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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.
The best robo-advisors offer things like low fees, copious portfolio options, flexible account types, and easily accessible customer service.
The Best Robo-Advisors
Schwab Intelligent Portfolios – Product Name Only: Best Account Selection
Betterment Investing – Product Name Only: Best for Human Advisor Access
Ally Invest Robo Portfolios – Product Name Only: Best for Investing and Saving Under the Same Roof
Ellevest – Product Name Only: Best for Goal-focused Investing
SoFi Automated Investing – Product Name Only:Best for Low Fees
Marcus Invest – Product Name Only: Best for Beginners
Interactive Advisors – Product Name Only: Best Portfolio Options
Fidelity Go – Product Name Only: Best for Mutual Funds
Axos Invest Managed Portfolios – Product Name Only: Best for Portfolio Customization
Wealthfront Investing – Product Name Only: Best for College Savings Plans and Crypto
Vanguard Digital Advisor – Product Name Only: Best for Retirement Resources
The Best Robo-Advisors of 2023
Methodology: How We Determined the Best Robo-advisors
We reviewed 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.
View our full methodology for rating investment products »
The Best Robo-advisors Frequently Asked Questions
What is a robo-advisor?
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.
Are robo-advisors a good idea?
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.
Are robo-advisors free?
It depends on the platform you use. Some robo-advisors (e.g., SoFi Automated Investing, Ally …read more
Source:: Business Insider