12 Best Robo-Advisors of December 2023
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.
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In a volatile stock market, low-cost financial advice and investment management can be more valuable than ever. Robo-advisors can be an accessible way to get it: 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-advisors 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 analyzed the industry and listed the best robo-advisors below.
In a volatile stock market, low-cost financial advice and investment management can be more valuable than ever. Robo-advisors can be an accessible way to get it: 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-advisors 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 analyzed the industry and listed the best robo-advisors below.
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Best Robo-Advisors
| Broker | NerdWallet rating | Fees | Account minimum | Promotion | Learn more |
|---|---|---|---|---|---|
 Wealthfront Learn more on Wealthfront's website AD Paid non-client promotion | Reviewed in: Oct. 2023 Period considered: Aug. - Oct. 2023 | 0.25% management fee | $500 | Get $50 customer bonus when you fund your first taxable Investment Account | Learn more on Wealthfront's website AD Paid non-client promotion |
 SoFi Automated Investing Learn more on SoFi Invest's website AD Paid non-client promotion | Reviewed in: Oct. 2023 Period considered: Aug. - Oct. 2023 | 0% management fee | $0 | SoFi will match 1% of your contributions to your IRA Only offers made via ACH are eligible for the match. ACATs, wires, and rollovers are not included. Offer ends 12/31/23. | Learn more on SoFi Invest's website AD Paid non-client promotion |
 E*TRADE Core Portfolios Learn more on E*TRADE's website AD Paid non-client promotion | Reviewed in: Oct. 2023 Period considered: Aug. - Oct. 2023 | 0.30% management fee | $500 | None no promotion available at this time | Learn more on E*TRADE's website AD Paid non-client promotion |
 Vanguard Digital Advisor Learn more on Vanguard's website AD Paid non-client promotion | Reviewed in: Oct. 2023 Period considered: Aug. - Oct. 2023 | 0.15% per year
(approximately) | $3,000 | No advisory fees your first 90 days of Vanguard Digital Advisor investment management (Enrollment requires a Vanguard account with a minimum of $3,000) | Learn more on Vanguard's website AD Paid non-client promotion |
 Fidelity Go® Learn more on Fidelity's website AD Paid non-advisory client promotion | Reviewed in: Oct. 2023 Period considered: Aug. - Oct. 2023 | 0% - management fee | $0 | None no promotion available at this time | Learn more on Fidelity's website AD Paid non-advisory client promotion |
5.0
/5Reviewed in: Oct. 2023
Period considered: Aug. - Oct. 2023
on Wealthfront's website
AD
Paid non-client promotion
0.25%
management fee
$500
Get $50 customer bonus
when you fund your first taxable Investment Account
Pros
Get $50 customer bonus when you fund your first taxable investment account (NerdWallet promotion).
Low ETF expense ratios.
Daily tax-loss harvesting.
Automatic rebalancing.
DIY and automated investing options.
Cons
No human financial advisors.
Why We Like It
With Wealthfront, you get low-cost access to a diverse investment lineup, excellent planning tools and a variety of tax-saving strategies. The company also offers access to individual stocks for DIY investors.
4.9
/5Reviewed in: Oct. 2023
Period considered: Aug. - Oct. 2023
on SoFi Invest's website
AD
Paid non-client promotion
0%
management fee
$0
SoFi will match 1% of your contributions to your IRA
Only offers made via ACH are eligible for the match. ACATs, wires, and rollovers are not included. Offer ends 12/31/23.
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.
Why We Like It
Free management and access to financial advisors and career counselors make SoFi Automated Investing a solid choice for beginning and younger investors. **Only offers made via ACH are eligible for the match. ACATs, wires, and rollovers are not included. Offer ends 12/31/23.
4.8
/5Reviewed in: Oct. 2023
Period considered: Aug. - Oct. 2023
on Vanguard's website
AD
Paid non-client promotion
0.15%
per year (approximately)
$3,000
No advisory fees
your first 90 days of Vanguard Digital Advisor investment management (Enrollment requires a Vanguard account with a minimum of $3,000)
Pros
Access to Vanguard’s investing expertise and ETFs.
Low management fee relative to competitors.
Low investment expense ratios and no additional account fees.
Cons
Limited portfolio options and customization.
Why We Like It
Vanguard Digital Advisor is an affordable robo-advisory service using several of Vanguard’s key ETFs to create a personalized retirement plan and portfolio for investors.
4.6
/5Reviewed in: Oct. 2023
Period considered: Aug. - Oct. 2023
on Fidelity's website
AD
Paid non-advisory client promotion
0% - 0.35%
management fee
$0
None
no promotion available at this time
Pros
Free management on balances under $25,000.
No investment-expense ratios.
Human portfolio oversight.
Integration with other Fidelity accounts.
Cons
No tax-optimization assistance.
Why We Like It
Fidelity's robo-advisor, Fidelity Go, frequently makes our list of the best robo-advisor for its low fees — including free management on balances below $25,000 — integration with other Fidelity accounts and its use of Fidelity Flex funds, which have no expense ratios.
5.0
/5Reviewed in: Oct. 2023
Period considered: Aug. - Oct. 2023
on Betterment's website
AD
Paid non-client promotion
0.25%
with a balance over $20K or qualifying recurring deposit. Otherwise, $4/month.
$0
$10 to start
None
no promotion available at this time
Pros
Multiple portfolio options, including customization.
Low account minimum and fees
Fractional shares allow all cash to be invested.
Robust goal-based tools.
Cons
No direct indexing.
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.
4.7
/5Reviewed in: Oct. 2023
Period considered: Aug. - Oct. 2023
on Acorns' website
AD
Paid non-client promotion
$3 - $5
per month
$0
$10 Sign Up Bonus
Pros
Automatically invests spare change.
Cash back at select retailers.
Educational content available.
Cons
High fee on small account balances.
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.
4.6
/5Reviewed in: Oct. 2023
Period considered: Aug. - Oct. 2023
on Axos Invest's website
AD
Paid non-client promotion
0.24%
management fee
$500
None
no promotion available at this time
Pros
Low account management costs.
Customizable portfolios.
Goal-based planning tools.
Cons
Limited account selection.
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.
4.7
/5Reviewed in: Oct. 2023
Period considered: Aug. - Oct. 2023
on Ellevest's website
AD
Paid non-client promotion
$12
per month
$0
2 months free
with promo code "nerdwallet"
Pros
No account minimum.
Goal-focused investing approach.
Portfolio mix that factors women’s needs.
A la carte sessions with coaches and CFPs.
Cons
No tax-loss harvesting.
Why We Like It
Ellevest offers a single flat-fee plan which costs $12 a month. Clients get discounted access to professional financial planning, free educational resources and the only investing platform that factors in women’s pay gaps, career breaks and longer lifespans. Ellevest also offers Private Wealth Management for investors with $1 million or more.
Want to compare more options? Here are our other top picks:
Last updated on December 1, 2023
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).
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.
To recap our selections...
NerdWallet's Best Robo-Advisors of December 2023
Frequently asked questions
Robo-advisors automate investment management by using computer algorithms to build you a portfolio and manage your assets based on your goals and your tolerance for risk. Since portfolio management is handled by software rather than a human financial advisor, robo-advisors charge lower fees, which can translate to higher long-term returns for investors.
Opening a robo-advisor account is very similar to opening a brokerage account or bank account: You'll provide some personal information and then link an existing account from which you can transfer money to fund the new account. The primary difference is in most cases, robo-advisors will take you through an onboarding quiz to help determine how to invest your portfolio. These quizzes generally ask about your investment goals, risk tolerance and time horizon, and the robo-advisor will use your answers to build the most optimal portfolio for you.
Robo-advisors use advanced software to handle many of the tasks that used to require expensive experts to manage. Services range from automatic rebalancing to tax optimization, and require little to no human interaction. A robo-advisor might be a good fit if you prefer to be largely hands-off with your investments and you don’t have the kind of complex financial situation that requires a direct relationship with a human financial advisor.
That said, many providers offer access to human advisors available for questions related to account management or long-term investment planning — though these services may cost more.
Here’s what you should consider:
Management fees. This is what you’ll pay annually to have an account at a robo-advisor.
Expense ratios. These are like management fees, only they’re paid not to the robo-advisor, but to the investments the robo-advisor uses. Mutual funds, index funds and exchange-traded funds all charge this annual fee to cover the costs of running the fund.
Account types. Investment accounts fall into two general categories: Retirement accounts, such as IRAs and 401(k)s, that offer tax advantages while adhering to certain rules; and taxable accounts, where there are no specific tax advantages but also no limits on contributions or distributions.
Investments. Most robo-advisors use low-cost index funds and ETFs.
Rebalancing. Portfolios are fluid, and market fluctuations can cause the mix of investments you hold to get out of sync with your goals. Rebalancing brings that allocation back to its original mix.
Access to human advisors. Many robo-advisors have merged computer-driven portfolio management with access to human financial advisors. Some services offer a dedicated advisor to individual clients; others offer only email or online chat with a team of advisors.
