BEST OF

10 Best Robo-Advisors of January 2022

Jan 6, 2022

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Looking for low-cost financial advice and investment management? Robo-advisors can be a good fit. 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-advisor services 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 covered the best choices below.

Best Robo-Advisors

Our picks for

Overall

SoFi Automated Investing
Learn more

on SoFi Invest's website

SoFi Automated Investing

5.0

NerdWallet rating 
SoFi Automated Investing

Fees

0%

management fee

Account Minimum

$0

Promotion

Free

career counseling plus loan discounts with qualifying deposit

Learn more

on SoFi Invest's website


Promotion

Free

career counseling plus loan discounts with qualifying deposit

Why we like it

SoFi Automated Investing is great for beginning, cost-conscious investors who favor a hands-off approach. Plus, as a customer, you could be eligible for bonuses on other SoFi products.

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.

Read Full Review
Wealthfront
Learn more

on Wealthfront's website

Wealthfront

5.0

NerdWallet rating 
Wealthfront

Fees

0.25%

management fee

Account Minimum

$500

Promotion

$5,000

amount of assets managed for free

Learn more

on Wealthfront's website


Promotion

$5,000

amount of assets managed for free

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.

Pros

  • First $5,000 managed free (NerdWallet promotion).

  • Low ETF expense ratios.

  • Daily tax-loss harvesting.

  • Automatic rebalancing.

Cons

  • No fractional shares.

  • No large-balance discounts.

Read Full Review
Betterment
Learn more

on Betterment's website

Betterment

5.0

NerdWallet rating 
Betterment

Fees

0.25%

management fee

Account Minimum

$0

Promotion

Up to 1 year

of free management with a qualifying deposit

Learn more

on Betterment's website


Promotion

Up to 1 year

of free management with a qualifying deposit

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.

Pros

  • Multiple portfolio options and customization.

  • No account minimum and low fees.

  • Fractional shares mean all your cash is invested.

  • Robust goal-based tools.

Cons

  • No direct indexing.

Read Full Review
Axos Self-Directed Trading
Learn more

on Axos Invest's website

Axos Self-Directed Trading

3.0

NerdWallet rating 
Axos Self-Directed Trading

Fees

$0

per trade

Account Minimum

$0

Promotion

Get $150

when you open and fund an Axos Self-Directed Trading account

Learn more

on Axos Invest's website


Promotion

Get $150

when you open and fund an Axos Self-Directed Trading account

Why we like it

Axos Self-Directed — with its affordable trading fees and easy integration with Axos Bank — make the provider a logical pick for existing Axos customers or investors who are looking for a one-stop shop when it comes to banking and investing. However, the brokerage’s trading platform is relatively basic, and you’ll need to pay a monthly subscription to access features that often come free with other providers. Advanced, active traders may be better off relying on mainstays.

Pros

  • Commission-free stock and ETF trades.

  • Expansive selection of low-minimum mutual funds.

  • Integration with Axos Bank.

Cons

  • Thin investment selection.

  • Some features require a premium subscription.

  • Underwhelming educational tools.

Read Full Review
Blooom
Learn more

on Blooom's website

Blooom

4.5

NerdWallet rating 
Blooom

Fees

$45 - $250

per year

Account Minimum

$0

Promotion

$10 off

with code REEETIRE10

Learn more

on Blooom's website


Promotion

$10 off

with code REEETIRE10

Why we like it

Blooom brings much-needed investment management to employer-sponsored retirement plans like 401(k)s. Investors can also test drive the service with the company’s free analysis tool.

Pros

  • 401(k) management.

  • No account minimum.

  • Free analysis.

  • Access to financial advisors.

Cons

  • Limited direct IRA management.

  • High costs for small account balances.

Read Full Review
Ellevest
Learn more

on Ellevest's website

Ellevest

4.0

NerdWallet rating 
Ellevest

Fees

$1 - $9

per month

Account Minimum

$0

Promotion

2 months free

with promo code "nerdwallet"

Learn more

on Ellevest's website


Promotion

2 months free

with promo code "nerdwallet"

Why we like it

Ellevest offers three tiers of service, starting at $1 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.

Pros

  • No account minimum.

  • Goal-focused investing approach.

  • Portfolio mix that factors women’s needs.

  • A la carte sessions with coaches and CFPs.

Cons

  • IRA access for Plus and Executive members only.

  • No tax-loss harvesting.

Read Full Review

Want to compare more options? Here are our other top picks:

Disclosure: The author held no positions in the aforementioned securities at the time of publication.

Last updated on January 6, 2022

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Marcus by Goldman Sachs Online Savings Account

5.0

NerdWallet rating 
Marcus by Goldman Sachs Online Savings Account

APY

0.50%

With $0 minimum balance

at Marcus by Goldman Sachs, Member FDIC

Axos Bank® High Yield Savings

4.5

NerdWallet rating 
Axos Bank® High Yield Savings

APY

0.61%

With $0 minimum balance

at Axos Bank®, Member FDIC

American Express® High Yield Savings Account

4.5

NerdWallet rating 
American Express® High Yield Savings Account

APY

0.50%

With $1 minimum balance

at American Express National Bank, Member FDIC

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). Ratings are rounded to the nearest half-star.

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 January 2022

Frequently asked questions