Best Robo-Advisors (2022) – Automated Investments

Q: Is the SoFi robo advisor legit?

Yes. SoFi Automated Investing is one of the best robo-advisors for low costs . The SoFi robo advisor charges no management fees and there are no account minimums either. Investors can get started with $1.

Top Robo-Advisors 2022: A Comparison

Company	Overall Rating	Management Fee	Account Minimum	Promotion	Investment Options
recommended	4.5	0%	$5	Free career counseling plus loan discoun... Show more Free career counseling plus loan discounts with qualifying deposit Show less	Stocks, bonds, ETFs, crypto, IPO
	N/A	0.25%	$500	$5,000 amount of assets managed for free	Stocks, bonds, ETFs, cash
	5.0	0.25% annually	$0	Up to 1 year of free management with a q... Show more Up to 1 year of free management with a qualifying deposit Show less	Stocks, bonds, ETFs, cash
	N/A	0.15% annually	$3,000	No advisory fees your first 90 days of V... Show more No advisory fees your first 90 days of Vanguard Digital Advisor investment management Show less	ETFs, cash, common stocks
	N/A	0.0% to 0.3% annually	$100	Integration for Ally bank and brokerage ... Show more Integration for Ally bank and brokerage clients Show less	ETFs
	N/A	$1 - $9 per month	$0	Up to $510 in credit to invest with qual... Show more Up to $510 in credit to invest with qualifying deposit into taxable account (see terms) Show less	Stocks, ETFs
	5.0	0.24% annually	$500	N/A	Stocks, ETFs, mutual funds, options
	N/A	$1 - $9 per month	$0	N/A	Stocks, bonds, ETFs, ESG, mutual
	N/A	0.25% annually	$2,000	First $10,000 managed free	ETFs
	4.4	$45 - $250 annually	$0	Blooom directly manages 401(k)s	401(k)s
	N/A	$0 online trades	-	Unlimited $0 online trades	Stocks, ETFs, options, mutual funds
	5.0	$0	$100	Get up to $500 when you sign up for M1 a... Show more Get up to $500 when you sign up for M1 and make a deposit of $1,000 or more within 14 days. Show less	Fractional shares

Company	Overall Rating	Management Fee	Account Minimum	Promotion	Investment Options
recommended	4.5	0%	$5	Free career counseling plus loan discoun... Show more Free career counseling plus loan discounts with qualifying deposit Show less	Stocks, bonds, ETFs, crypto, IPO
	N/A	0.25%	$500	$5,000 amount of assets managed for free	Stocks, bonds, ETFs, cash
	5.0	0.25% annually	$0	Up to 1 year of free management with a q... Show more Up to 1 year of free management with a qualifying deposit Show less	Stocks, bonds, ETFs, cash
	N/A	0.15% annually	$3,000	No advisory fees your first 90 days of V... Show more No advisory fees your first 90 days of Vanguard Digital Advisor investment management Show less	ETFs, cash, common stocks
	N/A	0.0% to 0.3% annually	$100	Integration for Ally bank and brokerage ... Show more Integration for Ally bank and brokerage clients Show less	ETFs
	N/A	$1 - $9 per month	$0	Up to $510 in credit to invest with qual... Show more Up to $510 in credit to invest with qualifying deposit into taxable account (see terms) Show less	Stocks, ETFs
	5.0	0.24% annually	$500	N/A	Stocks, ETFs, mutual funds, options
	N/A	$1 - $9 per month	$0	N/A	Stocks, bonds, ETFs, ESG, mutual
	N/A	0.25% annually	$2,000	First $10,000 managed free	ETFs
	4.4	$45 - $250 annually	$0	Blooom directly manages 401(k)s	401(k)s
	N/A	$0 online trades	-	Unlimited $0 online trades	Stocks, ETFs, options, mutual funds
	5.0	$0	$100	Get up to $500 when you sign up for M1 a... Show more Get up to $500 when you sign up for M1 and make a deposit of $1,000 or more within 14 days. Show less	Fractional shares

How to Compare the Best Robo-Advisors

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What Are Robo Advisors?

Robo advisors are digital platforms that offer algorithm-driven, automated investment and financial planning services with almost no human intervention.

A robo-advisor collects information about a client's financial information and goals and then uses the data to make automated investments and offer financial advice.

Using some of the top robo advisors will give you an inexpensive way of getting started with investing and have everything managed for you.

Benefits of Investing with Robo-Advisors

Inexpensive Way of Investing

Automated Investments

Expert Financial Advice

Professional Investment Management

Our Top Robo-Advisors for 2022

Chosen 13890 times

Fixed 5.74% to 20.28% APR (with AutoPay)
Federal and private student loan consolidations
No charge for the first $10,000 invested
A social finance company

4.5Read 13 reviews

More Info Get Started

Chosen 96 times

Personal loans from $5,000 to $50,000
Application will not impact your credit score
Available in all 50 U.S. states

5.0Read 1 reviews

More Info Get Started

Chosen 175 times

No Minimum Balance
$10 Management Fee
Easy-to-Use Website and Interface
24/7 Customer Support

4.4Read 7 reviews

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Chosen 82 times

Flexible, customizable, and automated
$0 commissions and no management fee
$100 account minimum
0.06%–0.20% fund expense ratio

5.0Read 1 reviews

More Info Get Started

Important

Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

Got Questions About Robo-Advisors? Get the Answers Here.

What does a robo-advisor cost?

Although pricing can vary from one service to the next, the cost of a robo-advisor is usually determined by:

Management fees. These fees are usually around 0.25% to 0.5% of your assets on an annual basis. So for example, for every $10,000 invested, the management fees would be $25 to $50 per year.
The funds' expense ratios. Your funds will be invested in various funds that also charge fees based on the value of your assets. These fees usually range between 0.05% to 0.65%, or around $5 to $65 annually, for every $10,000 invested.

Is a robo-advisor a good choice?

Robo-advisors can be a good choice for many investors, depending on their needs and how they want to manage their investment accounts. A robo-advisor can be a good idea if you:

Want your money to be managed professionally.
Are looking to start investing safely and slowly.
Want a lower-cost alternative to a human.
Don't understand the markets and want to learn.
Want to deposit and have everything managed for you.

What are the best robo advisors?

There are many top-rated robo advisors; Vanguard and SoFi invest are among these and they offer low costs and great benefits. When it comes to easy-to-use robo advisors, Betterment and Ally Invest are also worth mentioning. These are well-known automated investment apps that are known for their reputation and results.

What is a robo advisor?

A robo advisor allows for automated investing by using software and data-driven decisions to make investments on your behalf. It makes it easy for beginner investors to plan for their financial goals with investment help at low cost with minimum or no account fees.

Which robo advisor has the best returns?

According to the Robo Report from BackEnd Benchmarking, some of the robo-advisors that offer the best returns include:

Acorns: 3.49%
Ally Financial: 3.22%
Axos Invest: 4.38%
Betterment: 1.80%
Ellevest: 2.90%
Fidelity Go: 3.88%
FutureAdvisor: 3.34%
Personal Capital: 1.72%
SoFi: 4.03%

The robo-advisor performances above are based on data from 31 December 2017 to 30 June 2020.

Is the SoFi robo advisor legit?

Yes. SoFi Automated Investing is one of the best robo-advisors for low costs. The SoFi robo advisor charges no management fees and there are no account minimums either. Investors can get started with $1.