The Best Robo Advisors in 2020

Robo advisors offer incredible financial advice at low costs that meet the needs of many investors (especially ones who don’t have complex portfolios or lack the time to invest the money themselves). With advancements in technology, robo advisors have become extremely popular over the years and they are expected to become even more popular in the future, especially with the tech savvy millennials. In this post, we will take a look at the best robo advisors to choose from.

Here are the best robo advisors available today:

WealthFace

Wealthface was founded in July 2018, with the aim to form the planet of finances accessible to everyone. After working for over a decade within the financial sectors of Dubai and Montreal, Bilal Majbour (founder & CEO) developed a priority about the way the investing was practiced by institutions.

Wealthface Robo Advisor Reveiw

Wealthface robo advisor also comes with no minimum deposit, zero maintenance portfolio, and zero trading fees. The fractional shares solution at Wealthface helps investors purchase high value shares and ETFs at low cost. All Wealthface accounts are regularly re-balanced and optimized for no extra cost. A team of experts is also at the investors service 24/7.

Betterment 

Betterment, an extremely popular online investing company has grown its product suite a lot since its launch in 2008. Betterment launched its cash management suite, Betterment Everyday in 2019. It comes with checking and savings account options.

Betterment Robo Advisor Review

Betterment comes without any account minimum and a very nominal annual fee of just 0.25%. It’s definitely one of the best robo-advisors out there. 

Wealthfront

Wealthfront is an automated investment service that competes with Betterment for the top spot in the robo advising market. As of 2018, Wealthfront became the first robo advisor to offer free financial planning that is personalized for its clients.

Wealthfront Robo Advisor Review

Wealthfront offers a fairly low account minimum of $500 – though higher than Betterment’s $0 – and an equally low 0.25% annual advisory fee.  

SigFig

SigFig is a robo investing platform that combines money management technology with financial advisors. SigFig’s product features various tiers – perfect for a first-time investor. It’s free portfolio tracker collects customers’ entire investment portfolio in one place and has no minimum investment.

Sigfig Robo Advisor Review

Comparatively, its managed account requires a minimum investment of $2,000 – a large jump from both Betterment and Wealthfront’s requirements – and has a 0.25% annual fee with the first $10,000 managed for free. SigFig also provides the option of tax loss harvesting, portfolio rebalancing and a feature that helps you chat with human advisors. 

Charles Schwab

The robo advisor service of Charles Schwab Corporation, Schwab Intelligent Portfolios is one of the best robo advisors available today and its best feature is its ability to offer customized financial plans for its investors.

Charles Schwab Robo Advisor Review

Investors are prompted to fill a questionnaire where they establish their own goals and risk tolerance.

With a $5,000 minimum balance, Schwab Intelligent Portfolios has no management or account fees; however, customers pay expense ratios based on investments – which in most cases are still favorable to the fees of other robo advisors. 

Ellevest

As the name suggests, Ellevest is a robo advisor which is specifically designed to fulfil the needs of female investors. Ellevest is a robo advising service designed for female investors – but welcomes clients of all gender identities. Having only launched in 2017, Ellevest finds success by looking to close gender money gaps. It uses a proprietary algorithm to calculate financial goal targets to meet gender-specific needs of each client.

Ellevest Robo Advisor Review

Ellevest does not require a minimum balance, and has a competitive 0.25% annual fee for assets under management.

Ally

As far as costs go, Ally Invest Managed Portfolios is one of the most economical robo advisors available today. To avail the services Ally Invest Managed Portfolios, investors need a minimum balance of $100. The average portfolio expense ratio is 0.07%. The service has no advisory fees, annual charges, or rebalancing fees but requires investors to hold a minimum of 30% of the portfolio as interest-earning cash.

TD Ameritrade 

Ranging from its Web Platform for all investing levels, to its think-or-swim platform for serious traders, TD Ameritrade offers a wide range of options through its robo advisor, making it an attractive option for both investing professionals and novices. 

TD Ameritrade Robo Advisor Review

TD Ameritrade has a $0 account minimum, and as of October 2019 it offers free stock, ETF, and per-leg options trading commissions in the U.S. For options trades there is a $0.65 per contract fee.

SoFi

SoFi gears its services toward younger, fee conscious, clients. 

After initially launching in 2011 as a student lending platform, SoFi has expanded well beyond the realm of student loans to personal loans, home loans, and wealth and personal finance management – while still targeting younger investors.

Sofi Robo Advisor Review

Gearing its services toward younger, fee conscious, clients enables SoFi to charge $0 in fees and require an account minimum of $1. 

Fidelity

Fidelity offers clients services ranging from financial planning and advice, to strong investing tools. Fidelity is one of the largest financial service providers in the world with over $7.6 trillion in client assets and over 30 million customers. Fidelity’s robo advisor service charges $0 in commission trade and fees, and has a $0 account minimum.

Fidelity Robo Advisor Review

Wealthsimple

A relatively new player to the robo advising market is Wealthsimple, which first launched in Canada in 2014, followed by the US in 2017. 

Wealthsimple Robo Advisor Review

When it comes to socially responsible investing, Wealthsimple is one of the best robo advisors out there. With the backing of financial experts, it’s loved by millennials. 

With an account minimum of $0 and fees of 0.5% for balances up to $99,999, Welathsimple is gaining steam among values-based investors. 

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