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11 Best Robo-Advisors of May 2022

The best robo-advisors charge low portfolio management fees and offer a range of services, including tax strategies, access to human advisors and a variety of portfolio options.

May 12, 2022

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Looking for low-cost financial advice and investment management? Robo-advisors can be a good fit. These services build and manage an investment portfolio for you for a fraction of what the typical financial advisor might charge, allowing you to be hands-off with your investments.

The number of robo-advisor services has swelled in recent years, as has the range of services. Many robo-advisors now offer socially responsible investment portfolios, access to human financial advisors for basic investment and financial planning questions, and comprehensive digital financial planning tools.

Bottom line: There’s now a low-cost robo-advisor option for every type of investor. We’ve covered the best robo-advisors below.

Best Robo-Advisors

SoFi Automated Investing
Learn more

on SoFi Invest's website

SoFi Automated Investing

5.0

NerdWallet rating 
SoFi Automated Investing

Fees

0%

management fee

Account minimum

$0

Promotion

Free

career counseling plus loan discounts with qualifying deposit

Learn more

on SoFi Invest's website


Promotion

Free

career counseling plus loan discounts with qualifying deposit

Why we like it

SoFi Automated Investing is great for beginning, cost-conscious investors who favor a hands-off approach. Plus, as a customer, you could be eligible for bonuses on other SoFi products.

Pros

  • Broad range of low-cost investments.

  • Free management.

  • Automatic rebalancing.

  • Customer support.

  • Access to certified financial planners.

Cons

  • Limited account types.

  • No tax-loss harvesting.

Read Full Review
Betterment
Learn more

on Betterment's website

Betterment

5.0

NerdWallet rating 
Betterment

Fees

0.25%

management fee

Account minimum

$10

Promotion

Up to 1 year

of free management with a qualifying deposit

Learn more

on Betterment's website


Promotion

Up to 1 year

of free management with a qualifying deposit

Why we like it

Betterment has maintained its status as the largest independent robo-advisor for a reason: The company offers a powerful combination of goal-based tools, affordable management fees and no account minimum.

Pros

  • Multiple portfolio options and customization.

  • Low account minimum and fees

  • Fractional shares mean all your cash is invested.

  • Robust goal-based tools.

Cons

  • No direct indexing.

Read Full Review
Wealthfront
Learn more

on Wealthfront's website

Wealthfront

5.0

NerdWallet rating 
Wealthfront

Fees

0.25%

management fee

Account minimum

$500

Promotion

$5,000

amount of assets managed for free

Learn more

on Wealthfront's website


Promotion

$5,000

amount of assets managed for free

Why we like it

Wealthfront has built client trust by offering free management on the first $5,000 — with NerdWallet’s promotion — and the company’s stock-level tax-loss harvesting service really shines.

Pros

  • First $5,000 managed free (NerdWallet promotion).

  • Low ETF expense ratios.

  • Daily tax-loss harvesting.

  • Automatic rebalancing.

Cons

  • No fractional shares.

  • No large-balance discounts.

Read Full Review
Ally Invest Robo Portfolios
Learn more

on Ally Invest's website

Ally Invest Robo Portfolios

4.5

NerdWallet rating 
Ally Invest Robo Portfolios

Fees

0.0%

with Cash-Enhanced Managed Portfolio; 0.3% otherwise

Account minimum

$100

Promotion

None

no promotion available at this time

Learn more

on Ally Invest's website


Promotion

None

no promotion available at this time

Why we like it

Ally Invest Robo Portfolios is best suited to retirement accounts or loyal Ally customers who want to house a managed account, a trading account and their bank accounts under one roof. The lack of tax-loss harvesting will be an issue for investors with taxable brokerage accounts.

Pros

  • Solid investment selection.

  • Integration for Ally bank and brokerage clients.

Cons

  • No tax-loss harvesting.

Read Full Review
E*TRADE Core Portfolios
Learn more

on E*TRADE's website

E*TRADE Core Portfolios

4.0

NerdWallet rating 
E*TRADE Core Portfolios

Fees

0.30%

management fee

Account minimum

$500

Promotion

None

no promotion available at this time

Learn more

on E*TRADE's website


Promotion

None

no promotion available at this time

Why we like it

If you’re after a robo-advisor portfolio with actively managed mutual funds, E*TRADE is a strong option. Otherwise, you may be able to get more for less from a competitor, particularly if you hold a high balance in a taxable account.

Pros

  • Extensive investor tools and educational resources.

  • Strong customer service.

  • Low investment-expense ratios.

  • Specialty portfolio options.

Cons

  • No tax-loss harvesting.

Read Full Review
Axos Managed Portfolios
Learn more

on Axos Invest's website

Axos Managed Portfolios

4.0

NerdWallet rating 
Axos Managed Portfolios

Fees

0.24%

management fee

Account minimum

$500

Promotion

None

no promotion available at this time

Learn more

on Axos Invest's website


Promotion

None

no promotion available at this time

Why we like it

Axos Invest stands out for the level of customization allowed by the service: The company allows investors to add or remove 32 investment types, including socially responsible investments.

Pros

  • Low account management costs.

  • Customizable portfolios.

  • Goal-based planning tools.

Cons

  • Limited account selection.

Read Full Review
Blooom
Learn more

on Blooom's website

Blooom

4.5

NerdWallet rating 
Blooom

Fees

$45 - $250

per year

Account minimum

$0

Promotion

$10 off

with code REEETIRE10

Learn more

on Blooom's website


Promotion

$10 off

with code REEETIRE10

Why we like it

Blooom brings much-needed investment management to employer-sponsored retirement plans like 401(k)s. Investors can also test drive the service with the company’s free analysis tool.

Pros

  • 401(k) management.

  • No account minimum.

  • Free analysis.

  • Access to financial advisors.

Cons

  • Limited direct IRA management.

  • High costs for small account balances.

Read Full Review
Acorns
Learn more

on Acorns's website

Acorns

4.0

NerdWallet rating 
Acorns

Fees

$3 - $5

per month

Account minimum

$0

Promotion

$10 Sign Up Bonus
Learn more

on Acorns's website


Promotion

$10 Sign Up Bonus

Why we like it

If you want to make the most of your spare change and get the occasional retailer kickback, there’s really no better place to do that. The automatic roundups at Acorns make saving and investing easy, and most investors will be surprised by how quickly those pennies accumulate. The downside? At small balances, Acorns fees can cut into or completely wipe away investment returns.

Pros

  • Automatically invests spare change.

  • Cash back at select retailers.

  • Educational content available.

Cons

  • High fee on small account balances.

Read Full Review

Want to compare more options? Here are our other top picks:

Disclosure: The author held no positions in the aforementioned securities at the time of publication.

Last updated on May 12, 2022

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Marcus by Goldman Sachs Online Savings Account

5.0

NerdWallet rating 
Marcus by Goldman Sachs Online Savings Account

APY

0.60%

With $0 min. balance for APY

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

0.60%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

LendingClub High-Yield Savings

5.0

NerdWallet rating 
LendingClub High-Yield Savings

APY

0.85%

With $0.01 min. balance for APY

at LendingClub Bank, Member FDIC

Methodology

NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokers and robo-advisors. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

For more details about the categories considered when rating providers and our processes, read our full broker ratings methodology and our full robo-advisor ratings methodology.

Frequently asked questions