1. Finance
  2. Investing
  3. Robo-Advisors

Best Robo-Advisors

Find a vetted fiduciary to help with your finances

See what financial advisors are near you on SmartAsset

Get Started
Author picture
Written by
Author picture
Edited by
Author picture
Reviewed by
Companies considered
Companies selected
Reviews analyzed
Features compared

If you are ready to dip your toes into investing but don’t want to spend a lot of money to get started, robo-advisors offer an affordable way to grow your portfolio. Many companies offer top-of-the-line software and technology that can automatically manage your investment account based on your goals and risk tolerance.

You can choose to go 100% robo-advisor or pay a little more for a hybrid robo-advisor, which also comes with certified financial guidance from a human.

Our picks for robo-advisors

We chose the robo-advisors below by comparing their platforms, financial advisory services, fees and account minimums. To be considered, robo-advisors had to offer relevant services and provide transparent information about their investment programs on their websites.

Consider how our top five choices stack up against each other. You can compare the top robo-advisors by which assets are available for investment, minimum investment requirements and annual fees. The annual fees typically vary according to how much money you have in your account.

Why trust ConsumerAffairs?
  • Our recommendations are based on what reviewers say.
  • 4,240,639 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.
Betterment logoBettermentFidelity Investments logoFidelity InvestmentsCharles Schwab & Co. logoCharles Schwab & Co.Wealthfront logoWealthfrontSoFi logoSoFi
# of reviews6772133724125
Our pick for Beginning investors No account minimums Investors with a high net worth Retirement investing Low annual fees
Available assets ETFs and cryptocurrency Mutual funds ETFs ETFs and trusts ETFs
Minimum investment requirements $10 - $100 $0 $5,000 $500 $1
Annual fee 0.25% - 1.15% AUM fee 0% - 0.35% advisory fee None 0.25% advisory fee None
Read Reviews Read Reviews Read Reviews Read Reviews Read Reviews
All information accurate as of time of publication.

Compare our top 5 choices for robo-advisors

The best robo-advisors charge low account management fees and offer a wide range of investment accounts and services. Even though you are looking for the best robo-advisor, finding a company that has great human customer service is a perk, too.

Best for beginning investors Betterment
  • Available assets: ETFs and cryptocurrency
  • Minimum investment requirements: $10 - $100
  • Annual fee: 0.25% - 1.15% AUM fee

Started in 2010, Betterment is a robo-advisor that has over $32 billion in assets under management and over 775,000 customers. Investors can choose from custom-built portfolios with investments in ETFs or cryptocurrencies. New and advanced investors alike can technically start a robo-advisor account with as little as $10, though a $50 minimum is required for rebalancing. A $100 initial investment is required for crypto portfolios.

For those who want to grow their portfolio while still staying true to their values, Betterment allows you to invest in companies that make social responsibility, such as lower carbon emissions or ethical labor, a priority. You will not be able to invest in individual stocks or mutual funds through Betterment.

Fees vary based on the account you have and how much you have invested. The base price for the digital plan is $4 per month. This account automatically switches to a 0.25% AUM fee when you set up regular deposits of $250 or more or when your Betterment account balances reach $20,000. Crypto investing accounts are charged a monthly digital management fee of 1%. Crypto accounts also come with up to a 0.15% fee per trade.

Betterment is a fiduciary company, meaning it has to act in your best interest and disclose any conflict of interest. Betterment Securities is a member of the Securities Investor Protection Corporation (SIPC), which protects members’ investments up to $500,000.

Robo-advisor accounts come with automated rebalancing and advanced tax-saving tools, such as tax-loss harvesting. For those that want additional guidance, Betterment will give you unlimited financial advice from a certified financial planner (CFP) with its premium account. The cost is an additional 0.15% AUM fee.

Some of Betterment's highlights include:
  • Minimal fees for accounts under $20,000
  • Automatic tax-loss harvesting
Some of the downsides of using Betterment are:
  • High cryptocurrency fees
  • No individual stocks or mutual funds
Many report that the Betterment platform is easy to use and a simple way to get started in investing. Several reviewers saw significant growth in their investments, with one reporting that they used their investment profits to purchase a car. One California reviewer said: “I opened a regular taxable investment account with them in May 2020 when the market was already on its way out of the COVID hole. By January 2021 they earned me 28% of the sum of my deposits.”

The number one complaint is customer service. Reviewers felt that customer service reps were rude and unhelpful, or that they took a long time to resolve issues. Others complained that it was hard to get someone to answer their questions.

Best for no account minimums Fidelity Investments
  • Available assets: Mutual funds
  • Minimum investment requirements: $0
  • Annual fee: 0% - 0.35% advisory fee

Fidelity has been around since 1946. It offers a beginner-friendly robo-advisor account, Fidelity Go.

Fidelity Go comes with two different levels: one version for account balances under $25,000 and another for account balances over $25,000. For accounts under the $25,000 threshold, there are no management fees or account minimums. You will still need to have at least $10 in your account if you want to start investing, though.

For accounts over $25,000, the advisory fee is 0.35% per year. At this level, you will also have access to human advisors through unlimited 30-minute telephone coaching calls. This gives you more of a hybrid robo-advisor experience.

Fidelity’s robo-advisor account does not offer tax-loss harvesting, which is a strategy used to reduce taxable capital gains on investments. Many robo-advisors offer automatic tax-loss harvesting, so there is a possibility of big tax implications with this account.

Soon, a separate platform called Fidelity Crypto will be available in select states, allowing investors to trade bitcoin and ethereum. You won’t be able to stake your cryptocurrency, though. Fidelity also does not offer trading in futures.

Some of Fidelity’s highlights include:
  • No management fees for accounts under $25,000
  • Hybrid robo-advisor option
Some of the downsides of using Fidelity are:
  • Limited to investing in Fidelity Flex mutual funds
  • No tax-loss harvesting
Many recommend Fidelity Go because of how easy it was to set up and how the platform made smart recommendations based on the investor’s age and goals. Another favorite perk of Fidelity is its selection of mutual funds available for investing. One customer in Idaho said: “When you leave a company, you can transfer your 401(k) to Fidelity free of charge and for the last year or so, trades are free also. Great website, and you can get a daily email with results of stocks you want to watch.”

Many customers agreed that Fidelity made them wait too long on the phone for customer service. One reviewer described their customer service experience as “exasperating.” Others complained that their accounts were frozen or blocked unnecessarily.

Best for investors with a high net worth Charles Schwab & Co.
  • Available assets: ETFs
  • Minimum investment requirements: $5,000
  • Annual fee: None

Charles Schwab has been a household name since 1971 and manages over $7 trillion in client assets and 33.8 million brokerage accounts. It offers two levels of its robo-advisor account, Schwab Intelligent Portfolios.

With a starting minimum of $5,000, the robo-advisor account will automatically build and rebalance a diversified portfolio for you based on the goals, investment amount, timeline and risk tolerance you input. For this account, you will pay no advisory fees or commissions. Plus, you will have access to 51 ETFs selected and monitored by Schwab experts. Automatic tax-loss harvesting is available for account balances over $50,000.

Schwab Intelligent Portfolios Premium is a hybrid robo-advisor account that gives you access to interactive online planning tools and unlimited one-on-one guidance from a CFP. The minimum account balance is $25,000, and there is a one-time $300 fee and a $30 per-month advisory fee after that.

Premium investors can create what-if situations with a feature called the Play Zone. This allows you to put your savings through simulated variables, such as a market dip, to see how your investments would fare.

Some of Charles Schwab’s highlights include:
  • No advisory fees or commissions for regular, nonpremium robo-advisor
  • Hybrid robo-advisor option with financial advisor access
  • Access to 51 ETFs
Some of the downsides of using Charles Schwab are:
  • High account minimum
  • Minimum $50,000 account balance for tax-loss harvesting
The smart online layout and easy-to-use functionality of the platform make Schwab Intelligent Portfolios a popular pick with many customers. One  California reviewer said: “Minimal fees; Brokers walk me through the process how to buy and sell shares. They make recommendations. If I want additional assistance, they will do so for a charge. There is a system whereby I can have a computer-generated system work for me. Many choices and easy to use online.”

As with many of the companies we reviewed, customer service is a common complaint. Many reviewers said it took a long time to get a hold of someone, with one reviewer reporting it took as long as three days for a response when they messaged customer service.

Best for retirement investing Wealthfront
  • Available assets: ETFs and trusts
  • Minimum investment requirements: $500
  • Annual fee: 0.25% advisory fee

Wealthfront was started by a venture capital firm co-founder and former trader. Both wanted to bring investing and financial advice to everyday people who have modest account balances. It offers complete robo-advisor accounts with account minimums as low as $500.

Wealthfront charges a 0.25% annual advisory fee, deducted monthly from your account. This is one of the only fees you can expect, since the company does not charge account opening or closing fees, transfer fees or trading and commission fees. Plus, Wealthfront says that 96% of its users reclaim this fee through the automatic tax-loss harvesting process.

With Wealthfront, you can invest in over 200 ETFs and two different cryptocurrency trusts. However, there is no direct trading with cryptocurrency. Choose from classic ETFs or socially responsible portfolios that feature companies that care about emissions and ethical labor and trade.

Wealthfront has over 500,000 clients and manages over $34 billion in assets. All customer support is available through online help FAQ or a contact form. There is no live chat or phone support available for investing help, though. If you have technical issues, there is a customer support line available during normal business hours.

Some of Wealthfront’s highlights include:
  • Low account minimum
  • Automatic tax-loss harvesting
Some of the downsides of using Wealthfront are:
  • Limited customer support options
  • No person-to-person financial advice
Many found Wealthfront easy to set up and said it was simple to start investing without paying a lot of money per month. Many also liked that they could set and forget their investing accounts and earn money without much effort. One Nevada reviewer said: “Signing up and setting up my bank info was super easy. The minimum to start an account is only $500, which is a very affordable way to begin an investment account. If you want to deposit and then be hands-off, this account is perfect.”

While many loved the automatic features of robo-advising, some did not like having a customer service support team that was so hands-off. Some customers complained it was hard to get a hold of someone and that if they did get in contact with a person, that person was very rude and unhelpful.

Best for low annual fees SoFi
  • Available assets: ETFs
  • Minimum investment requirements: $1
  • Annual fee: None

SoFi was established in 2011 as a student loan refinancing company, and has grown since. In addition to loans and banking products, it now offers robo-advising through its automated investing platform. Set your financial goals with SoFi’s robo-advisor, and it will provide financial guidance and portfolio management for you. SoFi will then automatically invest based on the portfolio you would like to have. If you wish to choose your own stocks, there is an active investor account available.

Open an investment account for as little as $1 with no advisory fees or commission fees. Note that ETFs come with management fees. These fees are not paid by you but can decrease your rate of return.

SoFi offers diversification to minimize the risks of investing. You can expect your investment to be spread out into different types of financial investments. Additionally, accounts will be automatically rebalanced. However, SoFi accounts do not offer automatic tax-loss harvesting.

SoFi also offers a separate, 24/7 cryptocurrency trading platform, which is available in most U.S. states. That said, it does cost a markup of 1.25%. Trade popular cryptocurrencies, including bitcoin, ethereum and litecoin, in real time. The minimum purchase for crypto is only $1, and the maximum is $100,000 per day.

Some of SoFi’s highlights include:
  • No advisory or commission fees
  • Low minimum investment
Some of the downsides of using SoFi are:
  • No tax-loss harvesting
  • Automatic investing not customizable
There are few reviews for SoFi automated investing from ConsumerAffairs readers, and none report a positive experience. However, this does not provide a comprehensive picture of users’ experiences, and others who have used the service might not have provided a review.

Compare Top Robo-Advisor Reviews

  • Best Rated
  • Most Reviewed
  • Highest Rated

What is a robo-advisor?

A robo-advisor is an automated investing service that uses algorithms and computer software to recommend investments, invest your funds and manage your portfolio. Robo-advisors generally make investment decisions by combining your preferences with their own market research.

Robo-advisors are designed to provide you with low-fee investment management using research-supported investment strategies.

How do robo-advisors work?

Robo-advisors use computer software and algorithms to help invest your money. They can do this in a few different ways, including automatically investing and managing your portfolio on your behalf or recommending specific investments.

Robo-advisors typically start by assessing your financial goals based on the information you provide, like:

  • The goal for your funds (e.g., retirement, purchasing a home, paying for college)
  • How much you want to save
  • Your investment time frame
  • Your risk tolerance

Robo-advisor costs vary depending on the investor you choose to work with, but the price is usually more affordable than getting advice from a reputable human advisor. Like traditional firms, robo-advisor firms usually charge a percentage-based annual advisory fee, but some may incorporate flat fees into their pricing. For more, read about how to choose the right advisor.

Robo-advisors vs. financial advisors

Robo-advisors are similar to human financial advisors: They both offer investment advice and help you manage your assets. However, working with a financial advisor may be a better option if you want a more personalized investment strategy or one-on-one coaching.

Because robo-investing is rooted in algorithms and software, its capabilities can be limited; working with a human advisor may offer more financial advice and opportunities.

Robo-advisor pros and cons

Robo-advisors offer investors who are less knowledgeable or less aggressive a way to passively invest their money without some of the hurdles that come with traditional financial advisors, like high costs and account minimums. Robo-advisors are relatively affordable and typically have lower annual advisory costs than human financial advisors.

While robo-advisors are a great option for tech-savvy investors, they may not be the right choice if you value human interaction or want to take a hands-on approach to investing. Some robo-advisors offer a human service element, but most of them involve little to no human interaction.

Another potential disadvantage is that robo-advisor services aren’t as customizable. While many do offer personalized portfolios, they generally lack the versatility that comes with managing your own investments or hiring a human advisor.


  • Relatively affordable
  • Doesn’t require as much of a minimum investment
  • Diversified portfolio options


  • Requires basic tech skills
  • Not as customizable
  • Limited human interaction and management


Do robo-advisors really work?

Many investors have used robo-advisors to their advantage. New investors have used robo-advisors to learn about investing, and even well-versed investors use them to set and forget their investing goals.

Is a robo-advisor good for a beginner?

You can quickly learn how to invest and what works best for your financial goals by using a robo-advisor. Many companies with robo-advisors also have huge resource libraries, calculators and simulation tools to help you grow even more in your investing knowledge. Plus, with low fees and minimums, you can get started investing today.

Should I use a robo-advisor or do it myself?

This depends on your time commitment and your desire for investing. If you love to keep up on investing news and have time to monitor your accounts regularly, then a do-it-yourself investment account will be more rewarding. However, if you are looking for a way to grow your money with as little involvement as possible, a robo-advisor is the way to go.

Do I need a robo-advisor?

Whether a robo-advisor is right for you depends on your own goals and preferences, so consider your options and make the call for yourself.

Robo-investing may be right for you if you are short on time, just starting to invest or are planning for retirement. Robo-advising is a good way to learn more about investments and get your feet wet, and you might consider it if you’re looking to manage your money but you don’t have the time or experience to do it yourself.


To make our selections for best robo-advisors, we considered 13 companies and evaluated them on three individual data points. Features considered included fees and account minimums, types of investments customers could make (ex., ETFs, crypto), financial advisory and planning services available and ease of platform use. We also looked at how transparent a company is about its fees and services, and if it offered relevant services and education.

Since customer feedback is an important element when evaluating companies, it was an important factor when we made our top choices. However, for those companies that had few or mainly negative customer reviews, there were other variables that made them good options for robo-advisors.

Our top picks offer a variety of investment options, low fees and/or account minimums, have educational or financial advisory services available and have easy-to-use platforms.

Not sure how to choose?

Get buying tips about Robo-Advisors delivered to your inbox.

    By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

    Thank you, you have successfully subscribed to our newsletter!

    Compare Top Robo-Advisor Reviews