Best Robo-Advisors of December 2023

Our experts answer readers’ investing questions and write unbiased product reviews (here’s how we assess investing products). Paid non-client promotion: In some cases, we receive a commission from our partners. Our opinions are always our own.The best robo-advisors have low fees, copious portfolio options, flexible account types, and easily accessible customer service. You can invest in a range of assets with automated investing platforms, including mutual funds, index funds, crypto, and more.Similar to the best investment apps for beginners, robo-advisors are great for passive investors looking for educational resources and user-friendly platforms. Find a Qualified Financial AdvisorLooking for the right advisor for you? Datalign Advisory makes finding a financial advisor specific to your needs easier than ever. Datalign Advisory’s free tool matches you to an advisor based on your unique financial profile in 3 minutes. All advisors on the platform are registered with the SEC. Get started planning for your financial future!Here are the best robo-advisors (aka automatic investing platforms) as picked by Insider’s editors. Robo-advisors are automated 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 robo-advisors also offer mutual funds, index funds, and crypto investments.Betterment offers individual or joint accounts, IRAs, trust accounts, and cash reserve or checking accounts.$0 to open, $10 to start investing ($100,000 for premium plan)0.25%/year for digital plan; 0.40%/ year for premium plan; 1%/year for crypto portfoliosBetterment is best for hands-off investors who want to take advantage of professionally built, personalized ETF and cryptocurrency portfolios. The platform offers CFP access, so it could suit those in search of additional guidance from human advisors.Betterment is the overall best robo-advisor and is currently at the top of our automated investing list due to its low fees, various offered investment products, account flexibility, and multiple portfolio options (including cryptocurrency portfolios).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. This 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 robo-investing premium plan.And while you can’t utilize ongoing advice with this robo-advisor’s 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 automated 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).Betterment reviewGreat for those who want to start investing with an account balance below $25,000 (Fidelity Go charges $0 for balances below this amount)$00.35% for accounts with balances of $25,000 or moreFidelity Go is one of the best robo-advisors for mutual funds. It’s best suited for hands-off investors looking for automated investment management with low fees, and it doesn’t require an account minimum to get started.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 this automated investing platform also relies on mutual funds (i.e., Fidelity Flex mutual funds) that don’t contain expense ratios.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.Fidelity Go users now also get access to unlimited one-on-one coaching calls from Fidelity advisors. What to look out for: Fidelity Go doesn’t offer tax-loss harvesting, and those with over $25,000 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. Fidelity Go reviewFund your first taxable investment account with at least $500 in the first 30 days of account opening and earn a $50 bonus.$1 ($500 for automated investing)$0 for stock trades. 0.25% for automated investing (0.06% to 0.13% for fund fees)Wealthfront is one of the best robo-advisor options if you’re in search of low-cost automated portfolio management, and one of the best socially responsible investing apps for features like tax-loss harvesting, US direct indexing, and crypto trusts.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 US direct indexing and risk parity investing strategies. Direct indexing allows you to harvest losses on individual stocks to reduce your overall tax liability.Wealthfront’s robo-advisor also offers something most automated investing accounts don’t: crypto trusts.The robo-investing platform invests in ETFs and index funds, and its portfolio options and account types are also competitive. Wealthfront offers socially responsible portfolios, 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 6.20% yield, which is even higher than Wealthfront’s cash account which pays 5.00% APY. 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.Wealthfront reviewGet up to $1,000 in stock when you fund a new account.$0 ($1 to start investing); $5 fractional shares; $2,000 for margin trading0% for active trading and automated investingSoFi Invest us a great platform for US investors who are looking for an intuitive online trading experience, an open active or automated investing account.SoFi’s automated investing platform 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 robo-advisor invests your funds into a diversified mix of both SoFi ETFs and non-SoFi ETFs. SoFi’s robo-advisors 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.SoFi will no longer offer crypto trading to its users starting December 19, 2023. SoFi users with existing crypto trading accounts will have to migrate to Blockchain.com or liquify their assets. What to look out for: SoFi Invest doesn’t offer tax-loss harvesting or socially responsible portfolios.SoFi Invest reviewSoFi is now offering a 1% IRA match on eligible IRA contributions for traditional and Roth accounts. SoFi is now the second online brokerage to offer a non-employer match on retirement savings. Robinhood was the first. Check out our Robinhood vs. SoFi comparison reviewCharles Schwab Intelligent Portfolios considers your financial goals, the amount you’re investing, time horizon, and risk tolerance to customize a diverse portfolio of low-cost ETFs (this also includes Schwab ETFs).$5,0000%Schwab Intelligent Portfolios is one of the best robo-advisors for hands-off investors in search of automated investment portfolios and access to goal planning, multiple types of accounts, and features like tax-loss harvesting.Charles Schwab’s most basic automated investing account, Schwab Intelligent Portfolios, offers personalized, self-managing ETF portfolios. While this robo-advisor’s account minimum is higher than that of most other robo-advisors, it makes up for it with its lack of advisory fees.The automated accounts also offer 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 robo accounts.What to look out for: You’ll need at least $5,000 to set up a robo account.Schwab Intelligent Portfolios review$5000.30%E*TRADE Core Portfolios is E*TRADE’s robo-advisor and it requires 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 automated investing 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. The robo-advisor 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. Download the E*TRADE app for Apple/Google PlayDownload the Power E*TRADE app for Apple/Google PlayWhat 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.E*TRADE reviewSee TermsVanguard Digital Advisor is one of the two automated investing accounts (the Vanguard Personal Advisor Services account is the other option) online brokerage Vanguard provides.When it comes to account setup, this automated platform 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.This robo-advisor 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 robo-advisor also has a great offering of retirement tools and resources like tax-loss harvesting and socially responsible investing options. What to look out for: Vanguard Digital Advisor has a $3,000 account minimum.Vanguard Digital Advisor reviewInteractive Brokers provides trading access to more than 150 markets in 33 countries around the world, allowing you to invest in stocks, options, mutual funds, ETFs, cryptocurrencies, futures, bonds, fractional shares, and more.$0 ($100 Interactive Advisors automated accounts)$0 for IBKR Lite; $0 IBKR Pro (per-share commissions apply)Interactive Brokers is one of the best online brokerages for advanced, active investors who trade securities frequently and value access to market analysis and trading platforms.Interactive Advisors is Interactive Brokers’ automated investing account. While fees and minimums can be on the higher end with this robo-advisor, 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, the robo-investing platform 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 with this automated investing platform.Interactive Brokers reviewNew M1 Finance users who open a brokerage account can earn up to $500 if they invest at least $75 in their account within 14 days of opening (offer ends December 31, 2023)$100 ($500 for IRAs)0% (cryptocurrencies are commission-free, but Apex Crypto takes 1% fee on transactions); $10/month M1 PlusM1 Finance is one of the best investment apps and could be a good choice if you’re interested in trading stocks, ETFs, fractional shares, and cryptocurrencies. It offers both DIY trading and automated account features that make it suitable for both active and passive investors.M1 Finance is the best robo-advisor for folks looking to invest, bank, and borrow under the same automated platform. Both hands-on and hands-off investors can benefit from this robo-advisor as it provides money management tools, attractive investment options, loans, credit, and mobile access. M1 Finance’s robo-advisor 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. M1 Finance reviewDiversify your investment portfolio by trading commodities like precious metals, energies, agricultural goods, and more. Check out our guide for the best brokers for trading commodity futures for low fees, access to global markets, and expert research.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.Most robo-advisors are low-cost platforms with low to no minimums. 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. How much money you need to invest with a robo-advisor varies by platform. Some robo-advisors require a minimum investment amount to open an account or stop investing. For example, minimum investments for a robo-advisor can be between $5 to $500. But there are robo-advisors with no minimum requirement to invest and others with much higher minimums, like Vanguard Digital Advisor that has a $3,000 minimum to invest.How much you invest with a robo-advisor varies based on your investment goals and the platform you’re investing through. You’ll need to invest a least the robo-advisor’s minimum investment to get started. After that, how much you invest depends on your individual goals and budget. Some asset classes, such as IPO stock, may cost more than low-cost investments like index funds. Robo-advisors are popular automated investment platforms for passive and beginner investors looking for accessible market access and hands-off trading strategies. A robo advisor is generally a cost-effective method of investing with low fees and minimum deposits. When choosing the best robo-advisor for you, you’ll want to look for a platform that offers investment options, account options, and features that best suit your individual needs. Robo investing platforms mainly offer ETFs but other advisory platforms — such as E*TRADE and M1 Finance — may also offer other asset classes like stocks, mutual funds, and options. The best robo-advisor for you varies depending on factors like your risk tolerance, time horizon, and how much you’re willing to invest. For example, most automated platforms don’t offer human advisor access. However, some platforms — like Wealthfront — allow account holders to consult with CFPs. So if human advisor access is important to you, Wealthfront may be a good option for you. You’ll also want to seek out robo-advisors that offer features like tax loss harvesting, automatic portfolio rebalancing, 24/7 customer support, low fees, and socially conscious investing options. Robo-advisors utilize AI algorithms to customize and manage automated investment portfolios. Investment managers and brokers have been using robo-advisors since the 1980s. But now consumers can use these robo platforms directly making investing more accessible for beginners. The algorithms used by robo-advisors were designed to choose investment options that maximize returns for investors without subjecting them to unnecessary risk. Moreover, the AI incorporates your individual risk tolerance, time horizon, and investing goals to customize your portfolio.You can open some of the best robo-advisor accounts online or through a traditional brick-and-mortar brokerage firm. Traditional, in-person broker firms are often best suited for higher balances and may charge more fees. Online robo-advisors, however, tend to have lower fees and are suitable for smaller balances. Hybrid robo-advisors are investing platforms that pair automated investing strategies and AI with the benefits of human advisors. Hybrid robo-advisors get you the best of both worlds by utilizing automated portfolio managemnt with expert guidance from financial advisors and CFPs. Hybrid investing platforms offer low fees, accessible trading, customized investment portfolios, guidance from human advisors, and automated investment tools like portfolio management and tax loss harvesting. Beginners and passive investors wanting more account flexibility and expert guidance may benefit from a hybrid robo-advisor. Some of the best robo-advisors for hybrid investing include Betterment, SoFi, Ellevest, TD Ameritrade, and Vanguard. 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. Investment platforms are given a rating between 0 and 5. These robo-advisors may have not earned a “best of-” category as one of our top picks for automated investing, but that doesn’t mean it’s a bad idea to invest in them. Here are some of the robo-advisor runner-ups.

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