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Best Robo-Advisors: Top Picks for 2024

These top robo-advisors charge low fees but still offer high-quality features, including automated portfolio rebalancing, exposure to a range of asset classes and financial planning tools. Many also offer access to financial advisors.

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Written by Alana Benson
Lead Writer
Profile photo of Arielle O'Shea
Reviewed by Arielle O'Shea
Lead Assigning Editor
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Assigning Editor
Fact Checked

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The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

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Our deep, independent analysis of robo-advisors cuts through the details to find and evaluate the information investors want when choosing an investing account. To see our full methodology and learn more about our process, read our criteria for evaluating robo-advisors.

Over 60 investment account providers reviewed and rated by our expert Nerds.

More than 50 years of combined experience writing about finance and investing.

Hands-on testing of provider websites and investment platforms.

Dozens of objective ratings rubrics and strict guidelines to maintain editorial integrity.

If you're in the market for a robo-advisor, there are plenty of providers to choose from — but important factors like fees, investment portfolios, account minimums and other features can vary widely.

In our analysis, the two robo-advisors with the top scores were Wealthfront and Betterment. Wealthfront stands out as a low-cost option with flexible, diversified investment portfolio choices. Betterment has similarly low management fees, and we like that you can add on human advice for an additional cost if you need it.

That said, all the robo-advisors on this list scored highly and impressed our testers, so the best one for you probably depend on your individual needs. And if cost is your bottom line, there are a few free options on our list below, too.

sparkle-illustration

Get matched with a financial advisor in minutes through NerdWallet Advisors Match

Our deep, independent analysis of robo-advisors cuts through the details to find and evaluate the information investors want when choosing an investing account. To see our full methodology and learn more about our process, read our criteria for evaluating robo-advisors.

Over 60 investment account providers reviewed and rated by our expert Nerds.

More than 50 years of combined experience writing about finance and investing.

Hands-on testing of provider websites and investment platforms.

Dozens of objective ratings rubrics and strict guidelines to maintain editorial integrity.

If you're in the market for a robo-advisor, there are plenty of providers to choose from — but important factors like fees, investment portfolios, account minimums and other features can vary widely.

In our analysis, the two robo-advisors with the top scores were Wealthfront and Betterment. Wealthfront stands out as a low-cost option with flexible, diversified investment portfolio choices. Betterment has similarly low management fees, and we like that you can add on human advice for an additional cost if you need it.

That said, all the robo-advisors on this list scored highly and impressed our testers, so the best one for you probably depend on your individual needs. And if cost is your bottom line, there are a few free options on our list below, too.

Best Robo-Advisors: Top Picks

NerdWallet rating 

5.0

/5

Reviewed in: Oct. 2024

Period considered: Aug. - Oct. 2024

Wealthfront
Learn more

on Wealthfront's website

AD

Paid non-client promotion

Fees

0.25%

management fee

Account minimum

$500

Promotion

Get a $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.

  • DIY and automated investing options.

  • Low portfolio management fee.

Cons

  • $500 account minimum.

Why We Like It

Wealthfront is our highest-scoring robo-advisor thanks to its blend of automated investment portfolios and DIY stock investing portfolios, its wide variety of account options, excellent tax strategy and low management fee. Wealthfront's only weak spots are its account minimum ($500) and its lack of access to human advisors.

Best Robo-Advisor for Low-Cost Investing 2024

NerdWallet rating 

4.8

/5

Reviewed in: Oct. 2023

Period considered: Aug. - Oct. 2023

Vanguard Digital Advisor
Learn more

on Vanguard's website

AD

Paid non-client promotion

Fees

0.15%

per year (approximately)

Account minimum

$100

Promotion

No advisory fees

your first 90 days of Vanguard Digital Advisor investment management (Enrollment requires a Vanguard account with a minimum of $100)

Pros

  • Access to Vanguard’s investing expertise and ETFs.

  • Low portfolio management fee.

  • Low investment expense ratios.

Cons

  • Limited portfolio options and customization.

  • $100 account minimum.

Why We Like It

Vanguard Digital Advisor is an affordable robo-advisory service that uses several of Vanguard’s key ETFs to create a personalized retirement plan and portfolio. But Vanguard Digital Advisor doesn't offer much portfolio customization or access to a human advisor.

NerdWallet rating 

5.0

/5

Reviewed in: Oct. 2024

Period considered: Aug. - Oct. 2024

Betterment
Learn more

on Betterment's website

AD

Paid non-client promotion

Fees

0.25%

with a balance over $20K or qualifying recurring deposit. Otherwise, $4/month.

Account minimum

$0

$10 to start

Promotion

Get 1% match

of your net Roth and traditional IRA contributions until December 30, 2024. Terms apply.

Pros

  • Multiple portfolio options, including customization.

  • Low portfolio management fee.

  • Fractional shares allow all cash in portfolios to be invested.

  • Goal-based financial planning tools.

  • Cryptocurrency portfolio available.

  • No account minimum ($10 required to start investing).

Cons

  • No direct indexing.

Why We Like It

Betterment offers a powerful combination of goal-based tools, affordable management fees and no account minimum.

NerdWallet rating 

4.6

/5

Reviewed in: Oct. 2024

Period considered: Aug. - Oct. 2024

SoFi Automated Investing
Learn more

on SoFi Invest's website

AD

Paid non-client promotion

Fees

0%

management fee

Account minimum

$0

Promotion

1% match on rollovers and contributions

Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.

Pros

  • Free portfolio management.

  • Very low expense ratios on investments used.

  • Free access to certified financial planners.

  • 1% match on IRA rollovers and contributions.

  • No account minimum.

Cons

  • No socially responsible portfolio options.

  • 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. Unfortunately there is limited tax strategy and no socially responsible portfolio.

NerdWallet rating 

4.6

/5

Reviewed in: Oct. 2024

Period considered: Aug. - Oct. 2024

Acorns
Learn more

on Acorns' website

AD

Paid non-client promotion

Fees

$3 - $12

per month

Account minimum

$0

Promotion

$10 sign-up bonus

Pros

  • Automatically invests spare change.

  • Cash back at select retailers.

  • Educational content available.

  • No account minimum ($5 required to start investing).

  • IRA match at some service tiers.

  • High interest rate on checking and savings at some service tiers.

Cons

  • Monthly fees can be significant for small balances.

  • $35 per ETF to transfer funds to another broker.

  • No tax-loss harvesting.

Why We Like It

Acorns is known for its automatic roundups that make saving and investing easy. The downside? At small account balances, Acorns' fees can cut into investment returns. Acorns has great tools for kids at the most expensive tier, such as a bank account and debit card designed to help them learn about all things money. But Acorns has zero financial advisor access or tax tools and higher than average transfer fees.

NerdWallet rating 

4.9

/5

Reviewed in: Oct. 2024

Period considered: Aug. - Oct. 2024

Ellevest
Learn more

on Ellevest's website

AD

Paid non-client promotion

Fees

$12

per month

Account minimum

$0

Promotion

2 months free

with promo code "nerdwallet"

Pros

  • Goal-focused investing approach.

  • Portfolio mix that factors women’s needs.

  • Members get discounted sessions with certified financial planners.

  • No account minimum.

  • Wealth management offering available for higher-net-worth investors.

Cons

  • No tax-loss harvesting.

  • Some portfolios have minimum investment requirements.

Why We Like It

Ellevest offers a single flat-fee plan which costs $12 a month. Clients get discounted access to professional financial planning, alongside free educational resources and the only investing platform that factors in women’s pay gaps, career breaks and longer lifespans. Ellevest does not include any banking options.

NerdWallet rating 

5.0

/5

Reviewed in: Oct. 2024

Period considered: Aug. - Oct. 2024

Fidelity Go®

Unpaid non-advisory client promotion

Fees

0% - 0.35%

management fee

Account minimum

$0

Promotion

None

no promotion available at this time

Pros

  • Free portfolio management on balances under $25,000.

  • No investment expense ratios.

  • Human oversight of portfolio allocations.

  • Integration with other Fidelity accounts.

  • No account minimum ($10 required to start investing).

Cons

  • No tax-loss harvesting.

Why We Like It

Fidelity's robo-advisor, Fidelity Go, frequently makes our list of the best robo-advisors for its low fees — including free management on balances below $25,000 — integration with other Fidelity accounts and its use of Fidelity Flex funds (Fidelity mutual funds), which have no expense ratios. Fidelity Go does not offer tax-loss harvesting.

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

Learn more about robo-advisors before you open an account

What does a robo-advisor do?

Robo-advisors automate investment management by using computer algorithms to build and manage an investment portfolio for you, 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. A few of the advisors on our list even offer completely free portfolio management.

Robo-advisor 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.

How do you open a robo-advisor account?

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.

How do robo-advisors get paid?

Robo-advisors are paid through their account management fee. This is usually shown as a percentage, such as 0.25%. This means the fee is a percentage of the money that you invest. For example, if you put $1,000 into a robo-advisor investment account, and it charges a 0.25% fee, you'd pay $2.50 for that year's worth of investment management. If you put in $100,000 you'd pay $250. Both of those figures are significantly lower than what they would be if you worked with a traditional financial advisor.

Expense ratios are different from management fees: They are not paid to the robo-advisor, but to the people and institutions that manage the funds you're invested in.

What factors should you consider when picking the best robo-advisor?

Here’s what you'll want to look at:

Management fees. This is what you’ll pay annually to have an account at a robo-advisor. See our calculator below to help you analyze these.

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.

Last updated on October 1, 2024

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.