Are you ready to invest but don’t quite know where to start? A robo advisor might be right up your alley. Some believe that a robo advisor is the next generation of investing. Some believe it is convenient. And for others, it might be a great vehicle to learn more about investing when they are beginners.

Robo advisors are a type of advisor that provides portfolio management with little to no human interaction, allowing them them to charge low fees. Essentially, a smart algorithm takes your money (some as low as $100) and invests it for you. Wha-la and done! Most robo advisors invest in Bonds, Mutual Funds, Index Funds, etc.

So who are the top players? Here is an overview of some of the more notable robo-advisors.

 

Betterment

Betterment Review: Nerdwallet

-Costs to open: $0

-Fees: $0-$10k is $3/mo without auto deposit. $10k-100k is .25% annually, $100k+ is .15% annually.

-Set goals for your investments (Safety Net, Retirement, General Investing)

-Auto-deposits

-Includes Tax Loss Harvesting

– 12 Asset Classes/Allocations

 

 

 

 

 

 

Wealthfront

Wealthfront Review: Nerdwallet

-Costs to open: $500

-Fees: First $10k managed for free. .25% annual advisory fee.

-Auto-deposits

-Includes Tax Loss Harvesting

-11 Asset Classes/Allocations

 

 

 

 

 

 

 

 

 

Schwab Intelligent Portfolios

Schwab Intelligent Portfolio Review: Nerdwallet

-Costs to open: $5k

-Fees: $0 Advisory Fees

-Includes Tax Loss Harvesting ($50k minimum)

-54 Asset Classes/Allocations

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