Want to know the best Robo Advisors to use for your investments? If you thinking about using a robo advisor to help you to invest your money, might be surprised to learn that you can go to your bank and based on various types of automation and algorithms that a robo advisor will put together, this can help you to build your portfolio and increase your bank balance. It can also help you to find the right investment for you needs.
How Robo Advisors can help
Robo advisors are actually a fairly new service that has taken off over the past few years because they use various types of algorithms to predict the market and also to help to decide with a human financial advisor how you can invest your money for various types of Investment services that you want to take advantage of.
If you're wondering should you use an advisor in this manner, with a robo advisor, in giving them the option to help with various accounts that you may want to invest in, you may want to research which bank you're going to be able to do this with to help you to better understand how you can benefit from it.
A robo investor or robo advisor uses technology in order to help to generate the investment they're going to give you. This is a way to easily have the service manage your particular type of portfolio. Usually robo investors or remote devices are low-cost account management tools that can help by giving you account minimums and you can find that you're able to do investing in this manner with minimal fees. You'll still have someone at the bank to actually help you with various types of stocks that you want to pick from or different types of bond allocations.
If you want to use a robo advisor to help you to decide on which stocks to invest in now, you may want to turn to your nearest bank.
Robo Advisor Services
Wealthfront is a bank that offers Robo advisor investment advice tools and they only require a minimum of $500 in your account. Betterment is another bank that offers goal related investment tools and the account minimum balance is zero when you invest with them.
With low account minimums, this means that you can test out the features and services that they have and then decide if you want to load more money into your account based on the returns that you get and if you find that you like the robo advisor service.
Wisebanyan is another company that has a zero management fee and they allow the account balance to be as low as $10. There is no management fee when you try Charles Schwab. They do require a minimum balance of $5,000 so you may want to speak with someone in the financial services department if you choose to elect the robo advisor services at Charles Schwab.
Another service to look into is Future Advisor which has 0.50% management fee that they charge and several of their services are free. Keep in mind that they do have a $10,000 account minimum and their management services are free. This is a promotional advertisement so you may want to check with them to see if this is still a current offer that they have.
An additional service to look into is Blooom which has a zero account minimum and you can actually use the promotional with NerdWallet and you will only have to pay $1 to $15 a month. That's a great way to get a cheaper management fee as the management fee generally ranges from $5 to $99 per month. Blooom is also a good service tat can help you and if you want to check them out. You can go to NerdWallet to look at the reviews.
For additional services, you can check out Vanguard which requires a minimum account balance of $50,000, or Personal Capital which has a minimum account balance of $25,000. They have different types of benefits so you may want to check with them. We did find that Wealthfront is one of the services that has a 5-star review.
Always check with your financial advisor, speak to your accountant and don't invest in areas that you're unsure of without having the legal expertise and knowledge of the areas that you want to invest in.