Fortune Recommends™ is editorially independent. We may earn affiliate revenue from links in this content.

The 10 best robo-advisors of 2024

Katherine HaanPersonal Finance Expert

Katherine Haan is a former financial advisor turned small business coach. Katherine holds an MBA, and is a former staff writer for Fit Small Business. She is a regular contributor to Forbes and maintains a popular lifestyle and travel blog.

Cassie BottorffREVIEWED BYCassie BottorffEditor, Business & Banking
Cassie BottorffEditor, Business & Banking

Cassie is the business and banking editor at Fortune Recommends. She obtained her degree from Northern Kentucky University and is a certified SCRUM master. Prior to joining the team at Fortune Recommends, Cassie was a deputy editor at Forbes Advisor and a Central Operations Project Manager at Fit Small Business.

Most people would prefer to leave the gritty details of investing to the professionals. If you’re this kind of hands-off investor, choosing a robo-advisor could be a great choice for your investing dollars. Robos use automation and software to invest your money in a well-diversified portfolio, and they charge very low annual fees.

Fortune RecommendsTM has reviewed nearly two dozen robo-advisors to help you find the best option for your money. Our picks offer a great combination of low annual fees, low minimum deposits, great investing features and superior customer support.


The best robo-advisors of December 2024

CompanyAnnual advisory feeMinimum investment amountLive advisors available?See details
Wealthfront0.25%$500YesLearn more
Schwab Intelligent PortfoliosN/A$5,000YesLearn more
Betterment$4 per month or 0.25%N/AYes (for a fee)Learn more
Ellevest0.25%N/AYes (for a fee)Learn more
E*TRADE Core0.30%$500Yes (for a fee)Learn more
SoFiN/A$1YesLearn more
Ally Invest Managed Portfolio0% to 0.30%$100Yes (for a fee)Learn more
Wells Fargo Intuitive Investor0.35%$500Yes (for a fee)Learn more
Fidelity Go0% to 0.35%$10Yes (for a fee)Learn more
SigFig0% to 0.25%$2,000YesLearn more
10 best robo-advisors of December 2024
WealthfrontLearn more
Annual advisory fee0.25%
Minimum investment amount$500
Live advisors available?Yes
Schwab Intelligent PortfoliosLearn more
Annual advisory feeN/A
Minimum investment amount$5,000
Live advisors available?Yes
BettermentLearn more
Annual advisory fee$4 per month or 0.25%
Minimum investment amountN/A
Live advisors available?Yes (for a fee)
EllevestLearn more
Annual advisory fee0.25%
Minimum investment amountN/A
Live advisors available?Yes (for a fee)
E*TRADE CoreLearn more
Annual advisory fee0.30%
Minimum investment amount$500
Live advisors available?Yes (for a fee)
SoFiLearn more
Annual advisory feeN/A
Minimum investment amount$1
Live advisors available?Yes
Ally Invest Managed PortfolioLearn more
Annual advisory fee0% to 0.30%
Minimum investment amount$100
Live advisors available?Yes (for a fee)
Wells Fargo Intuitive InvestorLearn more
Annual advisory fee0.35%
Minimum investment amount$500
Live advisors available?Yes (for a fee)
Fidelity GoLearn more
Annual advisory fee0% to 0.35%
Minimum investment amount$10
Live advisors available?Yes (for a fee)
SigFigLearn more
Annual advisory fee0% to 0.25%
Minimum investment amount$2,000
Live advisors available?Yes

Read our full methodology here.


Wealthfront

Great for: socially responsible investing.

Annual advisory fee: 0.25%
Minimum investment amount: $500
Live advisors available? Yes
Wealthfront was founded in 2008 by a venture capital firm co-founder and a former trader to help make investing more accessible. Today, the platform manages approximately $50 billion in client assets.

Pros

  • Offers a socially responsible investing portfolio
  • Tailored tax-loss harvesting strategy potentially reduces tax liabilities for most accounts
  • Customers may opt to invest in crypto assets

Cons

  • Does not offer custodial accounts
  • United States citizens living abroad cannot have a Wealthfront account
  • Not the best choice for users who need a lot of handholding
Customer support Monday through Friday via phone and email
Knowledge base Yes
Mobile app Yes, both iOS and Android

Why we picked it

With a low minimum investment threshold, tailored tax-loss harvesting, and 10 global asset classes, there’s a lot to like about Wealthfront. One feature that sets this robo apart is its socially responsible investing (SRI) portfolio, which chooses investments that are equitable, sustainable, and diverse. The SRI option aims to deliver the kind of long-term investment performance that you’d expect from the standard portfolio. Users always have the option to change up the individual funds held in their portfolio at any time.

Schwab Intelligent Portfolios

Great for: automated investing with no advisory fees.

Annual advisory fee: $0
Minimum investment amount: $5,000
Live advisors available? Yes, for an additional fee
Founded in 1971, Charles Schwab is a financial services behemoth with 35 million accounts. The firm manages $8.56 trillion in client assets and is headquartered in Texas.

Pros

  • Offers custodial accounts
  • U.S. expatriate-friendly
  • 24/7 live U.S.-based support

Cons

  • Tax-loss harvesting only available for portfolio balances above $50,000
  • Some account types have high investment minimums
  • The cash allocation in some portfolios may be higher than investors prefer
Customer support Phone and email 24/7
Knowledge base Yes
Mobile app Yes, both iOS and Android

Why we picked it

Schwab Intelligent Portfolios charges no annual advisory fee, but potential customers should understand why. The platform has a significant cash allocation requirement, which may reduce your long-term returns—plus, there’s a high minimum balance requirement of $5,000 to open a basic account. 

In exchange for these limitations, you get free portfolio management that benefits from excellent diversification, constructed from an extensive menu of 51 exchange-traded funds (ETFs), three investment strategies, and six risk profiles. As your risk tolerance or goals change, so can your investment portfolio. You can choose from trust accounts, custodial accounts, brokerage accounts, and individual retirement accounts (IRAs).

Betterment

Great for: recurring investments.

Annual advisory fee: $4 per month or 0.25%
Minimum investment amount: None
Live advisors available? Yes, for an additional fee
Founded in 2010, today Betterment is one of the biggest robos out there, with more than 800,000 customers and more than $40 billion in assets under management. Its CEO is Sarah Levy, and it has several other females as part of its leadership team.

Pros

  • Offers socially responsible investing options
  • Expert-built, diversified portfolios simplify investment choices
  • Comprehensive financial solutions addresses needs from daily spending to retirement planning

Cons

  • U.S. citizens living abroad cannot invest in a Betterment account
  • Does not offer custodial accounts
Customer support Monday through Friday via phone and email
Knowledge base Yes
Mobile app Yes, both iOS and Android

Why we picked it

Whether you’re investing for day-to-day spending or long-term retirement planning, Betterment has a portfolio option to satisfy your needs. As with Wealthfront, it offers socially responsible investing options, and it doesn’t charge any commissions. The fee you pay is either $4 per month or 0.25% annually, and you can set up recurring deposits to automate your investing further. When your recurring minimum is $250 per month, you will move to the 0.25% annual fee bracket automatically.

Ellevest

Great for: women.

Annual advisory fee: 0.25%
Minimum investment amount: None
Live advisors available? Yes, for an additional fee
Founded for women by women in 2014, Ellevest has more than 150,000 women clients. This robo’s goal-based investing means you can invest for short-, medium-, and long-term goals.

Pros

  • 100% of its financial advisors are women
  • Each of its financial planners are Certified Financial Planners (CFPs)
  • 84% of its leadership is female

Cons

  • Inflates its community numbers by including the co-founder’s LinkedIn and Instagram followers
  • Does not offer custodial accounts
Customer support 24/7 live chat, phone, and email
Knowledge base Yes
Mobile app Yes, both iOS and Android

Why we picked it

It’s no secret that women not only live longer, but also get paid less and, therefore, have less available for retirement. Recognizing this need, Ellevest doesn’t take a gender-neutral approach to investing. Instead, it tailors its investing strategies with these unique challenges in mind. It doesn’t ask what your risk is; it determines the acceptable level of risk based on your specific goals and circumstances, all while upholding its fiduciary responsibility.

E*TRADE Core

Great for: 24/7 customer support.

Annual advisory fee: 0.30%
Minimum investment amount: $500
Live advisors available? Yes, for an additional fee
In 2020, Morgan Stanley acquired E*TRADE. It began as TradePlus in 1982 before becoming E*TRADE in 1991.

Pros

  • Offers custodial accounts
  • Expert-built portfolios aimed at achieving optimal returns for given risk levels
  • Offers some customization including socially responsible/ investments (SRIs)

Cons

  • Services don’t fully cater to unique financial needs or complex investment scenarios
  • Account minimums from $500 to $5 million, depending on the type you choose
  • Doesn’t offer email support
Customer support 24/7 via phone only
Knowledge base Yes
Mobile app Yes, both iOS and Android

Why we picked it

With an E*TRADE Core Portfolio, you’re getting an expertly managed set of ETF investments tailored to your risk tolerance, liquidity requirements, goals, and time frame. Your initial investment is just $500, and it comes with a support team, your choice of SRI or smart beta ETFs to further customize your investment portfolio. Should you need any assistance, support is available 24/7.

SoFi Automated Investing

Great for: those who want an easy-to-use interface

Annual advisory fee: 0%
Minimum investment amount: $1
Live advisors available? Yes
With 7.5 million members, SoFi helps its customers tackle all areas of personal finance, including loans, investments, and student loans. It went public June 1, 2021 (NASDAQ: SOFI).

Pros

  • Offers a full suite of personal finance products
  • Its digital platform is easy to use and provides perks
  • Attractive rates on a variety of deposit products

Cons

  • SoFi Member Rate discounts vary by product
  • SoFi was censured recently, fined $500,000 and ordered to pay almost $200,000 by Financial Industry Regulatory Authority (FINRA) for misleading securities lending practices
Customer support Monday through Friday via phone
Knowledge base Yes
Mobile app Yes, both iOS and Android

Why we picked it

SoFi Automated Investing makes it easy to get started with investing, and charges no annual advisory fees. This robo offers both qualified and nonqualified accounts, such as Roth, traditional, simplified employee pension (SEP) IRAs, and brokerage accounts, all without paying commissions or fees you’d normally find with a robo-advisor.

Ally Invest Managed Portfolios

Great for: combining banking and investing services.

Annual advisory fee: 0 to 0.30%
Minimum investment amount: $100
Live advisors available? Yes, for an additional fee
Ally has 11 million customers and $196 billion total assets. It began as a dealer financier in 1919 as part of GM and was renamed Ally Financial in 2010.

Pros

  • Offers custodial accounts
  • User-friendly online platform and mobile app
  • Offers SRI options

Cons

  • U.S. citizens living abroad cannot open an account
  • Requires $100,000 in your account for Personal Advice
Customer support Call Monday through Friday, chat and email 24/7
Knowledge base Yes
Mobile app Yes, both iOS and Android

Why we picked it

With a robo-advising account through Ally, you can get started with as little as $100. Its portfolios are managed and monitored daily by humans and not machines. There are two portfolios you can put your money in, a cash-enhanced or market-focused portfolio. The first has no advisory fee, the other has a 0.30% annual advisory fee. You won’t pay any fees for rebalancing your account, and its mobile app lets you see all of your Ally accounts, banking and investments included.

Wells Fargo Intuitive Investor

Great for: integrating traditional banking with robo-advising.

Annual advisory fee: 0.35%
Minimum investment amount: $500
Live advisors available? Yes, for an additional fee
Wells Fargo began as Wachovia National Bank in 1879. It now services $1.9 trillion in assets in one out of every three households across the U.S.

Pros

  • Goal tracking features help clients monitor financial progress
  • Automated technology simplifies the investment process
  • Offers a full suite of personal finance products

Cons

  • As the third-largest bank in the U.S., it’s not easy to get personalized service
  • Its website isn’t as tech-forward as some of its competition
  • Limited support hours
Customer support Monday through Friday via phone
Knowledge base Yes
Mobile app No

Why we picked it

Wells Fargo is a household name known for its traditional banking products. Through its robo-advising platform, you can combine the ease of automation with a trusted financial institution’s expertise and resources. Investors can choose from one of two investment styles: globally diversified or sustainably focused portfolios. After completing an investment profile, its automated tools will determine your risk tolerance before suggesting an investment portfolio designed to meet your needs.

Fidelity Go

Great for: beginners

Annual advisory fee: 0 to 0.35%
Minimum investment amount: $10
Live advisors available? Yes
Fidelity has almost 50 million investors and $12.6 trillion assets under management. It was founded in 1946 and is headquartered in Boston.

Pros

  • Advanced trading platforms and tools for both novice and experienced investors
  • Competitive fee structure in many of its services
  • Provides access to in-depth research and market analysis

Cons

  • Branch locations are not in every state
  • Doesn’t offer futures
  • Its app and website sometimes have connectivity issues
Customer support Via phone 24/7 and live chat Monday through Friday
Knowledge base Yes
Mobile app Yes, both iOS and Android

Why we picked it

Fidelity Pro lets investors get started with robo-advising for as little as $10. During the sign-up process, you can see how your specific risk tolerance changes the recommended strategy as you increase or decrease your risk. Best of all, you pay no advisory fees if your account balance is below $25,000. If it’s above that, your fee is 0.35% and you get unlimited one-on-one coaching calls.

SigFig

Great for: low-cost portfolio management.

Annual advisory fee: 0% to 0.25%
Minimum investment amount: $2,000
Live advisors available? Yes
Founded in 2006, SigFig began as Wikinvest. It’s ventured-backed by major corporations, such as Wells Fargo, Morgan Stanley, UBS, New York Life, and Citizens Bank.

Pros

  • Analyzes synced accounts and suggests portfolio adjustments
  • Manages your first $10,000 for free
  • Charges no commissions, trading, or transaction fees

Cons

  • Your money is held at Fidelity or Schwab
  • Its minimum investment amount is higher than most of its competition
  • Offers only ETF-based investments
Customer support 24/7 via phone and email
Knowledge base Yes
Mobile app Yes, both iOS and Android

Why we picked it

When you sign up for an account with SigFig, you’re getting your first $10,000 managed for free, and it only takes minutes to set up. After that, your advisory fee is a reasonable 0.25%, which is aligned with or better than all other robo-advisors on this list. Your account will be held with either Schwab or Fidelity but managed by SigFig, and you can even sync other accounts so SigFig can suggest adjustments there, too.


What is a robo-advisor? 

Robo-advisors are platforms that offer automated investing and wealth management services based on the use of mathematical algorithms. Customers provide some initial information about their financial goals, risk tolerance, and personal background and the robo-advisor identifies suitable assets and creates a portfolio. Many robo-advisors also automatically rebalance portfolios and provide tax-loss harvesting.

These online portfolio management services first emerged on the scene back in 2010 and over the years the field has grown to include more than 100 robo-advisor platforms across 15 countries, according to a report from Deloitte.

How does a robo-advisor work?

Robo-advisors use a questionnaire to help determine the best portfolio construction for your account. The platform asks a series of questions that can include your:

  • Age
  • Income
  • Investing goals, like buying a home or saving for retirement
  • Time horizon, or how long until you need the money
  • Risk tolerance, or how much you’re willing to lose to reach your goals

The platform then translates all of this information into a portfolio recommendation. You generally have the option to accept their recommendation or make adjustments.

Once you decide on the portfolio, the platform will then build your portfolio using a limited selection of investments. Common investments Robo-advisors use include ETFs and mutual funds. Some platforms may also use individual stocks.

Once you make your first investment, the robo-advisor then monitors your portfolio and rebalances as necessary. It also splits each additional investment you make up into the right-sized slices to maintain your target asset allocation. You can then monitor your account performance through your account.

How much does a robo-advisor cost?

There are multiple factors that contribute to the total cost of your chosen service provider, and what you end up paying will vary depending on the services they offer. Some of the key elements to weigh in your decision-making include:

Robo-advisor cost factors

Annual management feesGenerally a flat percentage of your assets under management (AUM). Most robo-advisors charge less than 1%.
ETF feesETFs are bought and sold like stocks. Users typically pay the annual management fees for each ETF in their portfolio, separate from the robo-advisor’s annual management fees.
Wire transfersIf you need to do a wire transfer to an external account instead of waiting a few business days for a traditional transfer, you may be charged a fee for the service.
Minimum investment amountWhile this is only a one-time “expense” and in all actuality consists of what you’re investing, the initial barrier of entry can be viewed as a startup “cost” to get the account up and running.
Assistance from live advisorsThe beauty of robo-advisors is that they are meant to handle themselves, and yet, there are some situations in which customers want to know more. In this case, some providers offer appointments with live advisors—but this service is often not covered by annual mangement fees and may incur a per-session charge.

How to choose the best robo-advisor

With plenty of robo-advisors to choose from, it’s highly likely you’ll find one that matches your goals and finances. But how do you vet those choices to find the one that comes out on top?

  • First, have a look at investment minimums. Knowing how much you have to invest can help you quickly rule out providers that aren’t a fit.
  • Then, review the fees. Some fees to look for are annual management fees, account closure fees, and costs to speak with a human financial advisor.
  • Next, look at available investments. Look for whether the robo-advisor uses ETFs, mutual funds, or other investments to build your diversified portfolio. You might have a preference, and available options can vary by platform.
  • Consider available investing strategies. If you’re looking for socially-responsible investment options or more advanced strategies like tax-loss harvesting and direct indexing, there are robos out there to meet your needs.
  • Finally, check for additional benefits. Some Robo-advisors offer additional financial planning tools and account types, like cash accounts with debit card access. These perks can help you with other financial goals and potentially help you consolidate your investing and banking relationships.

How do I open a robo-advisor account?

Opening a robo-advisor account is simple. It typically involves completing an online questionnaire where you provide information about yourself, your financial goals, and your risk tolerance. Once you complete the questionnaire, your next step is to make your first deposit. From there, the Robo-advisor does the rest.

Before opening an account, be sure to fully review your preferred robo-advisor’s fees, available account types, and investment minimums. For instance, if you want to use a robo-advisor to help save for retirement, make sure they offer the type of IRA you need.

Alternatives to robo-advisors

While setting-it-and-forgetting-it, robo-advising works for some people, other investors prefer a more hands-on approach. Alternative options include:

  • Online brokerages: With these, you can buy and sell stocks, ETFs, and other securities directly.
  • IRAs: Both traditional and Roth IRAs offer investors retirement savings with tax advantages. 
  • Cryptocurrency: Cryptocurrency is a digital asset, and exchanges allow you to buy, sell, and hold these assets. 
  • Certificates of deposit (CDs): CDs offer investors an opportunity to earn interest on their deposits by keeping their money in a savings account for a specific term length. 
  • High-yield savings accounts: Often held at digital banks, these high-yield savings accounts usually offer a much higher rate than a traditional savings account. They’re ideal for an emergency fund.

Are Robo-advisors safe?

The same authorities that regulate online brokerage accounts and other investments regulate robo-advisors. While these companies use technology to provide advice and account management, they still have to appease the regulators.

This means filing required documents like a Form ADV annually, which tells the public about how they run their business. They can also have complaints filed against them by consumers through the Securities and Exchange Commission. They’re definitely not above the law.

Investing online also presents potential cybersecurity dangers. Both your account or the robo-advisor itself could suffer a security breach. You can protect your login information using a password manager. Robo-advisors protect their customers and themselves using top-notch encryption technology and additional security measures.

Can you lose money with a robo-advisor?

As with any type of investing, there are risks involved. Just like any other investment account, it’s possible to lose money with the ups and downs of the market. When investing through a robo-advisor, it’s important to be honest during the intake questionnaire. How you respond on that questionnaire tells the robo-advisor how to build your portfolio.

It’s important to keep losses in context. If you start investing in your 20s for retirement in your 60s, your portfolio will experience different market cycles. If you have losses, your portfolio typically has decades to recover.

However, if you’re in your mid-50s and retiring in less than 10 years, you may not have time to recoup losses. In this case, you might want to adjust your portfolio to one that’s more conservative to protect against bigger market swings.

Our methodology 

To identify our top picks for the best robo-advisors, Fortune RecommendsTM compared 20 different robo-advisor platforms. We ranked each account based on five categories: overall features, onboarding procedures, financial planning tools, customer support, and pricing.

All of the accounts on our list are available to anyone in the U.S., so you can sign up for any offering regardless of where you are located. 

How we scored robo-advisors

General features (30%)We examined how many types of accounts were offered, whether it allows for tax loss harvesting, portfolio customization, SRI and environmental, social and governance (ESG) investing, dividend reinvestment, tax efficiency, and whether you can invest in partial or fractional shares.
Financial planning tools (25%)Not all robo-advisor platforms offer customers the ability to interact with a financial advisor but the best do. Those who provide professional, one-on-one financial guidance were scored more favorably.
Onboarding (15%)Opening an account should be painless and help you understand the unfamiliar terms you may be looking at easily. We took into consideration questions asked during onboarding, if it had a knowledge base to answer basic questions, if there is a risk assessment, the option to choose multiple investing goals, and whether it gives the choice of multiple portfolio options and if it allows you to change those.
Fees & pricing (25%)An annual advisory fee is charged by some robo-advisors to cover the services provided by the financial platform and its professionals. The fee is charged as a flat dollar amount or as a percentage of assets under management on the platform. To calculate this fee for platforms charging a percentage, we used the minimum required opening balance of $10,000, which is the highest minimum balance amount among all robo-advisors we reviewed.
Customer support (5%)The ability to get questions answered easily is critical when it comes to managing your money. Top picks in our ranking offer customers various ways to get in contact: chat support, by phone, or even email—with phone support being the most highly rated.

Read more

  • Our list of the best checking account bonuses can help give you a bonus on your checking balance.
  • Maximize your returns with one the best high-yield savings accounts.
  • Opting for one of the best savings accounts can fetch you a higher APY for your savings.
  • Check out our ranking of the best money market accounts.
  • Check out the best personal loans to help fund your next big purchase.
  • Follow Fortune Recommends on LinkedIn, X, and TikTok.

    About the contributors

    Katherine HaanPersonal Finance Expert

    Katherine Haan is a former financial advisor turned small business coach. Katherine holds an MBA, and is a former staff writer for Fit Small Business. She is a regular contributor to Forbes and maintains a popular lifestyle and travel blog.

    Cassie BottorffEditor, Business & Banking

    Cassie is the business and banking editor at Fortune Recommends. She obtained her degree from Northern Kentucky University and is a certified SCRUM master. Prior to joining the team at Fortune Recommends, Cassie was a deputy editor at Forbes Advisor and a Central Operations Project Manager at Fit Small Business.

    EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.