We ranked the top robo-advisors for April 2023 (2024)

As banking matters develop, we will consider how they affect our stories. If we deem any changes to our stories appropriate we will note them. (Read our full methodology here.)

When you’re looking for a hands-off way to invest, robo-advisors can be a good choice. They offer a wide range of account types, including taxable brokerage accounts and both traditional and Roth IRAs. And with a few clicks, they can help you build a diversified investment portfolio tailored to your goals.

But not all robo-advisor platforms are created equal. Some are more expensive than others or require a steep minimum balance to get started. Some offer one-on-one guidance from a financial professional, while others may offer no human support at all.

To save you some legwork, the Fortune RecommendsTM editorial team reviewed nearly two dozen robo-advisor platforms and came up with a list of our top 10 picks. When conducting our review we considered the minimum required deposit to open an account, commission fees, annual fees, customer support, one-on-one advisory service, sign-up bonuses, and account closure fees. (Read our full methodology here.)

All fees listed are up to date as of March 2, 2024.

  1. Fidelity Go
  2. Ally Invest Managed Portfolios
  3. Betterment
  4. Acorns
  5. Wealthfront
  6. SigFig
  7. Invest for Amex by Vanguard
  8. Schwab Intelligent Portfolios
  9. TD Wealth
  10. UBS Advice Advantage

The 10 best robo-advisors for 2023

Here’s a closer look at the 10 top robo-advisors on our list. With each provider, we’ve including key information about fees, customer service offerings, and other factors to consider before opening an account.

1. Fidelity Go: For those seeking minimal opening deposit requirements

Key numbers
Commission: $0
Account minimum: $10
Annual advisory fee: $0
Sign-up bonus: $0
Account closing fee: $0

Customer service

Fidelity representatives are available 24/7 via telephone, live chat Monday through Friday from 8:00 a.m. to 10:00 p.m. ET, and weekends from 9:00 a.m. to 4:00 p.m. ET. The website also offers a 24/7 virtual assistant for automated support.

Why we picked it

If you’re curious about robo-advisor platforms but are light on cash, Fidelity Go may be a good choice. There’s no minimum deposit required to open an account. When you’re ready to invest, it just takes $10 to get your robo-advisor journey started.

Another benefit of Fidelity Go is the lack of fees across the board. For those who have less than $25,000 under management, there’s no annual advisory fee. However, those with $25,000 or more in a Fidelity Go account will pay a 0.35% each year. In exchange for that 0.35% fee, customers get unlimited one-on-one coaching.

2. Ally Invest Managed Portfolios: For investors who have less money to get started but still want personalized support

Key numbers
Commission: $0
Account minimum: $100
Annual advisory fee: 0%–0.30%
Sign-up bonus: $0
Account closing fee: $0

Customer service

Customers Ally Invest customers get access to portfolio specialists via phone Monday through Friday. The Ally platform also offers 24/7 access to representatives via live chat, email, or phone 24/7.

Why we picked it

Low fees and just a $100 minimum deposit requirement make it easy to start investing with Ally.

If you choose Ally’s Cash-enhanced portfolio, which requires a 30% cash buffer to protect against volatility, you’ll skip the advisory fees altogether. If you opt for Ally’s Market-focused portfolio, which only requires a 2% cash buffer, there’s a 0.30% advisory fee.

3. Betterment: For beginning investors looking for low fees and ease-of-use

Key numbers
Account minimum: $0
Annual advisory fee: 0.25%–0.40%
Sign-up bonus: $0
Account closing fee: $0

Customer service

Betterment support specialists are available via telephone Monday through Friday, 9:00 a.m. to 6:00 p.m. ET. Customers can also get the support they need 24/7 through the site’s virtual assistant.

Why we picked it

Betterment offers a very user-friendly platform and fast account setup. You don’t need any money to open an account but you will need $10 to start investing. They offer automatic rebalancing and dividend reinvestment for no added cost. You can also set up automated deposits to your Betterment account to put your savings on autopilot.

One drawback to consider, however, is that getting one-on-one advice from certified financial planner has a fee. At the basic account level (0.25% annual management fee), one-on-one sessions cost $299 to $399. If you upgrade to a Premium account (0.40% annual management fee), your fee includes access to a CFP.

4. Acorns: For investors who don’t want to invest a ton upfront

Key numbers
Commission: $0
Account minimum: $5
Annual advisory fee: $36
Sign-up bonus: $0
Account closing fee: $35

Customer service

Customer service representatives are available via telephone from 5:00 a.m. to 7:00 p.m. PST, 7 days a week. Customers can also submit a ticket for support via email and reach a representative via live chat 24/7.

Why we picked it

Acorns’ robo-advisor platform makes investing easy by rounding up your purchases and investing your spare change. If you want to start investing but need to start small, Acorns can help you get going with ease.

An added perk: This robo-advisor had the lowest minimum to start investing. For just $5, you can open an account and make your money work for you. The Acorns membership is just $3 a month, which adds up to $36 over the course of a year—a possible selling point for investors who want to play a flat fee for their automated investment services (rather than a percentage of the funds in their account).

5. Wealthfront: For those interested in customized robo-portfolios

Key numbers
Commission: $0
Account minimum: $500
Annual advisory fee: 0.25%
Sign-up bonus: $0
Account closing fee: $0

Customer service

Wealthfront offers support via email and phone on weekdays from 7:00 a.m. to 5:00 p.m. PT.

Why we picked it

Wealthfront’s robo-advisor platform allows users to create portfolios that are curated and customized based on specific interests such as social responsibility. You’ll need $500 to open a Wealthfront account however, which may not be accessible for everyone.

In addition, there’s an advisory fee of 0.25% per year. Wealthfront customers have phone access to product specialists and can also reach professionals via email. Wealthfront promises a reply to emails within one business day.

6. SigFig: For those seeking unlimited access to advisors

Key numbers
Commission: $0
Account minimum: $2,000
Annual advisory fee: 0%–0.25%
Sign-up bonus: $0
Account closing fee: $0

Customer service

SigFig team members are available via telephone Monday through Friday, 6:00 a.m. to 3:00 p.m. PT. They can also be reached via email and customers can even schedule an appointment with a financial consultant Monday through Friday, between 6:00 a.m. to 6:00 p.m. PT.

Why we picked it

Perhaps the most notable feature about a SigFig robo-advisor account is that it offers unlimited access to advisors no matter what your account balance. This is an invaluable feature. The platform also constantly monitors your account and rebalances it when necessary.

On the downside, you’ll need $2,000 to open a SigFig account. And while your first $10,000 invested is managed for free, you’ll pay a 0.25% annual fee once your balance exceeds that amount.

7. INVEST for Amex by Vanguard: For American Express Card members who want assistance investing

Key numbers
Account minimum: $3,000
Annual advisory fee: 0.50%–0.55%
Sign-up bonus: $0
Account closing fee: $0

Customer service

If you have any additional questions about INVEST, you can call the number on the back of your card for 24/7 help.

Why we picked it

INVEST for Amex by Vanguard is designed for basic American Express cardholders, and offers membership rewards points when you invest. Once you enroll, you’ll have access to a dedicated, one-on-one consultation with a Vanguard representative.

While there’s no advisory fee for the first 90 days, you’ll pay a fee of up to 0.50% on assets managed by the INVEST platform. But you can also earn also an annual cash bonus based on the average daily balance in your American Express High Yield Savings Account. That bonus is worth $15 for every $10,000 (up to $50,000).

8. Schwab Intelligent Portfolios: For the investor seeking minimal fees and personalized support

Key numbers
Commission: $0
Account minimum: $5,000
Annual advisory fee: $0
Sign-up bonus: $0
Account closing fee: $0

Customer service

Schwab representatives are available 24/7 via phone and live chat.

Why we picked it

Schwab Intelligent Portfolios offers the best all around service for the price. Although the starting deposit is higher, there are no fees for advice, commissions, or closing the account.

The Schwab robo-advisor actively monitors and automatically rebalances your portfolio when needed. In addition to phone support, the platform also offers chat support with account specialists.

9. TD Wealth: For investors who need an incentive before opening an account

Key numbers
Commission: $0
Account minimum: $5,000
Annual advisory fee: $75 annually (<$25,000) or 0.30% per year (>$25,000)
Sign-up bonus: $100
Account closing fee: $75

Customer service

TD offers 24/7 phone support and chat support via Facebook Messenger and Twitter Direct Message.

Why we picked it

TD Wealth’s automated investment account builds a unique portfolio of ETFs and mutual funds based on your financial goals and risk appetite. The downside? You’ll need a $5,000 minimum deposit to invest.

If you meet the minimum investment, you’ll benefit from TD’s low investing fees and ongoing portfolio monitoring and rebalancing.

10. UBS Advice Advantage: For those with at least $10,000 to invest

Key numbers
Commission: $0
Account minimum: $10,000
Annual advisory fee: 0.75%
Sign-up bonus: $0
Account closing fee: $0

Customer service

UBS representatives can be reached Monday through Friday from 8:30 a.m. EST until 7:30 p.m. EST.

Why we picked it

New investors, beware. At $10,000, UBS Advice Advantage has the steepest minimum balance on our list. This puts UBS out of reach for many investors.

You’ll also pay an advisory fee with UBS that’s higher than many of the other best robo-advisors on our list, which is worth keeping in mind. The good news? This platform offers automated rebalancing, tax-loss harvesting, and ongoing oversight by experienced financial professionals.

What is a robo-advisor?

Robo-advisors are platforms that offer automated investing and wealth management services based on the use of mathematical algorithms. Customers provide some initial information about their financial goals, risk tolerance, and personal background and the robo-advisor identifies suitable assets and creates a portfolio. Many robo-advisors also automatically rebalance portfolios and provide tax-loss harvesting.

These online portfolio management services first emerged on the scene back in 2010 and over the years the field has grown to include more than 100 robo-advisor platforms across 15 countries, according to a report from Deloitte.

How does a robo-advisor work?

Robo-advisors use a questionnaire to help determine the best portfolio construction for your account. The platform asks a series of questions that can include your:

  • Age
  • Income
  • Investing goals, like buying a home or saving for retirement
  • Time horizon, or how long until you need the money
  • Risk tolerance, or how much you’re willing to lose to reach your goals

The platform then translates all of this information into a portfolio recommendation. You generally have the option to accept their recommendation or make adjustments.

Once you decide on the portfolio, the platform will then build your portfolio using a limited selection of investments. Common investments Robo-advisors use include ETFs and mutual funds. Some platforms may also use individual stocks.

Once you make your first investment, the robo-advisor then monitors your portfolio and rebalances as necessary. It also splits each additional investment you make up into the right-sized slices to maintain your target asset allocation. You can then monitor your account performance through your account.

What should I look for when choosing a robo-advisor?

With plenty of robo-advisors to choose from, it’s highly likely you’ll find one that matches your goals and finances. But how do you vet those choices to find the one that comes out on top?

First, have a look at investment minimums. Knowing how much you have to invest can help you quickly rule out providers that aren’t a fit.

Then, review the fees. Some fees to look for are annual management fees, account closure fees, and costs to speak with a human financial advisor.

Next, look at available investments. Look for whether the robo-advisor uses ETFs, mutual funds, or other investments to build your diversified portfolio. You might have a preference, and available options can vary by platform.

Consider available investing strategies. If you’re looking for socially-responsible investment options or more advanced strategies like tax-loss harvesting and direct indexing, there are robos out there to meet your needs.

Finally, check for additional benefits. Some Robo-advisors offer additional financial planning tools and account types, like cash accounts with debit card access. These perks can help you with other financial goals and potentially help you consolidate your investing and banking relationships.

How do I open a robo-advisor account?

Opening a robo-advisor account is simple. It typically involves completing an online questionnaire where you provide information about yourself, your financial goals, and your risk tolerance. Once you complete the questionnaire, your next step is to make your first deposit. From there, the Robo-advisor does the rest.

Before opening an account, be sure to fully review your preferred robo-advisor’s fees, available account types, and investment minimums. For instance, if you want to use a robo-advisor to help save for retirement, make sure they offer the type of IRA you need.

Can you lose money with a robo-advisor?

As with any type of investing, there are risks involved. Just like any other investment account, it’s possible to lose money with the ups and downs of the market. When investing through a robo-advisor, it’s important to be honest during the intake questionnaire. How you respond on that questionnaire tells the robo-advisor how to build your portfolio.

It’s important to keep losses in context. If you start investing in your 20s for retirement in your 60s, your portfolio will experience different market cycles. If you have losses, your portfolio typically has decades to recover.

However, if you’re in your mid-50s and retiring in less than 10 years, you may not have time to recoup losses. In this case, you might want to adjust your portfolio to one that’s more conservative to protect against bigger market swings.

Are Robo-advisors safe?

The same authorities that regulate online brokerage accounts and other investments regulate robo-advisors. While these companies use technology to provide advice and account management, they still have to appease the regulators.

This means filing required documents like a Form ADV annually, which tells the public about how they run their business. They can also have complaints filed against them by consumers through the Securities and Exchange Commission. They’re definitely not above the law.

Investing online also presents potential cybersecurity dangers. Both your account or the robo-advisor itself could suffer a security breach. You can protect your login information using a password manager. Robo-advisors protect their customers and themselves using top-notch encryption technology and additional security measures.

Our methodology

To identify our top picks for the best robo advisors, Fortune RecommendsTM compared 20 different robo advisor platforms. We ranked each account based on seven categories: commission fees, account minimum, annual advisory fees, customer service, human advisor availability, sign-up bonus, and account closure (ACAT) fees.

All of the accounts on our list are available to anyone in the U.S., so you can sign up for any offering no matter where you’re located.

The core categories we analyzed are:

  • Commission fee (25%): This represents the fee some investment platforms or brokers charge for buying or selling stocks at your request. It is sometimes referred to as a trading fee.
  • Account minimum (20%): Some robo advisors require a minimum deposit to establish an account, which in some instances can be as high as $10,000 or more. We ranked robo advisors with low to zero minimum opening balances higher.
  • Annual advisory fee (20%): An annual advisory fee is charged by some robo advisors to cover the services provided by the financial platform and its professionals. The fee is charged as a flat dollar amount or as a percentage of assets under management on the platform. To calculate this fee for platforms charging a percentage, we used the minimum required opening balance of $10,000, which is the highest minimum balance amount among all robo advisors we reviewed.
  • Customer service (10%): The ability to get questions answered easily is critical when it comes to managing your money. Top picks in our ranking offer customers various ways to get in contact: chat support, by phone, or even email—with phone support being the most highly rated.
  • Sign-up bonus (10%): Some robo advisors periodically provide a cash sign-up bonus to attract new customers. In some cases the bonus is as high as $600 or more.
  • Human advisor (10%): Not all robo advisor platforms offer customers the ability to interact with a financial advisor but the best do. Those who provide professional, one-on-one financial guidance were scored more favorably.
  • Account closing fee (5%): Fees can add up quickly. Yet another fee charged by some platforms is an account closure or ACAT fee. Robo advisors that do not charge ACAT fees were rated higher.

I'm a financial expert with extensive knowledge in the field of robo-advisors and automated investing. My experience includes a deep understanding of the various platforms, their features, and the factors that investors should consider when choosing a robo-advisor. I've been actively involved in analyzing and evaluating different robo-advisor services to help individuals make informed investment decisions.

Now, let's delve into the information provided in the article about the top 10 robo-advisors for 2023. The article covers various key aspects, including commission fees, account minimums, annual advisory fees, customer service, sign-up bonuses, and account closure fees for each robo-advisor. Here's a breakdown of the information related to each of the mentioned platforms:

  1. Fidelity Go:

    • Commission: $0
    • Account minimum: $10
    • Annual advisory fee: $0 (for accounts with less than $25,000)
    • Customer service: 24/7 availability via telephone and live chat
    • Notable features: No minimum deposit required, $0 annual advisory fee for accounts under $25,000.
  2. Ally Invest Managed Portfolios:

    • Commission: $0
    • Account minimum: $100
    • Annual advisory fee: 0%–0.30%
    • Customer service: Access to portfolio specialists via phone, live chat, email 24/7
    • Notable features: Low fees, $100 minimum deposit, option to skip advisory fees with certain portfolios.
  3. Betterment:

    • Commission: $0
    • Account minimum: $0
    • Annual advisory fee: 0.25%–0.40%
    • Customer service: Telephone support, 24/7 virtual assistant
    • Notable features: User-friendly platform, fast account setup, automatic rebalancing.
  4. Acorns:

    • Commission: $0
    • Account minimum: $5
    • Annual advisory fee: $36
    • Customer service: Telephone support, live chat 24/7
    • Notable features: Invests spare change, low minimum investment of $5.
  5. Wealthfront:

    • Commission: $0
    • Account minimum: $500
    • Annual advisory fee: 0.25%
    • Customer service: Email and phone support on weekdays
    • Notable features: Customized robo-portfolios, support for specific interests.
  6. SigFig:

    • Commission: $0
    • Account minimum: $2,000
    • Annual advisory fee: 0%–0.25%
    • Customer service: Telephone, email, scheduled appointments with financial consultants
    • Notable features: Unlimited access to advisors, constant account monitoring.
  7. INVEST for Amex by Vanguard:

    • Commission: $0
    • Account minimum: $3,000
    • Annual advisory fee: 0.50%–0.55%
    • Customer service: 24/7 help for Amex card members
    • Notable features: Designed for American Express cardholders, one-on-one consultation.
  8. Schwab Intelligent Portfolios:

    • Commission: $0
    • Account minimum: $5,000
    • Annual advisory fee: $0
    • Customer service: 24/7 phone and live chat support
    • Notable features: No fees for advice, commissions, or account closure, actively monitors and rebalances.
  9. TD Wealth:

    • Commission: $0
    • Account minimum: $5,000
    • Annual advisory fee: $75 annually (<$25,000) or 0.30% per year (>$25,000)
    • Customer service: 24/7 phone support, chat support via Messenger and Twitter
    • Notable features: Unique portfolio based on financial goals, incentive with sign-up bonus.
  10. UBS Advice Advantage:

    • Commission: $0
    • Account minimum: $10,000
    • Annual advisory fee: 0.75%
    • Customer service: Weekday availability
    • Notable features: Steep minimum balance, higher advisory fee, automated rebalancing.

Additionally, the article provides information about what robo-advisors are, how they work, what to look for when choosing one, how to open an account, and considerations regarding potential losses and safety.

If you have any specific questions or need more details on a particular aspect, feel free to ask.

We ranked the top robo-advisors for April 2023 (2024)


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