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What are You Looking For?

Dr. Evelyn Reed
onDecember 19, 2023

Best Robo-Advisors of December 2023

19 min read

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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.

Best Robo-Advisors from Our Partners

SoFi Invest

Icon of check mark inside a promo stamp It indicates a confirmed selection.

Perks

Get up to $1,000 in stock when you fund a new account.


Account Minimum

$0 ($1 to start investing); $5 fractional shares; $2,000 for margin trading


Fees

0% for active trading and automated investing

Pros

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum to start investing
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No account or trading fees, and low fees to own funds
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to Certified Financial Planners at no additional charge
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. IPOs available
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. SoFi 1% IRA match
Cons

  • con icon Two crossed lines that form an ‘X’. No tax-loss harvesting, an advanced investing technique where you sell a stock or mutual fund at a loss for a tax benefit
  • con icon Two crossed lines that form an ‘X’. No option for stop-loss orders when actively investing. SoFi’s active investing account only uses market orders
  • con icon Two crossed lines that form an ‘X’. Currently only available to US residents


Product Details

  • Promotion: Get up to $1,000 in stock when you fund a new account.
  • App store rating: 4.8 iOS/4.1 Android
  • Consider it if: You want an easy-to-use platform paired with rock-bottom pricing.

Wealthfront Investing

Icon of check mark inside a promo stamp It indicates a confirmed selection.

Perks

Fund your first taxable investment account with at least $500 in the first 30 days of account opening and earn a $50 bonus.


Account Minimum

$1 ($500 for automated investing)


Fees

$0 for stock trades. 0.25% for automated investing (0.06% to 0.13% for fund fees)

Pros

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low annual fee for investment accounts; crypto trust investments available
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Tax-loss harvesting, portfolio lines of credit, 529 college savings plans available
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Cash account
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Mobile app and investing and retirement tools
Cons

  • con icon Two crossed lines that form an ‘X’. You need at least $100,000 to utilize additional investment strategies
  • con icon Two crossed lines that form an ‘X’. No human advisor access


Product Details

  • Consider it if: You’re balancing several goals and want to streamline your finances.
  • Promotion: Fund your first taxable investment account with at least $500 in the first 30 days of account opening and earn a $50 bonus.

Acorns Invest

Icon of check mark inside a promo stamp It indicates a confirmed selection.

Perks

Earn a $20 bonus when you open a new account and make your first successful recurring investment (min $5). Receive your bonus within 10 days of following month


Fees

Monthly plans start at $3 for Personal, $5 for Personal Plus, and $9 for Premium

Pros

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low fees
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Helpful automatic saving and investing tools
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Portfolio suggestions built to match your risk level
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. “Found money” invests a percentage of your purchases from certain companies
Cons

  • con icon Two crossed lines that form an ‘X’. Flat monthly fee is on the high side, especially for smaller accounts
  • con icon Two crossed lines that form an ‘X’. The option to choose individual investments requires a Premium plan


Insider’s Take

Acorns is one of the best investment apps for beginners and hand-off investors who want to start investing but are overwhelmed by the choices with other investing apps. This simple and easy-to-use platform offers a low investment minimum, portfolio diversification, and beginner-friendly charting tools. Acorns is more expensive than other zero-fee apps out there, but the ease of use may make it worthwhile for certain users.


Acorns
review External link Arrow An arrow icon, indicating this redirects the user.”


Product Details

  • Get started in under 5 minutes
  • $5/month gets you a full financial wellness system with connected investment, retirement, and saving accounts.
  • Invest in a diversified, expert-built portfolio
  • No expertise required
  • Invest your spare change with Round-Ups (more than $900M invested in 2021 just from RoundUps!)
  • Set easy, automatic Recurring Investments
  • See your account performance right in the app, and play with our interactive Potential screen
  • All you need to start investing is $5
  • 18M downloads

Complete Editorial Review of the Best Robo-Advisors

Similar to the best investment apps for beginners, robo-advisors are great for passive investors looking for educational resources and user-friendly platforms. 

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.

Here are the best robo-advisors (aka automatic investing platforms) as picked by Business Insider’s editors. 

Best Robo-Advisors

  • Betterment Investing: Best robo-advisor overall
  • Fidelity Go: Best robo-advisor for beginners
  • Wealthfront Investing: Best robo-advisor for higher balances
  • SoFi Invest: Best robo-advisor for low fees
  • Charles Schwab Intelligent Portfolios: Best robo-advisor for account flexibility
  • E*TRADE: Best robo-advisor for mobile
  • Vanguard automated investing: Best robo-advisor for retirement plans
  • Interactive Brokers: Best robo-advisor for socially responsible investing
  • M1 Finance: Best robo-advisor for investing and banking with the same platform

Best Overall Robo-Advisor

Betterment Investing

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 review

Best Robo-Advisor for Beginners

Fidelity Go

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 review

Best Robo-Advisor for Higher Balances

Wealthfront Investing

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 5.88% 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 review

Best Robo-Advisor for Low Fees

SoFi

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 review

Best Robo-Advisor for Account Flexibility

Charles Schwab Intelligent Portfolios

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

Best Robo-Advisor for Mobile

E*TRADE

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. 

What 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 review

Best Robo-Advisor for Retirement Plans

Vanguard Digital Advisor

Vanguard 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 review

Best Robo-Advisor for Socially Responsible Investing

Interactive Advisors

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 review

Best Robo-Advisor for Investing and Banking

M1 Finance

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 review

Robo-Advisor Frequently Asked Questions (FAQs)

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. 

What to Look for When Choosing a Robo-Advisor

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. 

How Does a Robo-Advisor Work?

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. 

What is a Hybrid Robo-Advisor?

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. 

Why You Should Trust Us: Our Expert Panel For The Best Robo-Advisors

Sandra Cho and Tessa Campbell headshot for expert investing panel

Rebecca Zissar/Business insider



 

We interviewed the following investing experts to see what they had to say about online brokerages for beginners. 

What are the advantages/disadvantages of investing through a robo-advisor?

Sandra Cho:

“Advantages include:

  • On-demand general guidance: In my experience, robo-advisors are best used as a starting point to determine risk tolerance and get a handle on your financial situation and a broad roadmap to what you need to do. Sometimes you just need a catalyst to get moving in the right direction.
  • Simple to use.
  • Feeling of control: There is no concern about hurting a person’s feelings if you don’t take their advice, and you don’t feel rushed or pressured.”

“Disadvantages of using a robo-advisor

  • No one is second-guessing you. Sometimes you need someone to read between the lines. Maybe you think you are an aggressive investor who can tolerate high amounts of risk but you pull all your money out the minute your portfolio goes down. The risk tolerance result I get if clients complete the questionnaire alone is significantly different than when I walk them through the questionnaire.
  • Lack of EQ, or emotional IQ. EQ is sometimes more important than IQ. It’s hard for a robo-advisor to also tell you what you don’t know that you don’t know. It’s hard for a robo-advisor to help you work through concerns, fears, and anxiety and help keep you invested through turbulent markets and life events that inevitably affect your financial path.”

Tessa Campbell: 

“Robo-advisors do the hard, time-consuming part of investing for you. Once you set your goals, risk tolerance, and time horizon then a robo-advisor can create a customized investment portfolio based on those characteristics. This makes these platforms accessible to beginners and ideal for passive investors.

“Robo-advisors also tend to be the better option for folks wanting low-cost investing as most robo-advisors mainly trade ETFs.

“However, robo-advisors can be limiting. You won’t get the same level of control or influence over your assets as you would with self-directed investing or a professionally managed platform. If you want to pick and choose how you invest your money, then a robo-advisor isn’t the best option for you”

Who should consider opening a robo-advisor?

Sandra Cho:

“Someone who is a DIY investor and is tech-savvy enough to use the software involved. Larger groups of people who need to be processed faster, such as participants in a 401(k) or other retirement plan.

“Investors who have smaller amounts of assets might not have the need for sophisticated financial planning.”

Tessa Campbell:

“Robo-advisors are best for beginners and passive investors who don’t want to be glued to their computers, watching the ups and downs of the market, and trying to decide when is the best time to buy and sell. 

“It’s also the better option for cost-conscious investors. With a robo-advisor, you can easily and affordably get exposure to different sectors of the market with low-cost ETFs. This way you’re paying the price of individual stocks.”

Is there any advice you’d offer someone who’s considering opening a robo-advisor?

Sandra Cho:

“1) Treat it like a starting point, not the endpoint.

2) Find a good one. Not all robo-advisors are the same. Like financial advisors, there are good and bad ones.

3) Be aware of the investments you have, and do not have, through the robo-advisor you use. For example, if you are using a robo-advisor at a particular investment company, that robo-advisor will likely limit their recommendation to the mutual funds or other investments of only that company.”

Tessa Campbell:

“Make sure to compare all the robo-advisor options before opening an account. Not all robo-advisor provide the same investment options, account types, or features. And while many robo-advisors have low-trading fees and account minimums, not all of them do so make sure you know what you’re getting into before opening a brokerage account with an automated investment platform. 

“On a different note, make sure that you still frequently monitor your investment portfolio. Although you won’t do much on the day-to-day, it’s important to update your portfolio based on your current goals, financial situation, and market performance.”

Other Automated Investing Platforms We Considered

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. 

  • Acorns Invest: Acorns is great for hands-off investors. It offers automated ETF portfolios, IRAs, and tools that invest a percentage of your money from your purchases into companies. A drawback is that you’ll have to pay more ($5 per month) to access custodial accounts. It’s more expensive than some of the zero-fee platforms and doesn’t offer goal-planning tools or tax-loss harvesting features. It’s also not as customizable as some other investing platforms. 
  • Merrill Edge: This robo-advisor is unique in that it utilizes both computer algorithms and oversight from Merrill professionals. The platform also offers socially responsible portfolios, perks for Bank of America users, and multiple account types. A downside, however, is that it doesn’t offer tax-loss harvesting, and it charges a 0.45% annual fee. It also requires a higher minimum investment than most other automated investing platforms, but also with less account features. 
  • FutureAdvisor: FutureAdvisor offers automated ETF portfolios and employs tax-loss harvesting, but its services are limited. It only manages accounts held at TD Ameritrade or Fidelity.
  • Empower Personal Dashboard™: This robo-advisor offers several competitive services. These include free wealth management tools, tax optimization and socially responsible investing strategies, one-on-one advisor guidance, and copious investment types. One thing to look out for, though, is that you’ll need at least $100,000 to set up an account. This is significantly higher than most other automated investing platforms. 
  • JP Morgan Automated Investing: JP Morgan’s automated portfolios rely on oversight from the company’s experts and offer features like automatic portfolio rebalancing and easy account integration for Chase customers. It’s not a good option for those in search of tax-loss harvesting, non-JP Morgan ETFs, or socially responsible portfolios. JP Morgan is not as accessible as other robo-advisors, and doesn’t offer as many account/portfolio options. 
  • Wells Fargo Intuitive Investors: This robo-advisor offers ETFs for passive investors through individual and joint brokerage accounts, margin accounts, IRAs, and more. Wells Fargo’s automated investing portfolio provides dividend reinvesting, automated portfolio rebalancing, and tax-loss harvesting features. But Intuitive Investors has a high $500 account minimum and a 0.35% annual management fee. 
  • Axos Invest Managed Portfolios: Axos lets you invest toward a range of different goals, and its 0.24% advisory fee is quite competitive. It offers automatic portfolio rebalancing, tax-loss harvesting, quick deposits, and an auto-deposit scheduler that lets you determine when extra money goes into your account. But unlike most other robo-advisors that offer access to human advisors, Axos Invest’s automated portfolios don’t offer ongoing advice and guidance. 
  • Marcus Invest: Marcus Invest offers ETF portfolios for individual and joint accounts and IRAs. Each portfolio factors into your goals, risk tolerance, and time horizon, and Marcus Invest regularly employs asset allocation and portfolio rebalancing. Its simple interface also provides access to more than 50 ETF portfolios (consisting of both stock ETFs and bond ETFs). But Marcus Invest doesn’t offer individual stocks, mutual funds, crypto, or other assets. 
  • Ellevest: Besides its low fees and financial planner access, Ellevest is a great option for female investors, as its strategies work to close the gender money gap by factoring in things like career breaks and women’s longer lifespans. While it targets women, its services are open to all investors. The robo-advisor also offers private wealth management for those with at least $1 million to invest. It doesn’t offer as much portfolio customization as other robo-advisors, nor does it offer joint accounts or custodial accounts. 
  • Ally Invest Robo Portfolios: If you want to skip out on advisory fees completely, Ally Invest is a great option. Plus, it has a fairly low minimum requirement of $100, and it sets aside 30% of your portfolio as an interest-earning cash buffer to protect you against market risk. But Ally Invest is mainly a DIY investment platform best for active traders.

Methodology: How to Choose a Robo-Advisor

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. 

Tessa Campbell

Junior Investing Reporter

Elias Shaya

Jr Compliance Associate

Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City.
Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions.
The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate.
He joined Insider in February 2022 as a fellow on the compliance team.
Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.


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Dr. Evelyn Reed
onDecember 19, 2023
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