Presenting the Best Robo Advisor Reviews
Robo Advisors are relatively new to the financial arena, but more and more people (including business magnates and tycoons as well as regular Joes) are already using them for their investment accounts, big or small.
Financial experts suggest that Robo Advisors are more than just a trend; Bloomberg previously reported that assets under management by Robo Advisors are increasing by over 68 percent annually, with total assets projected to reach $2.5 Trillion by 2023.
Here’s a list of the latest, updated expert Robo Advisor reviews for people looking to invest in automated investment tools in 2021:
We also ran a comparison between two of the biggest players in the game, Wealthfront vs. M1 Finance.
Robo Advisors for Canadians
If you’re a Canadian investor looking for an automated investing tool, look no further than our Canadian robo advisor reviews below.
Also make sure to check out our page on the Best Robo Advisors for Canadians to compare and decide which service will be best for your CAD.
Fallen Robo Advisors
Here we have reviews of robo advisors that no longer exist or who are no longer accepting customers.
Why keep them then? Well, firstly for archival purposes, but also as a sort of lesson to show that in times or turbulence and with so many robo advisors coming onto the market, there are also those who don’t quite make it. Either way, here are a few robo advisors that we worked with in the past but are no longer around.
Aite Group estimates assets in automated portfolios increased 210% in 2019. Despite that growth, the $440 billion invested is still a small part of the $20 trillion wealth-management market.
As of early 2020, it was estimated that Robo advisors will be managing over $1.4 Trillion in total assets by the end of the year. The amount of investments under their direct management has grown so rapidly that it is now estimated that Robo Advisors will handle approximately $2.5 Trillion in total assets by 2023.
With more and more services being established on a monthly basis, we have taken it upon ourselves to publish the best Robo Advisor reviews so you can make a well-informed financial decision.
Robo Advisors make it easy for virtually anyone to start investing online, and they make the service more directly accessible to a wider range of potential investors. There is no need to pay an expensive financial advisor to manage your financial portfolio. Simply sign up and make the deposit, and let the Robo Advisor do the rest of the work. Since Robo Advisors offer flexible services that are easy to use, they are gaining popularity at a rapid rate, and that popularity is expected to increase as more and more people sign up for the service.
Here at BestRoboAdvisors.org, our Robo Advisor reviews take a comprehensive look at many of the main Robo Investor services online. Our aim is to highlight their strengths, weaknesses and how they suit different kinds of investors. In order to better understand how we create our reviews, allow us to explain the manner in which we assess each service, and how this will help you make a smart financial decision, even without the help of a costly human advisor.
How we Review Robo Advisors Online
Robo Advisors are still relatively new additions to the financial landscape, so they can be bewildering and intimidating upon first glance – particularly when it comes to choosing which one you can trust with your money.
That’s why we have taken it upon ourselves to do the legwork for you. We signed up for the service, we invested our own money and we took a critical look at each service – particularly the features included and the way that they manage different portfolios.
Because of this, we were able to identify a number of criteria that we used to review and differentiate various Robo Advisor services. However, it is crucial to understand that not all of these key points are important to an individual investor. This is a critical point that we also included in our robo advisor reviews, wherein we explain in detail how a service’s performance in each criterion relates to investors of different types, and most notably, of different investment amounts.
Our Robo Advisor Review Criteria
Each of our Robo advisor reviews will take a diligent look into the best automated investing services around, and we will dissect what they offer to investors according to five key criteria, and these are:
Fees and deposit limits
How much does the service cost to use? Some charge a small percentage of total assets managed, while others might charge a flat fee. Some Robo Advisors, however, don’t charge anything at all!
In our Robo Advisor reviews, we evaluate how each service charges the investor and how that fee stacks up against their competitors.
How much flexibility are you given to manage the account yourself? Some Robo Advisors let you have full control but offer investment and allocation advice, while others are a fully hands-off approach, managing everything for you while your only choice is how conservative or aggressive you’d like to be in your approach.
Some investors prefer more control, and some want a completely hands-off approach. We evaluate each.
Ease of use
Not everybody who opens an account with a Robo Advisor knows lots of investor-speak. In fact, that’s one of the greatest thing about them! Most automated investment advisors let you set it and forget it, at least to some extent.
Some Robo Advisors are geared more toward beginner investors and make their service very easy to understand, managing almost everything for you. Some, which offer more features and options, take a little more knowledge to completely understand. We break it all down for you in our 2020 Robo Advisor reviews.
Account types and services
This section covers the different types of account types between the Robo Advisors and explains which features they offer. For example, some offer features such as tax loss harvesting or automatic rebalancing for everyone, while others either don’t offer it or offer it only on accounts with a larger amount invested. We tell you which features you should be focused on and which Robo Advisors offer those services.
Suitability for different budgets
Some robo advisors such as M1 Finance, Betterment, and Ellevest have no minimum deposit at all (allowing you to evaluate their platform and services before investing a higher amount), while others like Wealthfront and Titan Invest have a relatively low minimum deposit of only $500. This is very reasonable.
On the other hand, Vanguard Personal Advisor Services has an astronomical minimum investment of $50,000 but offers some great personalized investment advice and features along with access to a human financial advisor.
We go over all of the Robo Advisors and let you know which one is best for your budget.
Read the Best Robo Advisor Reviews Before You Sign Up!
If you are a beginner, or if you are new to investing, we highly suggest you read our Robo Advisor reviews before signing up. Our reviews will help you to better understand what Robo Advisors are and the type of service they provide to each investor, including the minimum investment amounts and the fees that they charge for the service.
However, if you’re a seasoned investor and just want to know more about Robo Advisors, feel free to browse around and read our expert reviews. You might just find the best service that is a perfect fit for your growing financial portfolio.