Choosing the Best Robo-Advisor for Your Investing Needs

The rise of robo-advisors has revolutionized the way people invest, offering a convenient and cost-effective way to manage their portfolios. Whether you’re a beginner looking to dip your toes into investing or a seasoned investor seeking automated solutions, robo-advisors cater to a wide range of needs.

Among the top robo-advisors for 2024, Ally Invest Robo Portfolios stands out as the best overall option. With four portfolio types to choose from and the option of cash-enhanced or market-focused versions, Ally Invest offers flexibility and competitive interest rates. While it doesn’t provide access to human financial advisors within its robo-advisory service, Ally Invest Personal Advice is available for clients with at least $100,000 to invest.

For investors interested in a wide range of options, Betterment is the top choice, offering 13 portfolios, including cash and cryptocurrency options. With a base service fee of $4 a month, Betterment provides a cost-effective solution for investors looking for a diverse range of investment options.

Wells Fargo Intuitive Investor is ideal for existing Wells Fargo customers, offering lower fees for banking customers and sophisticated portfolio options. With nine portfolio options and a mix of passive index ETFs and smart beta ETFs, Wells Fargo Intuitive Investor caters to investors looking for automated portfolio creation.

SoFi Automated Investing is best for comprehensive money management, offering a wide range of financial services in addition to robo-advisory. With no management fee and no minimum investment requirement, SoFi is a great option for investors seeking a one-stop-shop for personal finance.

Vanguard Digital Advisor is the top choice for investors looking for direct access to low-cost index funds. With a wide range of Vanguard ETFs and mutual funds to choose from, Vanguard Digital Advisor offers a straightforward and cost-effective solution for investors at all levels.

Fidelity Go is best for completely hands-off investors, offering portfolios built from zero-expense ratio Fidelity Flex mutual funds. With a low fee structure and free rebalancing, Fidelity Go is a solid option for beginner investors seeking a low-fee solution.

M1 Finance is ideal for a mix of hands-on and automated investing, offering automated investing with hands-on components. With the ability to invest in single stocks and ETFs, M1 Finance caters to investors looking for a balance between automated and manual investing.

Merrill Guided Investing is best for existing Bank of America and Merrill Edge customers, offering automated portfolios overseen by professional investors. With a focus on income and growth-focused strategies, Merrill Guided Investing provides a unique approach to robo-advisory.

Schwab Intelligent Portfolios is the top choice for onboarding and understanding new users, offering an extensive onboarding process and a wide range of ETFs in its automated portfolios. With a focus on investor profile and risk assessment, Schwab Intelligent Portfolios provides a comprehensive solution for investors seeking a personalized approach to robo-advisory.

Axos Invest is best for a no-frills robo-advisory platform, offering free rebalancing and tax-loss harvesting. With a focus on low-cost index ETFs and customizable investment options, Axos Invest caters to investors looking for a straightforward and cost-effective solution.

Overall, robo-advisors offer a convenient and cost-effective way to manage your investments, catering to a wide range of investors with varying needs and preferences. Whether you’re a beginner looking to automate your investing or a seasoned investor seeking a hands-off approach, there’s a robo-advisor out there for you.