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What is a robo-advisor

The term robo-advisor sounds really high-tech, but it’s actually much simpler than you might think. A is a financial advisor that uses an investment program, an algorithm, to automatically select investments for you. The investment choices are based on things such as: How much risk you’re willing to bear What level of returns you want When you need the money Based on these factors and others, the robo-advisor typically selects a using sound investment theory. For example, the robo-advisor creates a diversified portfolio of ETFs, rather than just investing it all in one fund. Extensive research has shown that and can actually increase your returns. It’s simple to get started with a robo-advisor, and you can quickly set up an account online. And because it’s online and automated, robo-advisors are much cheaper than traditional in-person financial advice. Plus, you usually get some other cool benefits thrown in, too. Features such as portfolio rebalancing and are typically offered, both of which should improve your returns over time.

Here are the best robo-advisors in November 2022

Overview Top robo-advisors in November 2022

– Best overall

As Bankrate’s , Betterment sets a high standard for service. It offers , tax-loss harvesting, a personalized retirement plan, a variety of portfolio options (such as impact investing) and fractional shares in funds, so that all your money is invested rather than having to wait until you have enough to buy a full share. You can sync outside accounts, too, and receive advice on them, while customer support is available seven days a week. Betterment’s premium plan ups the game with access to a human advisor. Bankrate overall rating: 5 out of 5 Management fee: 0.25 percent – 0.4 percent, depending on service level Account minimum: $0

With Intelligent Portfolios, is going after the robo-advisor market hard. Well-known for its investor-friendly practices, Schwab brings this same spirit to robos, with features such as rebalancing, automatic tax-loss harvesting and 24/7 access to U.S.-based customer service. And Schwab charges no management fee, so it’s worth saving up to meet the higher account minimum. If you want unlimited access to human advisors, you can get it if you bring $25,000 to the account and pay a $30 monthly fee – a real bargain for what you get. Bankrate overall rating: 5 out of 5 Management fee: None Account minimum: $5,000

One of the largest robo-advisors and a top scorer in Bankrate’s reviews, Wealthfront offers goal-based investing that helps you understand how your financial choices today affect your future. Wealthfront also provides tax-loss harvesting, and literally hundreds of ETFs that you could add to your portfolio, so you can make a truly custom portfolio. Plus, the firm provides interest on its FDIC-insured cash management account and doesn’t charge any fees for it. Also useful, you can borrow against the value of your account at especially attractive interest rates. Bankrate overall rating: 5 out of 5 Management fee: 0.25 percent Account minimum: $500

While , its financial planning incorporates the needs of everyone. Ellevest is great for goal-based investing, even if you have multiple goals. Unlike other robo-advisors, Ellevest charges a flat monthly fee ranging from $1 to $9, depending on what you need. The basic tier gets you an investment portfolio, access to education and a high-feature cash management account (ATM reimbursements, for example). Higher tiers offer goal-based planning and reduced fees on meetings with financial planners and career coaches. Bankrate overall rating: 4.5 out of 5 Management fee: $1 – $9 per month, depending on service level Account minimum: $0

Long known for its brokerage, Fidelity Investments also offers a highly capable robo-advisor, with the core functions (portfolio management, rebalancing) at a price that helps beginners get started. It charges no fees if your assets are under $10,000, and just $3 a month up to $50,000 in assets. From there you’ll pay one low all-in price of 0.35 percent of your assets. Fidelity Go makes an especially good fit for existing customers, since they’ll be able to access all their accounts on one dashboard and easily open a cash management account if they need one. And you get Fidelity’s helpful and friendly customer support staff on top of it all. Bankrate overall rating: 4.5 out of 5 Management fee: 0.35 percent above $50,000 in assets (includes funds’ costs) Account minimum: $0

SoFi has expanded into the realm of robo-advisors with an incredibly investor-friendly service. The company provides automatic rebalancing and goal-based planning to help you reach your life objectives. Plus, you’ll get career services, access to financial advisors and discounts on for no extra cost. If you already have a relationship with SoFi, then it could make even more sense to take it to the next level with their robo-advisor. Bankrate overall rating: 4.5 out of 5 Management fee: None Account minimum: $5

Wells Fargo Intuitive Investor offers the core robo-advisor features (portfolio management and rebalancing) and then kicks it up with tax-loss harvesting. If you’re already a Wells customer, it could make extra sense to check out this robo-advisor. Not only will you consolidate your accounts at one company, but Wells will knock down its usual management fee of 0.35 percent to 0.30 percent, if you have a bank portfolio account. This robo offers fractional shares, allowing you to get your full investment to work immediately, and you’ll have access to human advisors. Bankrate overall rating: 4.5 out of 5 Management fee: 0.35 percent Account minimum: $5,000

Honorable mentions

The following robo-advisors scored well in our reviews and were deserving of an honorable mention.

Axos Invest Managed Portfolios

Axos Invested Managed Portfolios get you the core portfolio management with a wide range of low-cost ETFs, tax-loss harvesting, and rebalancing – all at a modest 0.24 percent management fee. However, cash management is just a basic sweep account. Bankrate overall rating: 4

E-Trade Core Portfolios offers an attractive robo-advisor option. Though its management fee is a bit higher at 0.30 percent, it makes up for it with one of the lowest-cost portfolios, at just 0.06 percent. Customers will also find solid educational content and get access to financial consultants. Bankrate overall rating: 4

With Interactive Advisors you get to pick the portfolio you want, from totally automated portfolios to ones created and managed by outside investors. While the fees vary widely, you’ll have solid low-cost choices. There’s no management fee, but also no tax-loss harvesting. Bankrate overall rating: 4

M1 Finance is part-robo-advisor, part-broker, and it lets you have total freedom to invest in what you want. You’ll be able to build out your own custom portfolio and then set it on autopilot and let M1 do the rest. It comes with a solid cash management account, too. Bankrate overall rating: 4

Personal Capital provides unlimited access to human advisors who customize a portfolio to your needs while offering other perks such as tax-loss harvesting. But you’ll pay one of the highest management fees, though likely less than at a traditional advisor, and you’ll need a whopping $100,000 to get started. Bankrate overall rating: 4

How much does a robo-advisor cost

While the costs vary from service-to-service, typically the cost of a robo-advisor has two major components: Management fee: This fee typically costs 0.25 percent to 0.5 percent of your assets on an annual basis, though fees may be lower or higher. So every $10,000 invested would incur management fees of $25 to $50 each year based on those percentages. Funds’ expense ratios: The robo-advisor will invest your money in various funds that also charge fees based on your assets. The fees can vary widely, but across a portfolio they typically range from 0.05 percent to 0.25 percent, costing $5 to $25 annually for every $10,000 invested, though some funds may cost more. These fees are deducted proportionally on a daily basis by the fund company, and they will be almost invisible to you. While sometimes the robo-advisor charges a few incidental fees when you require something special, in general you won’t run up any extra charges. So it doesn’t cost you anything extra to buy and sell funds, move money out of your account or change your allocation if your risk tolerance or a financial goal changes. Since you’re investing, your returns , so you can lose money. However, money that your robo-advisor puts in a cash account is typically protected by the FDIC.

Considerations when choosing a robo-advisor

Account types and minimums. You’ll want to make sure any robo-advisor you’re considering has the account type that you’re looking to open. Most robo-advisors offer individual accounts, but not all of them offer popular retirement accounts such as . Account minimums can also vary between advisors and range from nothing to tens of thousands of dollars. Costs are also important to consider. Make sure to understand the annual management fee you’ll be charged as well as the fees associated with the ETFs that will comprise your portfolio. Some of the more expensive ETFs offered could push your overall fees to near 1 percent, which is on par with a traditional financial advisor. Additional features. Keep an eye out for additional features offered beyond the basic portfolio building. Some robo-advisors offer automatic daily , which will ensure your allocations remain in the recommended range. is another option that some platforms offer to help you save on taxes in an individual or joint taxable account. Customer support. When something goes wrong, it’s nice to be able to find a solution quickly. Consider what hours you’ll be able to reach someone with questions about your account. Some robo-advisors even give you the option of speaking with a human financial advisor for help with more complex questions.

When is a robo-advisor a good choice

A robo-advisor can be a good choice for many kinds of investors, depending on their needs and willingness to manage their investment account. A robo-advisor is a solid pick if you: Want a professional to manage your money and develop a financial plan Are looking to start investing and want to go slowly and safely Want an alternative to a human advisor at low cost Would prefer not to spend much of your time on investments Don’t understand the markets or want to learn Want an account where you deposit money and everything is done for you Want a diversified portfolio that can help you retire These reasons all center around the robo-advisor using its expertise to save you time, money and annoyance. So, a robo-advisor can make sense for new investors who want to learn how investing works or seasoned ones who don’t want to manage their portfolio any more. It’s actually easy to get started with a robo-advisor and often you may need no money to do so.

What are the disadvantages of using a robo-advisor

A robo-advisor is a good investing choice for many kinds of investors, but it may not fit everyone. Here are some disadvantages of using a robo-advisor: Lack of investment choice: If you want to choose your investments, a robo-advisor likely won’t be a good option. Robo-advisors usually select the investments and make the decisions, and only a few allow you even a little discretion in what they invest in. No guarantee of performance: Robo-advisors invest in stocks and bonds, and the prices of these assets can fluctuate a lot, especially in the short term. These are riskier investments than bank products, and a robo-advisor does not promise performance. No human to keep you on track: Many robo-advisors operate a strictly automated model and may charge an extra fee to speak with a human advisor. Human advisors can be great at keeping you focused and motivated to stick with your financial goals. Better for routine needs: Some robo-advisors are designed to help you with one or two goals, such as retirement, or routine needs. Those with more complex situations may want another solution, such as the option to consult with a human financial professional. You’ll want to carefully examine your needs as you consider whether a robo-advisor is right for you. In many situations they can be an excellent choice, but in some cases they won’t be.

Bottom line

The biggest advantage of opening a robo-advisor account is having an experienced company manage your money at a reasonable fee. But once you’ve opened the account, you’re just getting started. You’ll want to continue investing money over time to increase your savings. Now more than ever, it’s easy to open an account and . Note: Bankrate’s also contributed to this story. Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation. SHARE: Bankrate senior reporter James F. Royal, Ph.D., covers investing and wealth management. His work has been cited by CNBC, the Washington Post, The New York Times and more. Brian Beers is the managing editor for the Wealth team at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money. Kenneth Chavis IV is a senior wealth manager who provides comprehensive financial planning, investment management and tax planning services to business owners, equity compensated executives, engineers, medical doctors and entertainers.

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