12 Best Robo-Advisors of February 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.
Best Robo-Advisors
| Broker | NerdWallet rating | Fees | Account minimum | Promotion | Learn more |
|---|---|---|---|---|---|
 SoFi Automated Investing Learn more on SoFi Invest's website AD Paid non-client promotion | Reviewed in: Oct. 2022 Period considered: Aug. - Oct. 2022 | 0% management fee | $0 | Free career counseling plus loan discounts with qualifying deposit | Learn more on SoFi Invest's website AD Paid non-client promotion |
 Wealthfront Learn more on Wealthfront's website AD Paid non-client promotion | Reviewed in: Oct. 2022 Period considered: Aug. - Oct. 2022 | 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 |
 Betterment Learn more on Betterment's website AD Paid non-client promotion | Reviewed in: Oct. 2022 Period considered: Aug. - Oct. 2022 | 0.25% with a balance over $20K or qualifying recurring deposit. Otherwise, $4/month. | $0 $10 to start | Up to 1 year of free management for new clients. Terms apply. | Learn more on Betterment's website AD Paid non-client promotion |
 Axos Managed Portfolios Learn more on Axos Invest's website AD Paid non-client promotion | Reviewed in: Oct. 2022 Period considered: Aug. - Oct. 2022 | 0.24% management fee | $500 | Get $250 when you open and have qualifying deposit(s) that total at least $2,000.00 within 60 days in your Axos Managed Portfolios account. | Learn more on Axos Invest's website AD Paid non-client promotion |
 Acorns Learn more on Acorns' website AD Paid non-client promotion | Reviewed in: Oct. 2022 Period considered: Aug. - Oct. 2022 | $3 - per month | $0 | $10 Sign Up Bonus | Learn more on Acorns' website AD Paid non-client promotion |
4.9
/5Reviewed in: Oct. 2022
Period considered: Aug. - Oct. 2022
on SoFi Invest's website
AD
Paid non-client promotion
0%
management fee
$0
Free
career counseling plus loan discounts with qualifying deposit
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.
5.0
/5Reviewed in: Oct. 2022
Period considered: Aug. - Oct. 2022
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.
Cons
No fractional shares.
No human financial advisors.
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.
5.0
/5Reviewed in: Oct. 2022
Period considered: Aug. - Oct. 2022
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
Up to 1 year
of free management for new clients. Terms apply.
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.
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.
4.5
/5Reviewed in: Oct. 2022
Period considered: Aug. - Oct. 2022
on Axos Invest's website
AD
Paid non-client promotion
0.24%
management fee
$500
Get $250
when you open and have qualifying deposit(s) that total at least $2,000.00 within 60 days in your Axos Managed Portfolios account.
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.
4.6
/5Reviewed in: Oct. 2022
Period considered: Aug. - Oct. 2022
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.
4.4
/5Reviewed in: Oct. 2022
Period considered: Aug. - Oct. 2022
on E*TRADE's website
AD
Paid non-client promotion
0.30%
management fee
$500
None
no promotion available at this time
Pros
Extensive investor tools and educational resources.
Strong customer service.
Low investment-expense ratios.
Specialty portfolio options.
Cons
No tax-loss harvesting.
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.
4.9
/5Reviewed in: Oct. 2022
Period considered: Aug. - Oct. 2022
on Ellevest's website
AD
Paid non-client promotion
$5 - $9
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 two tiers of service, starting at $5 a month. Members get discounted access to professional help, free educational resources and a unique investing algorithm that factors in women’s pay gaps, career breaks and longer lifespans. Ellevest Private Wealth Management is available for investors with $1 million or more.
Want to compare more options? Here are our other top picks:
Last updated on February 1, 2023
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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).
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 February 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.
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.
