This is the best robo-advisor for new investors. (via CNBCMakeIt)
any fees charged by the funds you invest in. The funds themselves can have expense ratios ranging from zero to 1% or more. You want to keep these fees as low as possible. The management fee shouldn't necessarily be a deal breaker, but it's an important consideration, as you wouldn't incur this fee if you built a portfolio yourself.
Typically, robos charge less than human advisors, because a robot doesn't earn a salary or need health insurance. How much a financial planner charges depends on the planner and how much money they are managing for you, but you can expect to pay around 1% of assets under management, much more than the 0.25% to 0.89% charged by the robos Backend Benchmarking's report tracked.
SoFi is the runner-up for beginners. Its top selling points include no minimum balance requirements and no management fees.While the term "robo-advisor" might conjure images of a shadowy algorithm trading stocks to beat the market, they're much less risky than that. Typically, robos offer accounts largely composed of low-cost index mutual and exchange-traded funds . And many offer access to live financial advisors when you need it, for free or for a fee .
For those who want to invest, but don't have time to research every mutual fund on the market, they can be valuable tools. But a robo isn't always necessary. You can invest in mutual funds and ETFs on your own without the additional management fee. If you're offered a 401 at work with an employer match, it's smarter to start there than through a robo. Otherwise, you're giving up a potentially significant amount of
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