The 5 Best Roboadvisors of 2020

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Are you thinking about starting an investment? Is your mind bagging with questions of where to invest, how to do it, and where to start? Well, you should not feel alone on this. When it comes to investments, many people find it as a challenge. Therefore, before venturing into any investment, seek the services of a professional guide to assist you. A Robo advisor is an automated investment platform. Robo advisors are preferred as they save you time and money since you do not need to look for an advisor physically. All you need is to have an internet connection, to access the services 24/7.

Best Roboadvisors

When choosing a Robo advisor, you don’t just want any; you need to get the best. Here are the five best Robo advisors.

Betterment

Betterment ranks as the largest as well as the oldest independent Robo advisors’ companies. They are best known for their service by providing automatic rebalancing, a personalized retirement strategy, tax-loss collecting, and an opportunity to purchase fractional shares in capitals. With this, you get to invest all your money without waiting until you get enough capital to buy a full share.

The management fees for betterment accounts range from 0.25% to 0.40%. there is also an added advantage when opening a new account, as there is no minimum amount needed. This attracts new investors who do not have much to invest.

Ellevest

Ellevest is best known for investments that are goal-based, regardless of whether it’s a single or multiple goals, and is mainly for women. They offer tax minimization, automatic rebalancing, and access to one-on-one executive coaches. The annual fees range from 0.25% to 0.5%, depending on the level of the service. The account minimum is $0 for the basic level.

Wealthfront

Wealthfront is among the largest Robo-advisors. They offer investing services that are goal-based to help you understand how your future can be affected by today’s financial choices. Wealthfront is well known for low fees. Their management fees are 0.25%, and the ETF fees are 0.08%. They rank highly for building low-costs ETF portfolios. The amount needed to open an account is a minimum of $500.

Schwab Intelligent Portfolios

This is a product by Charles Schwab that is well-known for investor-friendly practices. They do not charge any management or advisory fees. To open an account, you need a minimum balance of $5000. Schwab Intelligent Portfolios use tools like automatic rebalancing and tax-loss harvesting to offer the best deals for the investors.

Sofi Wealth

They are Robo advisors mostly for young specialists to refinance scholars’ loans. They require a minimum of $100 to start an account. You also don’t pay the management fees if you have an existing loan. The firm assists you in achieving your life objectives by providing goal-based planning and automatic rebalancing.

Finding the Best Roboadvisor for You

With so many Robo advisors available, you need to identify the best to get the services you need. When looking for the best Robo advisor, you need to put into consideration a few things among them:

  • The kinds of services they offer- Different advisors provide different levels of services. Therefore, you must identify your goals and priorities, and chose a Robo advisor according to your objectives.
  • The transparency of the company.
  • The performance of the firm and the portfolios offered.
  • The required investments, fees, and expenses you will incur. They should be as minimal as possible.

Before choosing your Robo advisor, always ensure you conduct thorough research, to get the best.

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