Robo advisors are an excellent solution for investors who want to take a hands-off approach to portfolio management. They eliminate hefty advisory fees while creating customized portfolios and an even more passive investing experience. But now that there’s what feels like a sea of robo advisors, how do you choose the best one?

We’ve studied the top picks and compiled a guide that breaks down the best robo advisors for 2024. We are giving you our top recommendations and honorable mentions, paying special attention to cost, customization options, tax optimization, and unique features.

Best robo advisors of 2024:

  • Best Overall: Betterment
  • Best Low Cost Robo Advisor: SoFi
  • Best for Portfolio Customization:  M1 Finance
  • Best for 401Ks: Blooom
  • Best for Portfolio Management: Personal Capital



Account Minimum


Annual 0.25% fee





M1 Finance




$45-$250 per year


Personal Capital

0.89% to 0.49%


1. Betterment

Quick Facts About Betterment:
  • Best Overall Robo Advisor
  • Account minimum: $0
  • Fees: 0.25% management fee

Where Betterment shines

Betterment is one of the OG robo advisors on the market, and since it was founded in 2008, it’s continued to offer a user-friendly, transparent, and customer-focused experience. Betterment charges an affordable annual management fee of 0.25%, which may look high compared to other low-cost options on this list. However, Betterment offers stand-out features that benefit investors at every stage: tax-loss harvesting, socially responsible investment strategies, and customizable portfolios.

Investors can also speak to a Certified Financial Planner® using one of Betterment’s financial advice packages. There’s a one-time fee of $299 or $399 for each package, which is comparable to traditional advisors. Betterment officially entered the crypto sphere with its acquisition of crypto robo advisor Makara in early 2022.

Betterment Pros and Cons


  • Fractional shares so there’s no cash drag on your account
  • FDIC-insured cash reserve account
  • Multiple portfolio options and customization
  • Several tax management strategies
  • Strong goal-based tools
  • Simple on-boarding process


  • No direct-indexing
  • Investment offerings limited to ETFs

2. SoFi


Quick Facts about SoFi

  • Best Low Cost Robo Advisor
  • Account minimum: $1
  • Fees: $0 monthly or management fees

Where SoFi Shines

SoFi offers an incredibly low-cost, automated investing experience that includes no management, advisory, or administrative fees. To keep in line with its commitment to affordability, SoFi also offers free, unlimited access to Certified Financial Planner® and average portfolio expense ratios of 0.05%. Investors have exposure to ETFs in a mix of 13 asset classes for a diverse portfolio that’s built for different risk levels.

Unlike other best robo advisors, SoFi wasn’t started as an investment platform. It was founded in 2011 as an affordable alternative to traditional student loans. It’s since expanded into investing, insurance, home and auto loans, and more. SoFi also secured OCC approval for a national bank charter in 2022, adding banking features to its list of features.

SoFi Pros and Cons


  • Commitment to affordability
  • Low expense ratios
  • Free access to financial planners
  • Broad range of low cost investments
  • Strong customer support


  • No tax-loss harvesting
  • Short track-record
  • Limited account types

3. M1 Finance

Quick Facts About M1 Finance:
  • Best for Portfolio Customization
  • Account minimum: $100
  • Fees: $0 monthly or management fees

Where M1 Finance Shines

Despite being one of the younger companies on this list (it launched in 2017), M1 Finance  has quickly become known for its extensive portfolio customizations, which is unique for robo advisors. Investors can choose between 60 different pre-built portfolios (called “pies”), build their own, or use M1 Finance’s screener to recommend one. Having a DIY option is better suited for experienced investors, but we like that M1 Finance has affordable approaches for investors at any stage.

M1 Finance created its Owner’s Reward Program in 2021 as a way to grow your portfolio as you spend. The program includes a Visa-backed credit card that earns 1.5%, 2.5%, 5%, or 10% cash back on select companies, and you can then automatically reinvest those earnings in your portfolio.

M1 Finance Pros and Cons


  • No monthly management fees
  • Lots of customization options
  • Screening tools to refine your portfolio
  • Margin lending available once you have $5K invested
  • Spending program available


  • No tax-loss harvesting
  • No goal planning tools
  • No access to a human advisor
  • Can’t aggregate external accounts

4. Blooom

Quick Facts About Blooom:
  • Best for 401(k)s
  • Account minimum: $0
  • Fee: $45-$250 per year

Where Blooom Shines

What makes Blooom stand out and shine on this list of best robo advisors is its dedication to 401(k)s. They’ve brought much needed portfolio management to employer-sponsored retirement accounts, and they’re doing it with a very straightforward approach. Basically, you pay a fee of $45 to $250 every year, and Blooom optimizes and manages your portfolio. The fee depends on how much support you want, with the highest tier giving you unlimited and priority advisor access.

Blooom also offers some IRA management, but it’s only for IRAs held at Fidelity. They will also analyze your portfolio for free to see where and if they can help. And yes, it’s Blooom with three o’s.

Blooom Pros and Cons


  • Strong focus on 401(k)s
  • Simple model
  • No account minimum
  • Access to financial advisors


  • Flat fees are high for accounts with low balances
  • Limited accounts
  • Only for 401(k)s

5. Personal Capital

Quick Facts About Personal Capital:
  • Best for Portfolio Management
  • Account minimum: $100,000
  • Fee: 0.89% to 0.49% for accounts over $1 million

Where Personal Capital Shines

Most investors know Personal Capital as a free personal finance tool, but it’s also one of the best robo advisors out there if you have at least $100,000 invested. What Personal Capital offers is diversification, transparency, daily rebalancing opportunities, a dedicated human advisor, and a unique three-pronged approach to tax optimization. Advisory clients may also benefit from Personal Capital’s cash management feature that includes aggregate FDIC insurance up to $1.25 million and a 2.02% and 2.15% APY (APY varies over time).

As far as its free features, Personal Capital has robust goal planning tools, excellent retirement planning features, a savings planner, net worth tracker, fee analyzer, cash management, and more.

Personal Capital Pros and Cons


  • Robust portfolio management tools
  • Excellent tax optimization
  • Seamless account aggregation
  • Includes access to a human advisor (or team depending on your balance)
  • Long list of valuable free features


  • High account minimum
  • Higher than average account management fees
Personal Capital

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Personal Capital is a free investment and net worth tracking tool. My wife and I have been using it for years to help us save on fees and plan for retirement.

Honorable Mentions

It’s difficult to pick the best robo advisors because there are so many solid choices out there, and also everyone has different account management needs. To make sure you have all of the options available, we’ve compiled a list of runners up.


  • Fees: 0.30%
  • Account minimum: $500

E*Trade is an ideal choice for investors with actively managed mutual funds. It also offers an excellent mobile experience, socially responsible investing options, plus low fees and expense ratios. E*Trade, a Morgan Stanley subsidiary, is known for its robust investment platform for active investors.

Interactive Advisors

  • Fees: 0.08% to 1.5% annually
  • Account minimum: $100 to $50,000

Interactive Advisors is the brainchild of Interactive Brokers, one of the strongest investment platforms available. Where Interactive Advisors stands apart from other robo advisors is that it’s ideal for socially conscious investors with its pre-built portfolios, screeners, and investment vehicles that align with an SRI approach. Interactive Advisors also has one of the largest investment selections for automated investing.


  • Fees: 0.24%
  • Account minimum: $500

Axos is a strong contender in the robo advisory space with its strong customization capabilities, socially responsible investment offerings, and low advisory fees. Axos is also known for its long list of personal finance services, like checking and savings accounts, small business banking, and lending.


  • Fees: $1 to $9 per month
  • Account minimum: $0

Ellevest is a newcomer, but it’s already a stand out with its female-focused approach. This means its algorithm factors in issues that traditionally affect women’s ability to save and invest, such as wage gaps, career breaks, and longer lifespans. There are three tiers of service, all of which include discounted access to human advisory services.


  • Fees: 0.25%
  • Account minimum: $500

Wealthfront has long been a leader in the robo advisor space because it offers comprehensive investment management features and goal planning tools. They offer a variety of account types, including 529 college savings plans. What’s missing is that it doesn’t offer fractional shares or access to a human advisor.

How to Choose a Robo Advisor

With so many options available, here’s what we recommend when selecting the best robo advisor for you:

  • Low monthly or management fees: Robo advisors take one of two approaches to fees: either a percentage of assets under management (AUM) or a flat monthly fee. Flat fees traditionally look appealing to new investors because you know exactly what you’re paying, but they’re generally more expensive when you have a low balance. When it comes to AUM, a small percentage point can make a massive difference as your balance grows. It’s worth examining the fees and feeling confident in the features those fees are paying for.
  • Account types: Robo advisors can manage everything from individual taxable accounts, retirement accounts, and college savings accounts. Make sure the robo advisor you’re considering offers the types of accounts you’re looking for. You can always have accounts at multiple brokerages, but it’s much easier to manage everything when it’s all in one place.
  • Customer service: Having strong customer service is a no brainer, and all of the robo advisors on this list offer it. Pay attention to whether or not you can speak to someone on the phone, or if it’s limited to chat and email support.
  • Diverse investment options: Diversification is key to a good investment strategy, and having ETFs, bonds, mutual funds, and more makes for a more diverse portfolio.
  • Features important to you: Do you want SRI options? Is tax optimization your priority? Do you need access to a human advisor? Think about what you want out of your experience and see how each robo advisor meets your needs.

Best Robo Advisors: The Final Word

Gone are the days of paying hefty advisory fees if you want an investment portfolio tailored to your needs. That’s what technology has brought to the investment world, but it also means you have more choices than ever before. We created this guide to help you narrow down your choices.

  • Best Overall: Betterment
  • Best Low Cost Robo Advisor: SoFi
  • Best for Portfolio Customization: M1 Finance
  • Best for 401Ks: Blooom
  • Best for Portfolio Management: Personal Capital


​​Which is the best performing robo-advisor?

There’s not an easy answer to this question because there are so many factors that goes into how your portfolio performs. What it ultimately comes down to is how the market is doing, your portfolio allocation, and how long you’ve invested.

Do robo-advisors beat the market?

Because most robo advisors use algorithms that follow the strategies of index funds, they are more likely to match the market than beat it.

What is the cheapest robo-advisor?

SoFi and M1 Finance both have $0 management fees, making them two of the most affordable robo advisors available to today’s investors.

Why you shouldn’t use a robo-advisor?

If you want to be hands-on with your investments or want serious diversification, then a robo advisor is unlikely to meet your needs. Fortunately, there are some stellar investment platforms like Interactive Brokers and TD Ameritrade that are designed for this type of investment approach.