor | Vanguard Digital Advisor Review

Best For 401(k) Investing: Blooom

Our Score: 8
Minimum Deposit: $0
Annual Fees: $45 to $250 per year
Human Advisor Access: Yes

Best For: If you want to check the health of your 401(k) or IRA plan — and fix it — check out Blooom. This unique robo-advisor can monitor and manage your 401(k), 401(a), 403(b), 457, or TSP plan to ensure your investments line up with your long-term goals.

Blooom's main strength is that it helps minimize fees. This is important for employer-sponsored investment plans where a lack of options often leads to investments that charge higher fees.

The basic plan costs $45 per year and gives access to a personalized portfolio and fund recommendations to help lower fees. Two other plans are available for $120 and $250 per year. These plans add in more features like portfolio auto-optimization, human advisor access, and priority support.

This isn't the best robo-advisor for everyone. But if you want to optimize your retirement accounts, Blooom is worth considering.

Potential Drawbacks: Blooom's flat fee pricing means small portfolios pay a steep annual fee versus percentage-based robo-advisors. And if you want a robo-advisor for a taxable brokerage account, Blooom isn't for you.

Fees: Blooom's annual plans cost $45 to $250 per year.


  • Simple pricing structure
  • You don't need employer approval to use Blooom since Blooom doesn't control your account


  • Only available for retirement accounts
  • Fixed-fee structure is expensive for small portfolios

Sign Up For Blooom | Blooom Review

Best Broker-Provided Robo-Advisor: Schwab Intelligent Portfolio

Our Score: 8
Minimum Deposit: $5,000 or $25,000 depending on plan
Annual Fees: None
Human Advisor Access: Yes

Best For: Charles Schwab is a popular broker that also offers a robo-advisor Schwab Intelligent Portfolio. With portfolio rebalancing and tax-loss harvesting, it's a comprehensive robo-advisor that helps optimize your portfolio automatically. Just note tax-loss harvesting is for accounts with $50,000 or more in assets.

Schwab Intelligent Portfolio provides a range of ETF investments to match your goals and risk tolerance. You can also invest in other asset classes like real estate, precious metals, and bank loans.

Furthermore, you don't pay advisory fees or commissions. But if you want unlimited access to a financial planner, you need Schwab Intelligent Portfolios Premium. This charges a $300 signup fee and $30 per month fee. Premium also requires a minimum balance of $25,000.

Potential Drawbacks: Schwab Intelligent Portfolios has a high minimum account requirement, and this is the main drawback.

Fees: You don't pay annual fees with Schwab Intelligent Portfolio. However, Schwab Intelligent Portfolio invests in Schwab ETFs, which have fees like other ETFs. Expect to pay 0.05% to 0.25% depending on the ETF.


  • No annual fees
  • Variety of investment options
  • Access to human advisors with Premium


  • High minimum account requirements, especially for Premium
  • High balance requirement for tax-loss harvesting

Best For Beginners: Betterment

Our Score: 9
Minimum Deposit: $0
Annual Fees: 0.25% – 0.40%
Human Advisor Access: Yes

Best For: Betterment is one of the simplest robo-advisors you can use. After filling out a brief investment profile and questionnaire, you decide how much you want to invest and Betterment takes care of the rest.

Betterment offers two products: a basic investment service that's great for beginners and an upgraded service where you can access a financial advisor for a higher fee. Betterment works with several types of taxable and retirement accounts, and taxable accounts get automated tax-loss harvesting.

It also offers members a helpful all-in-one dashboard to view all of their financial accounts, including accounts outside of Betterment.

Potential Drawbacks: The most significant drawback at Betterment is its cost. The standard account charges an annual fee based on your investment balance. If you have at least $100,000 with Betterment, you can upgrade to the full financial advising service with a human advisor, but this costs even more.

Fees: The standard “Digital” account at Betterment costs 0.25% per year. The Premium plan requires a higher 0.40% annual fee. Digital plan customers can get a session with an advisor for a one-time fee of $299-$399.


  • No minimum account requirement
  • Very easy to use
  • Betterment offers other services like cash accounts
  • Uses tax-loss harvesting


  • High balance requirement for Premium Investing
  • Expensive one-time fees for meeting an advisor

Sign Up For Betterment | Betterment Review

Best For Socially Responsible Investing: Interactive Advisors

Our Score: 8
Minimum Deposit: $100
Annual Fees: 0.08% to 1.5%
Human Advisor Access: Yes

Interactive Advisors Logo

Best For: Interactive Advisors is a robo-advisor service from Interactive Brokers, one of the leading brokers for trading options, stocks, and ETFs.

What makes Interactive Advisors unique is its range of pre-built portfolios you can invest in. Investing themes include healthcare, technology, growth, small cap, and many other investing concepts. And there are also numerous socially responsible investing (SRI) themes, like social justice or creating a better planet.

You're still investing in fractional shares and ETFs with your portfolio. But the variety of SRI and ESG investing options is what makes this robo-advisor stand out. And if you need help, you can call a investment advisor during weekday business hours with your questions.

Potential Drawbacks: Some portfolios have high annual fees versus other robo-advisor investments. And if you aren't looking for SIR or ESG investing, there isn't the right robo-advisor for you.

Fees: Asset-based management fees range from 0.08% to 1.5% annually. It's important to read portfolio information carefully so you know how much fees are.


  • Extensive list of SRI and ESG portfolios
  • Other investing themes are also available
  • Access to human advisors


  • No tax-loss harvesting
  • Some funds have very high fees

How Do We Rate Robo-Advisors?

The Investor Junkie team has spent a lot of time with the top robo-advisors, evaluating each one to help our readers make informed choices about which service best suits their needs. So how do we judge them?

When rating robo-advisor services, we take a close look at six crucial criteria:

  1. Commissions & Fees: How much does the robo-advisor charge its users to use its service? Is there a good value for your money?
  2. Tools & Resources: Besides just investing your money, what research, calculators, planning programs, etc., does the robo-advisor offer to help you maximize your investing experience?
  3. Customer Service: How can you access the customer service team, and when? Does the robo-advisor have a call center open on the weekend? Can you access help via live chat?
  4. Investment Options: What kinds of accounts can you invest in with the robo-advisor? Does it offer both taxable accounts and IRAs?
  5. Ease of Use: Does the user interface make sense? Does it have a seamless mobile app? What kinds of accessibility options does the robo-advisor offer?
  6. Asset Allocation: How does the robo-advisor's algorithm consider asset allocation? Can it invest in a diverse portfolio with commodities, real estate, etc., as well as ETFs and mutual funds? And is the asset allocation automatically rebalanced?

Taking into consideration the criteria above, we have selected a few that consistently score high marks. Read more about what is a robo-advisor here.


Aren't All Robo-Advisors the Same?

The differences among robo-advisors might seem minor to the casual reader, but in reality, they're not. You have a choice when it comes to:

  • Minimum Deposit: With some firms, you can start out with nothing, while others require sizable amounts to invest.
  • Annual Fees: Be aware of hidden costs and fees for the ETF a robo-advisor purchases on your behalf.
  • Asset Allocation: Asset allocation can vary quite a bit based on your age and how you answer the service's risk assessment questions.
  • Account Type Support: Does the robo-advisor offer individual or joint accounts, IRAs, etc.? Similarly, can it assist with your 401(k) plan?
  • Automation: Some services are 100% automated vs. human-assisted advice.
  • Tax Optimization: Services such as tax-loss harvesting can help at tax time.
  • Custody of Funds: Managed either by you, in which case the robo-advisor gives trading advice, or directly by the firm.
  • Management of Assets: Manage all your assets or just a portion.
  • End Goal: Retirement-only or other goals (e.g., college education).

How to Choose a Robo-Advisor

The best way to choose a digital investment advisor is to start with your needs and then match up your preferences with the best robo-advisor for you.

For example, you might want a plain-vanilla robo-advisor with low fees that will invest your money in a diversified mix of stock and bond funds, in line with your risk level. In this case, you can't go wrong with beginner-friendly robo-advisors like Wealthfront or Betterment.

For investors who must have a human financial advisor, a robo-advisor with a human touch is the way to go. This option is like the “have your cake and eat it too” approach to investing. Robo-advisors like Betterment and Schwab Intelligent Portfolio are great choices here.

And for more specialized scenarios like 401(k) investing or SRI investing, you can turn to options like Blooom and Interactive Advisors respectively.

Finally, always consider annual fees and fund fees when choosing a robo-advisor. Remember, robo-advisor fees are only for its services — it doesn't include the fees on the ETFs it purchases on your behalf. If you're curious, I've researched the popular robo-advisors and broken down each's true annual costs.

Bottom Line

The universe of robo-advisors is large and growing. It’s easy to get sidelined by the many choices. Narrow your search by homing in on what you really want in an investment manager.

Finally, the benefits of investing with a robo-advisor, including low fees and professional management, will be irrelevant if you don’t get started. So do a robo-advisor comparison and start out with the one that best fits your needs.

Vanguard Disclosure - For more information about Vanguard funds and ETFs, visit to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

All investing is subject to risk, including the possible loss of the money you invest.

Vanguard Digital Advisor® services are provided by Vanguard Advisers, Inc. (“VAI”), a federally registered investment advisor. VAI is a subsidiary of VGI and an affiliate of VMC. Neither VAI nor its affiliates guarantee profits or protection from losses.

Vanguard Digital Advisor is an all-digital service. Digital Advisor charges a 0.20% annual gross advisory fee to manage Vanguard Brokerage Accounts for a typical Digital Advisor managed portfolio. The gross advisory fee is reduced by a credit of the actual revenue The Vanguard Group, Inc. ("VGI"), or its affiliates retain from investments in each enrolled account, resulting in a net advisory fee that will be the actual fee collected from your account. A typical Vanguard ETF® portfolio will be credited approximately 0.05%, resulting in a net advisory fee of approximately 0.15%. The actual net fee amount will vary based on your unique asset allocation, account type, and specific holdings in each enrolled account. Note that this fee doesn't include investment expense ratios, but we generally recommend using low-cost Vanguard funds to build your portfolio. For more information on the services, see the Form CRS and the Vanguard Digital Advisor Brochure.
Vanguard Marketing Corporation, Distributor of the Vanguard Funds.

Larry Ludwig

Larry Ludwig was the founder and editor in chief of Investor Junkie. He graduated from Clemson University with a bachelor of science in computers and a minor in business. Back in the ’90s, I helped create some of the first financial websites for firms like Chase, T. Rowe Price, and ING Bank, and later went on to work for Nomura Securities. He’s had a passion for investing since he was 20 years old and has owned multiple businesses for over 20 years. He currently resides in Long Island, New York, with his wife and three children.

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  1. I wonder if any of the Robo Advisors are equipped to handle the current corona-virus roller coaster stock market. I have Fidelity Go and they re-balance when there is a 2% change. Not daily, but often. As a result, there are too many buy/sell transactions causing me to have several “wash sells.” The problem being is that Fidelity Go sells and and buys back the exact same funds. They need more funds that are similar, but different enough not to cause a wash sale. Since I have less than $9,000 invested and contribute $300/month is it too much to ask a Robo Advisor not to re-balance 4 days prior to my next deposit which would avoid the need to sell . I will be leaving Fidelity Go and managing my own accounts where I can sell my long term fund gains and take the special tax treatment for being well under the $80,000 (joint) taxable income .

  2. Hey Larry. This is very well put together. Bravo on creating such a great organized piece with visuals to help guide the reader. I’ve gone through quite a few robo-advisors and you created a nice fat list here. Thanks for writing it and good job organizing it so well.

  3. I am fairly new to investing, I’ve been reading/researching, and it seems investing in Vanguard funds would be less expensive, and you could probably even mimic Wealthfront. So why not just do that? How much would one save for a $10,000 investment in a taxable account?

    If it is only $15, then I can see why one would choose Wealthfront. You save yourself the time of managing/allocating, rebalancing (which I guess isn’t much), have the TLH benefit (I’m not sure how much that would actually add up to), and most importantly trust someone else and hopefully avoid mistakes that way.

    Some people go crazy over robo-advisors, saying it is a rip-off. I don’t see how. Particularly if it is a taxable account to be used in the next 10 years.

  4. I used Betterment and Wealthfront for my SEP IRA. My biggest complaint was that with Wealthfront it was almost impossible to time the market. If deposit to Betterment transfers and invests the next day after the request, Wealthfront takes anywhere between 4-6 days to do the same. Otherwise they were very similar. The biggest con with all the robos is the fact that if the markets are steady everything is OK, but if you anticipate big market drop or even one type of products (like bonds recently) to drop you can’t go to cash partially or fully unless you cancel your account. Otherwise you can use their fully publicized portfolio example to build your own by buying ETFs through any other brokerage.

  5. Hey, I’m a 55yo with approx. 250k split in Roth and reg accounts. Each account is being managed at a fee of approx. 1.3%. I hate the idea of continuing to pay 3k in fees per year but am also fearful of cutting the cord and letting an algorithm take over. The company I am with is Edward jones and am invested in their advisory solutions plan. I plan on leaving the money in the market after I retire in 10 or so years. I guess what I am thinking is that I could put the money in index funds according to my risk tolerance and do just as well but saving money on fees. Any advice is appreciated. Thanks, Lee

    1. The question you have to ask yourself is Edward Jones getting you 1.3% in returns above the market? Also the other question is are you 100% sure that is the total annual fee you are paying Edward Jones AND the mutual funds/ETFs they have place you in? I suspect no if you look them on Morningstar and would be surprised of the total in fee you are paying annually.

  6. I’m currently doing my own investing at Fidelity, investing in a group of index ETFs (that are likely highly correlated) at $7/trade and am considering moving to a Robo. I have $100-$200K in IRAs, and the same range in non-tax advantaged accounts.

    The fees would be $200-$300/yr. on the NTAs, which while not a lot is more than I’m currently paying, since I rarely sell securities unless I can get a tax deduction at year end. The value I see comes from three sources:

    1) More frequent rebalancing
    2) Convenience
    3) Piece of mind in having a “professional” service
    4) Tax harvesting (only applies to non-tax advantaged accounts)

    Is this worth the couple hundred in fees? I’m really not sure. Difficult for me to see the added value in the rebalancing when I’m young and my portfolio is going to be all equities anyway, and tax harvesting doesn’t seem like it would gather that much. Would need capital losses of >$1K/yr, which doesn’t seem that likely after the portfolio matures. There’s also the likelihood I’ll be taxed more frequently on the gains.

    After writing this out, I think I’m leaning toward sticking with Fidelity.

    Let me know if I missed anything.

    1. Hi Paul, In my opinion for individuals like in your position it is primarily the convenience. The set it and forget it. The question you have to ask is the cost a robo-advisor charges worth that convenience? For some definitely yes.

      Lastly Fidelity has Fidelity Go robo-advisor service.

  7. Looking for a Robo-Advisor that allows monthly withdrawals for living expenses as I am already retired, is this totally against the primary objective of the Robo-Advisors ?

    1. Hi Fred,

      Some of the human-assisted firms can help with retirement and some firms like Betterment do have the option to pair down your assets. Though you are correct, most robo-advisors (advisors and the investment industry in general) have plans for accumulation phase, and not the deaccumulation. I suspect as more Baby-Boomers retire this will become a bigger feature in these services.

  8. Thank you for the very well written an introduction article and related discussion, which clarifies for what these robo advisers can do. All these seems to be targetting at US markets. Are you aware any vendor for EU (or any country within EU)?

  9. I guess I’m a bit confused by the whole Robo-Advisor thing, and I think there is a fair bit of smoke-and-mirrors out there. O.K. they ask you questions, then create a portfolio for you using an “algorithm.” But the question that this article fails to answer is what makes their “algorithm” different if anything? What sets one human financial planner apart from another is their track-record, but I don’t see any track-records here. Buy any basic investing book and it will spell out for you a standard allocation of stocks and bonds given your age and risk tolerance. I don’t really see what these systems do outside of that? If stocks drop 60% tomorrow, with their algorithms change? I think these products are not very transparent in that they take your money and the magic happens, but we know nothing about what drives that, just that somehow the magic happens.

    So the last year was basically flat in S&P500 and DOW, and bond prices mostly dropped, so how did a portfolio and any of these systems perform in the last year?

    1. Great comment Allan. The sophistication and goal of the algorithms are certainly different from robo to robo. However, based on my review of the large players, they all seem to implement a fairly static interpretation of modern portfolio theory – meaning that the portfolio allocation that optimizes returns for a given level of risk (defined as volatility) does not change with new market information. This is not where the robos will stop. The big players appear focused on customer acquisition and distribution deals, differentiating on returns does not appear to be a priority. I expect this will change, perhaps sooner rather than later given the performance of these robos in this down market.

      It is highly unlikely that the robos will expose these algorithms to the public, particularly if they do create a more sophisticated allocation methodology. But active funds don’t expose their secret sauce either. So in the end, we should judge all of them on actual performance data (post expenses). It would be interesting for the robos to clearly show performance, however what would they show? First, they have limited actual performance data. They can show backtests, but backtests are always awesome. Second, they do have static model portfolios, but their exact implementation is different per client due to client specific frictions (taxes, account size and client driven changes to the portfolios). Third, there is not a benchmark for robos to show performance against. They can show index performance for the various asset classes represented in their portfolios, but the allocations are of course dynamic.

      Also, I don’t believe track record defines a financial planner. A financial planner (advisor) is primarily tasked with helping clients define their goals, risk tolerances and savings plans – many of them are simply a source of financial discipline. Most do not make specific investment decisions based on performance expectations, they use allocation methodologies provided to them by their technology platform, firm, or from what they have read/learned in order to meet their clients’ long-term financial goals.

      I mentioned Alkanza in a prior comment, and I will again. I use them and you should look at it. I know their allocation algorithm is very different from the large robos and their fee structure is performance based. So they only get paid if you do, and if you lose money, they give you a management fee credit. Also, you can see the performance of your portfolio against all of the indexes and all of the other Alkanza client portfolios on a monthly basis – I think you have to be a client to see this data.

  10. Is it not recommended to have, lets say, an account with Betterment along with an account (maybe with Fidelity) for DIY?

      1. Do you feel that it would be counter productive to try DIY while using a robo advisor for another account?

        1. Hey Alex –

          It’s certainly not counter-productive to have a long-term goal, such as retirement, managed by a robo and then use a discount broker to do some speculative investing on your own. You should check out, Alkanza. It is a new robo that allows you to both create multiple savings goals (so you can have a lower risk tolerance for retirement savings and a higher risk tolerance for saving for you dream car) and they aren’t a broker, so they would integrate with your existing brokerage account (Fidelity is an option that they support).

  11. Do all robo-advisors utilize a business model of fully managing its customers’ accounts? I am surprised I have not seen more DIY models in this space, ie provider sells algorithm-based portfolio recommendations, but leaves it to customer to manage his or her account.

  12. I’ve seen many, many sites that recommend ETF portfolios, but these are typically based on the author’s fundamental analyses, which is subject to bias and human error. The concept of an unbiased, algorithm-based approach to portfolio identification thus appeals to me. However, I have been disappointed by the homogeneity of the approaches taken by providers in this market niche to date by providers in this space.

  13. Which robo advisors will work for my situation?
    -have 100k in an IRA at fidelity that I want to rollover (cash)
    – will take into consideration all of my other investments as far as asset allocation
    – will dollar cost average my 100k into their asset allocation over time, in my opinion the market is too hot to plop into at one time

    It looks like personal capital is the only one, but their fees are higher.

    1. Michelle,
      If your investment is an IRA at fidelity, it’s already “plopped into the market.”

      If you are really set on cashing it out only to drip it back into the market over time with dollar cost averaging, be ready for a 10% penalty if you’re not 59.5 years old.

      Also, your thought on dollar cost averaging, on one hand, is a good one. However, counter to that thought is your tactic of attempting time the “currently hot market” by opting to sit on the sidelines.

  14. this is a great introductory article regarding Robo investing. I am an experienced investor, but the idea of having an algorithm make the decisions for you while you sleep at night is a great concept, especially when your fee structure is so minimal. As a Day Trader of sorts, there is good profit to be made, but much stress. I am definitely going to follow the development of this trend.

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