The highest robo-advisor choices for 2022

However not all robo-advisor platforms are created equal. Some are costlier than others or require a steep minimal steadiness to get began. Some provide one-on-one steerage from a monetary skilled, whereas others might provide no human help in any respect.

To assist make the choice course of slightly simpler, the Fortune Recommends^TM editorial workforce reviewed almost two dozen robo-advisor platforms and got here up with a listing of our prime 10 picks. When conducting our assessment we thought-about the minimal required deposit to open an account, fee charges, annual charges, buyer help, one-on-one advisory service, sign-up bonuses, and account closure charges. (Read our full methodology here)

All charges listed are updated as of December 16, 2022.

1. Schwab Intelligent Portfolios
2. Merrill Edge Guided Investing
3. Ally Invest Managed Portfolios
4. INVEST for Amex by Vanguard
5. Fidelity Go
6. SigFig
7. UBS Advice Advantage
8. E*TRADE Core
9. Wealthfront
10. Betterment

The ten finest robo-advisors

Right here’s a more in-depth have a look at the highest 10 on our checklist together with key details about their charges, customer support choices, and different essential data to think about when opening an account.

1. Schwab Clever Portfolios: For the investor in search of minimal charges and personalised help 

Key numbers 
Fee: $0
Account minimal: $5,000
Annual advisory price: $0
Signal-up bonus: $0
Account closing price: $0

Why we picked it: Schwab Clever Portfolios gives one of the best throughout service for the worth Although the preliminary deposit to get began is steeper than many different platforms, there’s no advisory charges, no commissions, and no account closure charges. As well as, clients get 24/7 dwell help from U.S.-based professionals and the Schwab robo-advisor actively screens and routinely rebalances your portfolio when wanted. Along with telephone help, the platform additionally gives chat help with account specialists. 

2. Merrill Edge Guided Investing: For these in search of a sign-up bonus 

Key numbers
Fee: $0
Account minimal: $1,000
Annual advisory price: 0.45%–0.85%
Signal-up bonus: $100–$600
Account closing price: $49.95

Why we picked it: Merrill Edge comes with extra charges than among the different accounts that made our checklist. But it surely’s additionally one of many few platforms presently providing a sign-up bonus. Although you’ll must deposit a major amount of cash to earn a bonus. Those that fund their account inside 45 days of opening with at the least $20,000 will obtain a $100 money bonus. The bonus will increase to $150 once you deposit from $50,000 to $99,000 inside 45 days, whereas deposits of between $100,000 to $199,999 earn $250. 

Those that deposit $200,000 or extra earn a $600 bonus. One other good thing about this platform is telephone entry to personalised service from advisors. Nonetheless, the $1,000 minimal to open an account with Merrill Edge could also be too excessive for some and there are some charges to think about, together with advisory and account closure charges. 

3. Ally Make investments Managed Portfolios: For traders who’ve much less cash to get began however nonetheless need personalised help  

Key numbers
Fee: $0
Account minimal: $100
Annual advisory price: 0%–0.30%
Signal-up bonus: $0
Account closing price: $0

Why we picked it: Ally makes it straightforward to get began investing with only a $100 minimal deposit requirement and few charges for its service.Those that open Ally’s Money-enhanced portfolio, which requires setting apart 30% of your portfolio in money to behave as a buffer in opposition to volatility, gained’t pay advisory charges. 

Nonetheless, when opening Ally’s Market-focused portfolio, which solely requires a 2% money buffer put aside, there’s a 0.30% advisory price. Ally Make investments clients get entry to portfolio specialists through telephone Monday via Friday. The Ally platform gives chat customer support and you may also attain out with questions through e mail.

4. INVEST for Amex by Vanguard: For American Specific Card members who need help investing

Key numbers 
Fee: $0
Account minimal: $10,000
Annual advisory price: 0.50%
Signal-up bonus: $0
Account closing price: $0

Why we picked it: INVEST for Amex by Vanguard is designed for primary American Specific cardholders and gives membership rewards factors once you make investments. One other significantly notable characteristic of this platform is the devoted, one-on-one session it supplies with a Vanguard consultant when you enroll. On the draw back, whereas there’s no advisory price for the primary 90 days, after that clients pay a price of as much as 0.50% on belongings managed by the INVEST platform.  

5. Constancy Go: For these in search of minimal opening deposit necessities 

Key numbers
Fee: $0
Account minimal: $10 
Annual advisory price: $0
Signal-up bonus: $0
Account closing price: $0

Why we picked it: In the event you’re interested in robo-advisor platforms however don’t have a lot cash out there to get began, Constancy Go could also be a sensible choice. There’s no deposit required to open an account and simply $10 is required to get began investing and exploring the robo-advisor expertise. Yet one more good thing about the Constancy Go platform is the dearth of charges throughout the board. For many who have lower than $25,000 beneath administration, there’s no annual advisory price. Nonetheless, these with $25,000 or extra in a Constancy Go account can pay a 0.35% annually. In trade for that 0.35% price, clients get limitless one-on-one teaching.

6. SigFig: For these in search of limitless entry to advisors 

Key numbers
Fee: $0
Account minimal: $2,000
Annual advisory price: 0%–0.25%
Signal-up bonus: $0
Account closing price: $0

Why we picked it: Maybe essentially the most notable characteristic a few SigFig robo-advisor account is that it gives limitless entry to advisors it doesn’t matter what your account steadiness. This is a useful characteristic. The platform’s customer support choices are additionally admirable and embrace telephone, e mail, and chat. The platform additionally continually screens your account and rebalances it when vital. On the draw back, you’ll want $2,000 to open a SigFig account. And whereas your first $10,000 invested is managed at no cost, past that you just’ll pay a 0.25% annual price. 

7. UBS Recommendation Benefit: For many who have a considerable amount of cash to start investing with

Key numbers
Fee: $0
Account minimal: $10,000
Annual advisory price: 0.75%
Signal-up bonus: $0
Account closing price: $0

Why we picked it: At $10,000, UBS has the steepest minimal steadiness on our checklist. Nonetheless, customers are capable of contact UBS monetary advisors every time they’ve questions. Advisors might be reached Monday via Friday from 8:30 a.m. EST till 7:30 p.m. EST. You’ll additionally pay an advisory price with UBS, which is price conserving in thoughts. Nonetheless, the platform gives automated rebalancing, tax-loss harvesting, and ongoing oversight by skilled monetary professionals. 

8. E*TRADE Core Portfolios: For brand new traders who need entry to academic data 

Key numbers
Fee: $0
Account minimal: $500
Annual advisory price: $0
Signal-up bonus: $50–$3,500
Account closing price: $75

Why we picked it: Maybe probably the greatest identified robo-advisors, E*TRADE gives an a variety of benefits together with no annual advisory charges and a sliding scale sign-up bonus that begins at $50 for individuals who deposit at the least $5,000 inside 60 days of opening an account. Its platform can be straightforward to make use of and gives a collection of academic data and articles for customers who’re new to investing. On the draw back, the $500 account minimal could also be a problem for some and there’s additionally an account closure price. Customer support choices embrace 24/7 telephone, e mail, and chat through the E*TRADE web site.

9. Wealthfront: For these fascinated by custom-made robo-portfolios

Key numbers
Fee: $0
Account minimal: $500
Annual advisory price: 0.25%
Signal-up bonus: $0
Account closing price: $0

Why we picked it: Wealthfront’s robo-advisor platform permits customers to create portfolios which might be curated and customised primarily based on particular pursuits akin to social duty. You’ll want $500 to open a Wealthfront account nevertheless, which will not be accessible for everybody. As well as, there’s an advisory price of 0.25% per yr. Wealthfront clients have telephone entry to product specialists and may also attain professionals through e mail. The platform guarantees emails are answered inside one enterprise day.

10. Betterment: For starting traders on the lookout for an easy-to-use platform and minimal charges

Key numbers
Fee: $0
Account minimal: $0
Annual advisory price: 0.25%
Signal-up bonus: $0
Account closing price: $0

Why we picked it: Betterment gives a really user-friendly platform that permits for establishing your account inside just some minutes after answering a number of questions. You don’t want any cash to open an account however you will have $10 to start out investing. The platform gives automated rebalancing and dividend reinvestment for no added value. Customers may also arrange automated deposits to their Betterment account to proceed funding their funding targets. 

One disadvantage to think about nevertheless is that there’s a price to entry one-on-one recommendation from licensed monetary planners. Prospects might want to buy a one-time bundle for that help, which prices $299 to $399, or change to a premium plan that features steady help. Premium plans have a 0.15% add-on annual advisory price.

What’s a robo-advisor? 

Robo-advisors are platforms that supply automated investing and wealth administration companies primarily based on the usage of mathematical algorithms. Prospects present some preliminary details about their monetary targets, threat tolerance, and private background and the robo-advisor identifies appropriate belongings and creates a portfolio. Many robo-advisors additionally routinely rebalance portfolios and supply tax-loss harvesting.

These on-line portfolio administration companies first emerged on the scene again in 2010 and through the years the sphere has grown to incorporate greater than 100 robo-advisor platforms throughout 15 nations, according to a report from Deloitte.

How do I open a robo-advisor account?

Opening a robo-advisor account is easy. It sometimes includes finishing a web based questionnaire that requires offering details about your self, your monetary targets, and your threat tolerance. After that, you fund the account to get began.

Are you able to lose cash with a robo-advisor?

As with every sort of investing, there are dangers concerned and it’s doable to lose cash with the ups and downs of the market.

Our methodology 

To determine our prime picks for one of the best robo advisors, Fortune Recommends^TM in contrast 20 totally different robo advisor platforms. We ranked every account primarily based on seven classes: fee charges, account minimal, annual advisory charges, customer support, human advisor availability, sign-up bonus, and account closure (ACAT) charges.

All the accounts on our checklist can be found to anybody within the U.S., so you’ll be able to join any providing regardless of the place you’re situated. 

The core classes we analyzed are:

• Fee price (25%): This represents the price some funding platforms or brokers cost for purchasing or promoting shares at your request. It’s typically known as a buying and selling price.
• Account minimal (20%): Some robo advisors require a minimal deposit to ascertain an account, which in some cases might be as excessive as $10,000 or extra. We ranked robo advisors with low to zero minimal opening balances greater.  
• Annual advisory price (20%): An annual advisory price is charged by some robo advisors to cowl the companies offered by the monetary platform and its professionals. The price is charged as a flat greenback quantity or as a share of belongings beneath administration on the platform. To calculate this price for platforms charging a share, we used the minimal required opening steadiness of  $10,000, which is the best minimal steadiness quantity amongst all robo advisors we reviewed. 
• Customer support (10%): The power to get questions answered simply is essential on the subject of managing your cash. Prime picks in our rating provide clients numerous methods to get in touch: chat help, by telephone, and even e mail—with telephone help being essentially the most extremely rated. 
• Signal-up bonus (10%): Some robo advisors periodically present a money sign-up bonus to draw new clients. In some circumstances the bonus is as excessive as $600 or extra.
• Human advisor (10%): Not all robo advisor platforms provide clients the flexibility to work together with a monetary advisor however one of the best do. Those that present skilled, one-on-one monetary steerage have been scored extra favorably.

Account closing price (5%): Charges can add up shortly. Yet one more price charged by some platforms is an account closure or ACAT price. Robo advisors that don’t cost ACAT charges have been rated greater.