Top 5 Best Free Robo-Advisors for Simplified Investment Management

The rise of robo-advisors in the world of investing has been a game-changer for many individuals looking to simplify their investment management. These automated platforms use algorithms to create personalized investment portfolios based on factors like risk tolerance and financial goals, making investing more accessible and affordable for all.

One of the most appealing aspects of robo-advisors is their low fees, with some platforms even offering their services for free. Here are five of the best free robo-advisors that can help you manage your money without breaking the bank:

1. Schwab Intelligent Portfolios: Charles Schwab’s robo-advisor offering is available for free and includes features like portfolio management, automatic rebalancing, and tax-loss harvesting. With fund fees ranging from 0.02 percent to 0.19 percent, Schwab ensures that you’re not overpaying for your investments.

2. Fidelity Go: Fidelity’s robo-advisor is a great option for beginners, with no advisory fee on assets up to $25,000. Plus, Fidelity uses its own zero-cost mutual funds to build portfolios, keeping your total costs at zero for assets up to $25,000.

3. Interactive Advisors: While Interactive Advisors charges a management fee of 0.12 percent annually if they manage your portfolio, you can opt to manage it yourself for free. With fund fees capped at 0.75 percent, you can rest assured that you won’t be paying more than necessary.

4. SoFi Automated Investing: SoFi’s robo-advisor option has no management fee, meaning your only costs are the fund expense ratios. With total costs around 0.10 percent annually, SoFi keeps fees to a minimum while providing access to financial advisors.

5. Ally Invest Robo Portfolios: Ally Invest offers a free “cash-enhanced” portfolio option, but if you prefer a more market-focused portfolio, you’ll pay a 0.30 percent annual fee. With fund fees ranging from 0.03 percent to 0.25 percent, Ally Invest provides a range of low-cost ETF options for investors.

These free robo-advisors are a great way to dip your toes into the world of investing without the high costs typically associated with traditional financial advisors. With features like automatic rebalancing, tax-loss harvesting, and access to financial advisors, these platforms make investing easy and affordable for everyone.