A robo-adviser is a wealth management platform or service that provides financial planning services using automated algorithms. That means minimal human intervention is required.
Robo-advisors have become immensely popular among younger generations who are serious about their finances.
According to recent Insider Insight, less than one in ten U.S. households make use of robo-advisory services; this is based on information gathered from the U.S. Census Bureau, Federal Reserve, and analytics firm Hearts & Wallets.
With more than 300 robo-advisory services available worldwide, choosing one that aligns with your financial prospects can be a daunting task.
Betterment has some of the lowest annual account fees, starting as low as 0.25% of your fund balance.
SoFi Automated Investments
SoFi uses automated rebalancing, just like Betterment, so you can ensure your portfolio is being followed each day, even during high market volatility.
With low annual fees at 0.25% offered for most of its accounts and having zero trading commission or withdrawal fees, Wealthfront has been considered one of the more suitable choices for investors who have the desired saving goal.
Blooom is one of the few services that provide 401(k) management, and new investors can do a free analysis to see their product options.