Robo-Advisor AUM by Provider: What 2026 SEC Filings Show

Every “robo-advisor AUM by provider” chart you’ve seen floating around is wrong, and not in a rounding-error way. Most of them mix a marketing press release for one company with a regulatory filing for another, then rank all eight like the numbers came from the same planet. They didn’t.

We pulled the actual 2026 Form ADV filings – the disclosure documents every SEC-registered investment adviser has to file, under penalty of perjury, stating exactly how much money they manage and for how many accounts – for all eight major robo-advisors. Two of them, Betterment and Wealthfront, give you a clean number you can trust and compare directly. The other six don’t, and the reasons why are the actual story here: a firm with no ADV at all, a dead registration, a trillion-dollar figure that belongs to seven other products, and a client count that’s really a list of investment funds.

Here’s what’s on file, provider by provider, and what each number does and doesn’t tell you about who’s managing your money.

Robo-advisor regulatory AUM: the 2026 Form ADV numbers

• * Fundrise: the 15 accounts of record are sponsored fund vehicles (3 interval funds plus 12 pooled vehicles). Its 402,927 individual investors are disclosed separately at $0 attributed AUM – their money is pooled inside those funds.
• ** M1: the self-directed M1 product runs through M1 Finance LLC (CRD 281242), which has no Form ADV at all. The figure shown is the only SEC-registered M1 adviser – the new “M1 Advisor” AI sleeve launched July 8, 2026.
• *** Schwab: CSIA (CRD 151739) terminated its registration March 29, 2024; CS&Co.’s Item 5.F is blank; CSIM’s $1.72T is whole-firm (all Schwab funds and ETFs). No filing isolates Intelligent Portfolios’ AUM.

Betterment vs. Wealthfront: the only clean comparison on this list

Betterment and Wealthfront are the two providers where the Form ADV number means what you’d assume it means. Both file under a dedicated advisory entity that does one thing – run the robo product – so there’s no whole-firm blending to untangle.

Betterment LLC (CRD 149117) reported $69,524,492,986 in Form ADV regulatory AUM across 1,344,483 total accounts, as of February 27, 2026. Wealthfront Advisers LLC (CRD 148456) reported $47,727,850,795 across 687,493 accounts, per its annual amendment filed May 1, 2026. Betterment runs roughly 1.5 times Wealthfront’s asset base and almost double the account count – a straightforward, apples-to-apples gap you can trust.

Everyone else on this list files their robo product’s numbers tangled up with something else entirely. That’s not a minor asterisk. It means the “AUM by provider” chart you’ve seen ranking all eight companies against each other was built by someone who never opened the actual filing.

M1 Finance doesn’t have a Form ADV. At all.

M1‘s core product – the Pie-based self-directed investing and auto-invest brokerage account most people mean when they say “M1” – runs through M1 Finance LLC (CRD 281242). We checked the live SEC IAPD registry directly: M1 Finance LLC is not SEC-registered as an investment adviser and has no Form ADV whatsoever. A direct request for its filing PDF returns an S3 access-denied error instead of a document, because there’s no document to return.

That’s not an oversight. M1’s self-directed brokerage product isn’t regulated as investment advice, so it was never going to have a regulatory AUM figure to report.

The only SEC-registered adviser anywhere in the M1 corporate family is M1 Advisory Services LLC (CRD 249787), and its story is almost the opposite problem. The firm spent years in what its own brochure calls “operational dormancy,” then activated on July 8, 2026 to launch “M1 Advisor,” its first AI-delivered advisory product. Total regulatory AUM at filing: $633,573, across 2 accounts.

Two accounts. Six hundred thousand dollars. If you see a chart claiming M1 manages billions in regulatory AUM, someone grabbed a user-count or brokerage-asset figure from a press release and mislabeled it. The only number M1 has on file with the SEC would fit in a rounding error on Betterment’s balance sheet.

Schwab Intelligent Portfolios has no AUM figure in any filing, anywhere

This is the one that surprised us most. Schwab Intelligent Portfolios is one of the largest robo products by reputation, and there is genuinely no SEC filing that isolates how much money it manages.

Here’s the paper trail. Charles Schwab Investment Advisory, Inc. (“CSIA,” CRD 151739) used to be the relevant entity, but its SEC registration was terminated effective March 29, 2024 – it’s a dead registration, last filing December 1, 2023. Cite it for a current SIP fact and you’re citing a company that no longer exists as an adviser.

The program is now sponsored by Charles Schwab & Co., Inc. (“CS&Co.,” CRD 5393). Its current Form ADV Part 1A has a completely blank Item 5.F – no dollar figure, no account count, discretionary or non-discretionary. We checked the raw filing text. The fields aren’t zero, they’re empty.

Actual portfolio management gets delegated to Charles Schwab Investment Management, Inc. (“CSIM,” CRD 106753), which does report a number: $1,721,025,914,896 in regulatory AUM across 856,597 accounts. But that’s CSIM’s entire business – $1,473,807,453,082 of it sits inside just 109 “investment companies” clients, which is Schwab’s mutual funds and ETFs, not Intelligent Portfolios accounts. We searched all three filings (CS&Co.’s ADV, CSIM’s ADV, and the SIP wrap fee brochure) for anything that isolates SIP-specific dollars. There isn’t one.

So when you see Schwab Intelligent Portfolios AUM cited anywhere, it’s either a marketing figure or a mislabeled whole-firm number. Neither is what the SEC filings say, because the SEC filings don’t say anything SIP-specific at all.

Fidelity Go’s $1.37 trillion is really seven programs’ money

Fidelity Go runs through Strategic Advisers LLC (CRD 104555), and Strategic Advisers files exactly one Form ADV for exactly seven brochures: the base Strategic Advisers program, Fidelity Strategic Disciplines, Fidelity Go, Fidelity Personalized Planning & Advice at Work, Fidelity Wealth Services, Fidelity Managed FidFolios, and Fidelity Wealth Advisor Solutions.

Item 5.F reports $1,370,125,325,211 in total regulatory AUM across 2,973,512 accounts, as of December 31, 2025. The Fidelity Go brochure’s own Item 4 restates that exact figure, word for word – “Strategic Advisers total assets under management were approximately $1,321,075,214,792 on a discretionary basis and $49,050,110,419 on a nondiscretionary basis.” That’s the whole firm’s number, printed inside Fidelity Go’s own disclosure document, with no attempt to isolate what Fidelity Go alone holds. No filing anywhere breaks that trillion-dollar figure down by product.

The figure to watch with Fidelity Go isn’t the AUM at all – it’s the fee structure, and it’s a genuine trap for anyone doing mental math. Fidelity Go charges nothing under a $25,000 balance. Cross $25,000, and the brochure is explicit that the 0.35% fee applies to your entire account balance, not just the amount above $25,000. Assume it’s marginal – like a tax bracket – and you’ll underestimate what you’re paying the moment you cross the line. The brochure itself warns against this exact misreading, which tells you how often people get it wrong.

Fundrise “manages $3.46 billion across 15 accounts.” Read that again.

Fundrise Advisors, LLC (CRD 172036) reports $3,462,801,000 in regulatory AUM across exactly 15 total accounts. On its face, that reads like Fundrise has fifteen clients and $230 million average account size. It doesn’t, and the real structure is the whole point of looking at this filing at all.

Those 15 accounts are fund vehicles, not people. Three are registered Interval Funds classified as “investment companies,” holding $2,521,867,000. The other twelve are pooled investment vehicles – the eREITs, the Opportunity Fund, the Innovation Fund, the Credit Funds – holding $940,934,000. Add them up and you get the full $3,462,801,000, reconciling exactly.

Separately, in the same filing, Item 5.D lists 402,927 individual retail investors under “Individuals (other than HNW)” – with $0 in attributed regulatory AUM. Their money isn’t missing. It’s pooled inside those 15 fund vehicles rather than held in individually managed accounts, so it doesn’t get separately counted toward any one investor’s name. Fundrise didn’t do anything wrong here; this is just how a fund-of-funds structure reports under Form ADV. But “Fundrise has 15 clients” and “Fundrise manages $3.46B for 403,000 investors” are both technically sourced from the same filing and mean completely different things depending on which sentence you write.

SoFi and Vanguard: what’s marketed vs. what’s filed

SoFi Wealth LLC’s currently effective wrap fee brochure, dated March 27, 2026, states its Robo Investing fee is “non-negotiable” at 0.25% annually. We ran a full-text search for “waiv” and “waiver” across both that brochure and SoFi’s Part 2A disclosure brochure. Every hit refers to a third-party ETF issuer’s ability to waive its own fund management fee on SoFi-branded ETFs held inside the portfolio – not one instance refers to SoFi waiving its own advisory fee. If SoFi’s current marketing still advertises “$0” or “no advisory fee” robo investing, that’s a live gap between the pitch and the filing, and both numbers need to sit side by side with the March 27, 2026 filing date attached rather than picking whichever one sounds better.

On the AUM side, SoFi Wealth LLC reported $2,047,338,985 in regulatory AUM across 290,887 total accounts, filed March 27, 2026. Item 5.D separately lists 254,020 total clients – a different unit from the account count, since one client can hold more than one account, and the client figure is the one that reconciles exactly to the AUM total ($2,014,923,860 + $32,415,125 = $2,047,338,985). Use “254,020 clients,” not “254,020 accounts” – the actual account count is 290,887.

Vanguard Digital Advisor has a version of the same problem as Fidelity Go. Vanguard Advisers, Inc. (VAI, CRD 106715) filed a brochure dated July 13, 2026 titled, explicitly, “Vanguard Digital Advisor and Vanguard Personal Advisor Brochure” – one combined document covering both services, plus five other VAI programs disclosed elsewhere under the same firm-wide registration. Item 5.F reports $344,619,578,214 in regulatory AUM across 791,528 accounts, as of December 31, 2025. That’s VAI’s whole firm, not Digital Advisor specifically, and no filing separates the two.

Digital Advisor’s marketed fee is a flat 0.20% (or 0.25% for the active/index mix), but the net fee you pay isn’t flat at all. VAI applies a variable credit from Vanguard-affiliate revenue that brings the net fee down to roughly 0.16% for the all-index total-market option, 0.11%-0.12% for the ESG all-index option, and 0.12%-0.21% for an active/index mix – a range set by which funds you’re holding, not a single number you can quote and be done with it.

How we sourced this

Every figure above came from a live pull of the provider’s Form ADV Part 1A and Part 2A/wrap fee brochure filings on adviserinfo.sec.gov and the SEC’s public IAPD API, cross-checked digit-for-digit against the primary document text – not a summarizer’s paraphrase, not a press release, not a third-party database. Registration status (active, terminated, not registered) was confirmed against the live IAPD record as of July 18, 2026, since a filing’s cover page can lag a firm’s actual status.

Where a number is whole-firm rather than product-specific – Fidelity Go, Schwab, Vanguard Digital Advisor – we said so, because the alternative is publishing a trillion-dollar figure next to a robo-advisor’s name and letting you assume it’s the robo-advisor’s money. For how we test and evaluate these platforms beyond the paperwork, see our methodology page, or compare all eight head-to-head in our full robo-advisor comparison guide.