Want to start investing but don’t know where to start? You're in the right place as we'll show the best robo-advisors in 2020.
What is a Robo-Advisor?
A robo-advisor is an online, automated portfolio management service. Because these companies use computer algorithms — a set of rules to choose appropriate investments based on your risk tolerance and time horizon — robo-advisors can offer their services for a fraction of the cost of a human financial advisor.
That lower-cost management, combined with features like automatic portfolio rebalancing and tax-loss harvesting, can translate into higher net returns for investors. A robo-advisor is a good fit for you if you prefer to be largely hands-off with your investments — letting someone else do the work of building and optimizing your portfolio — and you don’t have the kind of complex financial situation that requires a direct relationship with a human financial advisor.
To help you pick the best robo-advisor for you, we’ve selected the top three picks.
Best Robo Advisors in 2020 (Top 3)
The Best Robo Advisors in 2020 are Wealthsimple, Wealthfront, and Axos Invest as they provide low-cost investing that’s as simple as point, click, invest.
Want free money?
Our Pick for Best Robo Advisor is Wealthsimple
What is Wealthsimple?
Wealthsimple is an online professional investing service in both US and Canada, also referred to as a robo-advisor. They use low cost index fees and smart technology to keep your investment costs low. Instead of trying to beat the market they invest in the market as a whole. This diversification allows you to avoid putting all your eggs into one stock and can smooth out your returns and minimize your losses.
Who is Wealthsimple for?
Wealthsimple is for people who are investing for the long term. It’s best for people who are contributing regularly to their investments (remember you should be doing some investing for your future every month) commonly known as dollar cost averaging. This is when you are putting in money on a regular on-going basis.
Wealthsimple Fees & Pricing
Wealthsimple has no account minimum, which should undoubtedly attract new investors who might not have enough cash to reach higher minimums charged by some other financial advisors.
As for fees, the robo advisor charges 0.5% on all accounts with $100,000 or less (however, the first $5,000 is always free). After that threshold, the account type changes to Wealthsimple Black, which has a 0.4% fee and unlocks additional features.
The best part about Wealthsimple
It’s so easy to get started. You can do it all online and you don’t have to go in anywhere and sign papers. It’s great. I signed up and it took me under 5 minutes. The whole time I was sitting on my couch! If you want to get your first $10,000 managed for free, sign up using this link. There’s no account minimums. So there is literally no reason to not give this a try.
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