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12 Best Brokers and Robo-Advisors for Mutual Funds 2020

Kevin VoigtJune 8, 2020

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Mutual funds are the investing world’s two-for-one: a single investment product with built-in diversification. They are a great tool for long-term investors who want a diversified portfolio composed of just a handful of investments, versus a long list of individual stocks to keep track of.

Right now is a particularly good time to be a mutual fund investor. Many of the once-pricier players have slashed or completely done away with fund investment minimums. Fidelity has gone so far as to cut management fees to the bone, rolling out a few zero-fee index funds. And the number of no-transaction-fee mutual funds — funds you can invest in without paying any commission whatsoever — continues to grow at many providers.

It’s becoming a tight race to the top for discount brokers and robo-advisors that serve fund investors. All of the providers here offer a range of low-cost funds and resources to effectively manage your portfolio. To help narrow the field, here’s NerdWallet’s roundup of top brokers and robo-advisors for mutual fund investors.

Summary of Best Brokers and Robo-Advisors for Mutual Funds 2020

BrokerNerdWallet Rating CommissionsPromotionAccount MinimumLearn More
You Invest by J.P.Morgan

You Invest by J.P.Morgan

on You Invest by J.P.Morgan's website

Best for Hands-On Investors

$0

per trade

Up to $725

when you open and fund a You Invest Trade account with qualifying new money

$0

on You Invest by J.P.Morgan's website

Vanguard Personal Advisor Services

Vanguard Personal Advisor Services

on Vanguard's website

Best for Robo-Advisors for Hands-Off Investors

0.30%

management fee

None

no promotion currently offered

$50,000

on Vanguard's website

Ellevest

Ellevest

on Ellevest's website

Best for Robo-Advisors for Hands-Off Investors

$1 - $9

per month

1 month free

of Ellevest Digital

$0

on Ellevest's website

Firstrade

Firstrade

Best for Hands-On Investors

$0

per trade

Up to $200

in Transfer Fee Rebates

$0

Read review
Vanguard

Vanguard

Best for Hands-On Investors

$0

per trade

None

no promotion available at this time

$0

Read review

Our pick for

Hands-On Investors

You Invest by J.P.Morgan

on You Invest by J.P.Morgan's website

You Invest by J.P.Morgan

You Invest by J.P.Morgan

Fees

$0

per trade

Account Minimum

$0

Promotion

Up to $725

when you open and fund a You Invest Trade account with qualifying new money

on You Invest by J.P.Morgan's website


Promotion

Up to $725

when you open and fund a You Invest Trade account with qualifying new money

Why we like it

You Invest Trade is a clear-cut investment platform that is great for beginners looking to learn how to buy and sell investments. More advanced investors, however, may find it lacking in terms of available assets, tools and research. INVESTMENT PRODUCTS: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Pros

  • Easy-to-use platform.

  • $0 commissions.

  • App connects all Chase accounts.

  • No account minimum.

Cons

  • Limited tools and research.

  • Portfolio Builder tool requires $2,500 balance.

Read Full Review

Our picks for

Robo-Advisors for Hands-Off Investors

Vanguard Personal Advisor Services

on Vanguard's website

Vanguard Personal Advisor Services

Vanguard Personal Advisor Services

Fees

0.30%

management fee

Account Minimum

$50,000

Promotion

None

no promotion currently offered

on Vanguard's website


Promotion

None

no promotion currently offered

Why we like it

Vanguard Personal Advisor Services is an excellent choice for investors who can meet the $50,000 account minimum and want to use the computer algorithms of a robo-advisor while maintaining access to a human touch.

Pros

  • Low management fee for an online planning service

  • Large investment selection.

  • Comprehensive management.

  • Access to financial advisors.

Cons

  • High account minimum.

  • Website offers less of a guiding hand than some competitors.

Read Full Review
Ellevest

on Ellevest's website

Ellevest

Ellevest

Fees

$1 - $9

per month

Account Minimum

$0

Promotion

1 month free

of Ellevest Digital

on Ellevest's website


Promotion

1 month free

of Ellevest Digital

Why we like it

This advisor markets itself to women and takes a goal-focused approach that factors in women’s lower incomes, lifetime earnings and longer lifespans. With its $0 account minimum, competitive membership fee and a la cart access to CFPs and coaches, Ellevest is an appealing choice for investors of any gender.

Pros

  • Low account minimum and fees.

  • Goal-focused investing approach.

  • Portfolio mix that factors women’s needs.

  • A la carte sessions with coaches and CFPs.

Cons

  • Essential members can't open an IRA.

  • No tax-loss harvesting.

Read Full Review

Our pick for

Hands-On Investors

E*TRADE

on E*TRADE's website

E*TRADE

E*TRADE

Fees

$0

per trade

Account Minimum

$0

Promotion

None

no promotion available at this time

on E*TRADE's website


Promotion

None

no promotion available at this time

Why we like it

E*TRADE has long been one of the most popular online brokers. The company's $0 commissions and strong trading platforms appeal to active traders, while beginner investors benefit from a large library of educational resources.

Pros

  • Easy-to-use tools.

  • Large investment selection.

  • Excellent customer support.

  • Access to extensive research.

  • Advanced mobile app.

  • Commission-free stock, options and ETF trades.

Cons

  • Website can be difficult to navigate.

Read Full Review

Last updated on June 9, 2020

Methodology

NerdWallet's ratings for brokers and robo-advisors are weighted averages of several categories, including investment selection, customer support, account fees, account minimum, trading costs and more. Our survey of brokers and robo-advisors includes the largest U.S. providers by assets under management, plus notable and/or emerging players in the industry. Factors we consider, depending on the category, include advisory fees, branch access, user-facing technology, customer service and mobile features. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

To recap our selections...

NerdWallet's Best Brokers and Robo-Advisors for Mutual Funds 2020

Frequently asked questions