11 Best Robo-Advisors Right Now: Top Picks for June 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.
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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.
5.0
/5 NerdWallet ratingon SoFi Invest's website
Broad range of low-cost investments.
Free management.
Automatic rebalancing.
Customer support.
Access to certified financial planners.
Limited account types.
No tax-loss harvesting.
5.0
/5 NerdWallet ratingon Betterment's website
Multiple portfolio options and customization.
Low account minimum and fees
Fractional shares mean all your cash is invested.
Robust goal-based tools.
No direct indexing.
5.0
/5 NerdWallet ratingon Wealthfront's website
First $5,000 managed free (NerdWallet promotion).
Low ETF expense ratios.
Daily tax-loss harvesting.
Automatic rebalancing.
No fractional shares.
No large-balance discounts.
4.5
/5 NerdWallet ratingon Ally Invest's website
Solid investment selection.
Integration for Ally bank and brokerage clients.
No tax-loss harvesting.
4.0
/5 NerdWallet ratingon E*TRADE's website
Extensive investor tools and educational resources.
Strong customer service.
Low investment-expense ratios.
Specialty portfolio options.
No tax-loss harvesting.
4.0
/5 NerdWallet ratingon Axos Invest's website
Low account management costs.
Customizable portfolios.
Goal-based planning tools.
Limited account selection.
4.5
/5 NerdWallet ratingon Blooom's website
401(k) management.
No account minimum.
Free analysis.
Access to financial advisors.
Limited direct IRA management.
High costs for small account balances.
4.0
/5 NerdWallet ratingon Acorns' website
Automatically invests spare change.
Cash back at select retailers.
Educational content available.
High fee on small account balances.
Want to compare more options? Here are our other top picks:
Last updated on June 14, 2022
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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.
To recap our selections...
NerdWallet's Best Robo-Advisors Right Now: Top Picks for June 2022
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.
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.
