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The Top 4 Robo Advisors of 2023
Robo advisors use advanced algorithms to automatically invest your money based upon your individual needs, preferences, and goals. Easily compare our top picks below.
DIsclaimer: The content on this page is for educational purposes only. The writers here are not licensed to provide financial, securities, or investment related services or recommendations. Read our full disclaimer for more information.
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Sofi Automated Investing
Best For: Affordable Cost
Cost
$0
Minimum Deposit
$1
Notable Features
Human Advisor
Take me to Sofi
Our Quick Review
Sofi Automated Investing is best suited for:
The cost conscious investor who wants $0 in fees, a very low account minimum, and access to a human financial advisor in addition to the digital advice provided by their robo advisor.
Read our full review here
Betterment
Best For: Long Term Investors
Cost
0.25% to 0.4% fee
Minimum Deposit
$0
Notable Features
Retirement features
Take me to Betterment
Our Quick Review
Betterment is best suited for:
Long term investors by offering retirement planning tools, tax advice, and access to human financial advisors upon an account balance of $100k.
Read our full review here
Wealthfront
Best For: Tax Advantaged Investing
Cost
0.25% annual fee
Minimum Deposit
$500
Notable Features
Tax harvesting
Take me to Wealthfront
Our Quick Review
Wealthfront is best suited for:
Investors who want both automated and DIY investing options with a strong tax strategy to help boost returns.
Read our full review here
M1 Finance
Best For: Portfolio Customization
Cost
$0 or $36/year
Minimum Deposit
$100 or $500
Notable Features
M1 Pies
Take me to M1 Finance
Our Quick Review
M1 Finance is best suited for:
Self directed investors who want the ability to customize their portfolio while still having the option to use automated investing features.
Read our full review here
Best for: Affordable cost
Notable feature: Human advisor
Take Me to Sofi
Cost/Fees
$0
Minimum Deposit
$1
Our Quick Review
Sofi Automated Investing is best suited for:
The cost conscious investor who wants $0 in fees, a very low account minimum, and access to a human financial advisor in addition to the digital advice provided by their robo advisor.
Read our full review here
Best for: Long term investors
Notable feature: Retirement features
Take Me to Betterment
Cost/Fees
0.25% to 0.4% fee
Minimum Deposit
$0
Our Quick Review
Betterment is best suited for:
Long term investors by offering retirement planning tools, tax advice, and access to human financial advisors upon an account balance of $100k.
Read our full review here
Best for: Tax strategies
Notable feature: Tax loss harvesting
Take Me to Wealthfront
Cost/Fees
0.25% annual fee
Minimum Deposit
$500
Our Quick Review
Wealthfront is best suited for:
Investors who want both automated and DIY investing options with a strong tax strategy to help boost returns.
Read our full review here
Best for: Portfolio customization
Notable feature: M1 pies
Take Me to M1
Cost/Fees
$0 to $36/year
Minimum Deposit
$100 to $500
Our Quick Review
M1 Finance is best suited for:
Self directed investors who want the ability to customize their portfolio while still having the option to use automated investing features.
Read our full review here
FAQs
What is a robo advisor?
A robo advisor is a digital financial advisor that uses complex algorithms to create, customize, and manage an investment portfolio on your behalf with little or no human interaction.
How does a robo advisor work?
A robo advisor will get to know you by asking a series of questions when you first open an account. Based upon your answers to these questions, the robo advisors will use it's sophisticated algorithms to build out an investment portfolio that best aligns with you as an individual, and with your overall investing goals.
How much do robo advisors cost?
The cost will vary depending on the robo advisor you choose. Many robo advisors are free to use, but some have fees. These fees are usually fairly low, and often won't exceed more than a 0.5% fee.
Are robo advisors safe to use?
Yes, robo advisors are safe to use. Although it is always a good idea to use caution when investing your money, robo advisors have proven to be safe since their creation. Most robo advisors have advanced security and are insured by the FDIC.
Take a deep dive on robo advisors
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