Top 10 Robo-Advisors for Investment Advice in 2023

Robo investors can customize the portfolio. What all they need is a few inpuuts and in certain cases, a minimal fee.

Investment is a tricky affair and it takes a lot of calculations to arrive at the right portfolio choice or decide the timing. All the complexity around it is so overwhelming that some might want to have a hands-off approach to investing. Robo-advisors are such online investment platforms, where you can automate the investment process just by feeding a few inputs such as financial goals, timeline, risk tolerance, and other preferences. However, some platforms are too pricey or require a steep minimum balance. Here we sort the top 10 robot advisors for investment in 2023.

1. Fidelity Go

It is the platform for someone who does not have much money initially to invest in. One can get started with just $10 and no further advisory fee is charged for those who have less than $25,000 under management. Those with above $25,000, would pay a minimal 0.35% per year as a fee and in exchange get unlimited one-on-one coaching.

2. Ally

Ally requires only $100 as a minimum deposit and fees for its service. If one needs a cash-enhanced portfolio, it requires a buffer money of 30% of portfolio money. These account holders need not pay an advisory fee. For a market-focused portfolio, the buffer amount is set at 2% and needs only 0.3% as an advisory fee. 

3. Betterment:

It needs only $10 to start investing at Betterment. An easy-to-use platform with features like automatic rebalancing and dividend reinvestment that come with no added cost helps set up automated deposits. The only disadvantage is the advisory fee it charges for one-on-one advice from certified financial planners.

4. Acorns

Meant for those who do not want to invest a hefty amount upfront, it makes investment easy by rounding up purchases and investing the spare change. Apart, the account can be opened with the lowest minimum of $5 to start with. It charges a flat fee of $3 every month instead of in terms of the percentage of funds in the account.

5. SigFig

Unlimited advice irrespective of the account balance is the most striking feature of this platform. It has some amazing customer advisor features including phone, email, and chat. The platform constantly monitors the account and rebalances it if required. However, one needs to $2,000 to open a SifFig account and requires a 0.25% annual fee for funds exceeding $10,000.

6. TD Ameritrade

It builds a unique portfolio of ETFs and mutual funds based on your financial goals and risk appetite. The downside: this account requires a $5,000 minimum deposit to get started. For a limited time, you can earn $100 when you open an automated TD investing account. Terms and conditions apply.

7. Schwab Intelligent Portfolios

Though the platform charges a steeper initial deposit, it offers the best all-around service for the price. Further, it doesn't charge an advisory fee, doesn't take commissions nor has account closure fees. Customers get 24/7 live support from US-based professionals. The platform is capable of automatically rebalancing the portfolio when required.

8. INVEST for Amex by Vanguard

Designed for basic American Express cardholders, it offers membership reward points upon investments. The one-on-one consultation feature that it provides is one of its most special features. However, after 90 days free advisory period, the customers have to pay a fee of 0.5% on assets managed by the INVEST platform.

     9. UBS Advice Advantage:

The platform charges a steep minimum balance of $10,000 apart from the advisory fee and is therefore not advised for newbies. However, for the money one pays, it offers features like automated rebalancing, tax-loss harvesting, and continuous advice from professional by experienced finance professionals.

     10. Wealthfront

Wealthfront robo advisor helps users to create portfolios and customize them based on specific interests such as social responsibility. This account needs $500 to open an account that is not accessible to everyone. It charges an advisory fee of 0.25% per year and the customers get phone and email access to product specialists, with emails answered in one business day.