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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.

Jun 14, 2022

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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.

SoFi Automated Investing

5.0

/5
 NerdWallet rating 
Fees
0%
management fee
Account minimum
$0
Promotion
Free
career counseling plus loan discounts with qualifying deposit
Learn more

on SoFi Invest's website

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.

Betterment

5.0

/5
 NerdWallet rating 
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

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.

Wealthfront

5.0

/5
 NerdWallet rating 
Fees
0.25%
management fee
Account minimum
$500
Promotion
$5,000
amount of assets managed for free
Learn more

on Wealthfront's website

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.

Ally Invest Robo Portfolios

4.5

/5
 NerdWallet rating 
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

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.

E*TRADE Core Portfolios

4.0

/5
 NerdWallet rating 
Fees
0.30%
management fee
Account minimum
$500
Promotion
None
no promotion available at this time
Learn more

on E*TRADE's website

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.

Axos Managed Portfolios

4.0

/5
 NerdWallet rating 
Fees
0.24%
management fee
Account minimum
$500
Promotion
None
no promotion available at this time
Learn more

on Axos Invest's website

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.

Blooom

4.5

/5
 NerdWallet rating 
Fees
$45 - $250
per year
Account minimum
$0
Promotion
$10 off
with code REEETIRE10
Learn more

on Blooom's website

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.

Acorns

4.0

/5
 NerdWallet rating 
Fees
$3 - $5
per month
Account minimum
$0
Promotion
$10 Sign Up Bonus
Learn more

on Acorns' website

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.

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

Last updated on June 14, 2022

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5.0

NerdWallet rating 
Discover Bank Online Savings

APY

1.00%

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

1.26%

With $0 min. balance for APY

at LendingClub Bank, Member FDIC

American Express® High Yield Savings Account

4.5

NerdWallet rating 
American Express® High Yield Savings Account

APY

1.00%

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at American Express National 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