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condorcapitaI
Edition28|2Q2023
WEALTHMANAGEMENT
THERANKINGEDITION
TheRoboReport
BringingTransparency
toRoboInvesting
KenSchapiro,MBA,CFA
ChiefExecutiveOfficer
DavidGoldstone,CFA
Manager,InvestmentResearch
ThomasLeahy,CFA
FinancialAdvisor
KristopherJones,CFA
FinancialAnalyst
2TheRoboReport&RoboRanking
Welcometo
TheRoboReport
&RoboRanking
CondorCapitalWealthManagementis
proudtopublishthe28theditionofthe
RoboReport?,coveringthesecondquarter
of2023,andthe11theditionoftheRobo
Ranking?.ThisReportisacontinuationof
anongoingstudythatmonitorswell-known
roboadvisors.Westrivetoprovideareliable
resourceforbothinvestorsandprofessionals
interestedinthedigitaladviceindustry.
Highlights
→Largecapgrowthhasdominatedmarketreturnsyear-to-date.
→Nimblemanagementofdurationwasamajorfactorindeterminingtheperformanceoffixedincomeportfoliosoverthepastthreeyears.
→Allocationstodomesticandvalueequitiessup-portedtheperformanceovertheprior3-yearand5-yearperiods.
→TheWinnerofBestOverallRobo,Schwab,pro-
videsanimpressiveyetsimpledigitalexperience
andaffordsanimpressivefinancialplanningexpe-
rienceatthepremiumlevel.
→ThewinnersofBestRoboforDigitalFinancial
Planning,EmpowerandWealthfront,serveasan
exampleofsimpleyeteffectiveonlineplanning.
→SoFiwonBestRoboforFirst-TimeInvestors
becauseofitslowfees,anditsabilitytomanage
manyareasofone’sfinanciallifeonasingleplat-
formincludingdebtconsolidation,careercoach-
ing,andlivefinancialplanning.
Contents
4ExecutiveSummary
5TheRoboRanking
6RoboRankingScores
8AccesstoAdvisorsandPlanning
9BestRoboAdvisors
13RoboRankingFacts
15RoboReportTopPerformers
16PerformanceCommentary
20TotalPortfolioPerformance
21RoboCommentary
23IndustryCommentary
25RoboTax-LossHarvesting
27TermsofUseandDisclosures
Allsupportingdatacanbefoundonlineat
/the-robo-report/data/
AUMTables
TotalPortfolioReturns
Equity&FixedIncomeReturns
Fees,Minimums,andAllocations
RiskStatistics
NormalizedBenchmarks
InternationalAllocation
Disclosures
4TheRoboReport&RoboRanking
ExecutiveSummary
ThiseditionoftheRoboReport,publishedby
CondorCapitalWealthManagement
,
tracks42accountsat27differentproviders.TheRoboReportcontinuestoevolve,and
thisquarter,webringyouourusualdata,whichcanbefoundonlineat
condorcapital.
com/the-robo-report/data/
,aswellasperformancecommentaryforthequarter.
TheRoboRanking
SchwabIntelligentPortfoliosandMerrillEdgeGuidedInvest-inghavetoppedourrankingforBestOverallRoboAdvisor.FulldetailsandscoreforourrankingcanbefoundintheRoboRankingsectionofthisreport.
CondorCapitalWealthManagementhasunveiledthe11theditionoftheRoboRanking?,apremierevaluationofroboadvisorsbasedonover45metrics,includingrealperformancedata.Thisrankingunderscorestherisingprominenceofroboadvisors,whicharebecomingincreasinglypopularduetotheiraffordabilityandminimalinvestmentrequirements.TheRoboReport'sobjectiveistoprovidetransparencyinthedig-italadvicelandscape,helpinginvestorsidentifytop-notchservicestailoredtotheirneeds.Notably,thiseditionhasup-dateditsscoringmethodology.Changesincludedifferenti-atingbetweenbaseandpremium/hybridtiers,emphasizingpre-onboardingtransparency,andrefiningportfoliocustom-izationcriteria.
MarketOverview
2023hasseenmorestabilityforglobalinvestorsthanthepreviousyear.ThedomesticS&P500soaredby16.88%,withthetechsector,bolsteredbyAIadvancements,leadingthecharge.Theconsumerdiscretionarysectorflourished,whilevaluestocks,suchasconsumerstaplesandutilities,lagged.Internationally,developedmarketscouldn'tmatchU.S.per-formance,withtheMSCIEAFEIndexgrowingby12.16%.No-tably,theEuropeanCentralBankandtheBankofEnglandbothhikedratesfourtimes.
Fixedincomemarketsremainedsteady.TheU.S.FederalRe-serveraisedratesslightlyinMaybuthintedataslowdowninhikes,consideringpositiveeconomicsignals.Theevolving
rateenvironmentaccentuatestheimportanceofmanagingdurationinroboaccountinvestments.Seepage16formore.
IndustryUpdate
Therobosectorhaswitnessedupheavals.FutureAdvisor,underBlackrocksince2015,istransitioningtoRitholtzWealthManagement.Blooom,a401(k)centricroboadvisor,shut-teredin2022.UBS'sunexpectedattempttoacquireWealth-frontin2022,valuedat$1.4billion,fellthrough,leadingthemtopurchaseCreditSuissefor$3.25billion.
Bettermentencounteredchallenges,introducinga$4month-lyfeeforsmalleraccountsandsettlingwiththeSECoversoftwareissues.Schwabwasfined$187millionbytheSECforcashallocationdisclosuresandhassincecompensatedclients.VanguardimproveditsDigitalAdvisoroffering,coun-teringpastcriticismsandsolidifyingitsleadingposition.
Theloomingquestionfor2023istheroleofAIintheindus-try.AIalreadyrevolutionizesareaslikeaccountrebalancingandback-officetasksinrobo-advisors.However,entrustingthedeliveryoffinancialadvicesolelytoAIposesrisksduetopotentialbreachesoffiduciaryduty.FirmsarenoweyeingAInotasareplacementbutasanaugmentationtoolforhumanadvisors.Itcanenhancethequalityofadvice,helpincreatingfinancialplans,analyzecustomerbehavior,andstreamlinecommunications.AscompanieslikeMorganStanleydelveintoAI'spotentialinwealthmanagement,regulatorybodiesfacethechallengeofadaptingtothisevolvinglandscape.Seepage23formore.
5TheRoboReport&RoboRanking
TheRoboRanking
CondorCapitalWealthManagementisexcitedtopublishthe11theditionoftheRoboRanking?.TheRoboRankingistheonlycomprehensiveranking
ofroboadvisors.Itexaminesnotonlythefea-
turesandservicesbutalsoportfolioperformancethatissourcedfromrealaccountstrackedbytheRoboReport.Roboadvisorshavetakentheadviceindustrybystorm,withthelargerindependent
providerscontinuingtoshowstronggrowthand
innovativefeatures,androbo-advicetechnolo-
gybeingadoptedacrossbanks,brokerages,andothertraditionaladvicefirms.Robo-advicepro-
vidersareprovingattractivetoindividualinves-
torsinlargepartduetotheirsignificantlylower
minimumsandcosts.HereattheRoboReport,ourgoalistobringtransparencytothedigitaladviceindustrytoempowerinvestorstoseekthebest
productsandservices.
Introduction
TheRoboRankinggradesroboadvisorsacrossmorethan45specificmetricsandistheonlyexaminationthatincludesrealandreliableperformancedata.Wescoredeachroboonvarioushigh-levelcategories,suchasfeatures,financialplan-ning,customerexperience,accesstoliveadvisors,transpar-encyandconflictsofinterest,sizeandtenure,accountmin-imums,costs,andperformance.Eachmetricthatwegradeisspecificandunambiguous.ThedetailsofhowwecreatedthescoresandRankingcanalsobefoundonour
website
.TheRoboRankingisapowerfultooltohelpthoseinvestorswhoareconsideringusingadigitaladvisor.Althoughwerankandgiveeachroboanoverallscore,wealsoacknowledgethedifferencesinindividualinvestorsandtheirsituations.
Tohelpinvestorsfindaproductthatisrightforthem,wecreatedsub-rankingstohighlightwheredifferentproductsexcel.Onceinvestorshaveidentifiedtheirneeds,thecatego-ryrankingscanhelpthemselectaproviderthatstandsoutintheareasthataremostimportanttothem.TheperformancescoreispartlybasedontheRoboReport’sinnovativemethodtocomparegloballydiversifiedportfolioscalledNormalizedBenchmarking.AmethodologyofNormalizedBenchmarkingcanbefoundonour
website
.
ForthiseditionofTheRoboRanking,weintroducedsomechangestothescoringmethodology.Weintroducedthesep-arationofthebasetierfromthepremiumorhybridtiersinthe
AccesstoLiveAdvisorandFinancialPlanningsection.Totalscorerepresentsservicesavailableateitherthebaseservicetierorthehybridservicetier,ifitisseparate.Abreakdownofwhichpointswereearnedateachservicetierisavailableinthetablesandgraphs.ThereisalsoanadditionalpointintheAccesstoLiveAdvisorssectionforwhetherroboshaveaccesstoliveoperationalsupportseparatefromthepointsavailableforthoserobosthatofferlicensedadvisors,whocananswerquestionstoanindividual’sspecificsitua-tion.Thereweresomechangestothetransparencyscores,suchasportfolioassetclassallocationmodelsbeingavail-ablepriortotheonboardingprocess,whereaspreviouslytherobosweregivenpointsformakingmodelsavailableduringtheonboardingprocess.Additionalpointsareavailableifde-tailedmodelsarepublishedandavailablepriortofillingouttheonboardingquestionnaire.Wealsochangedthescoringofportfoliocustomization,nolongergivingpointsforportfoliomodelsbeingabletoadjusttocustomer-specificholdings,insteadgivingpointsfortheabilitytocustomizetheroboportfolio.Finally,therearenolongerpointsbeingawardedfortheonboardingprocess,whichmeansthataskingaboutfeelingstowardsinvestingduringtheonboardingprocessisnolongerapointavailabletoearn.Initsplace,anextrapointwasaddedfortheabilitytochat.Further,ratherthanaskingaboutwhetherornotanemergencyfundisneededduringonboarding,pointsarenowawardedforplannershavingagoalspecifictoemergencysavings.
6TheRoboReport&RoboRanking
RoboRankingScores
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
Schwab
MerillEdge
FidelityGo
Wealthfront
Vanguard
BettermentSoFi
Empower
AllyInvest
USBank
ETrade
SigFig
JPMorgan
WellsFargoAcorns
Intelligent
Guided
PAS
Automated
Robo
Automated
Core
Chase
Portfolios
Invvesting
Investing
Portfolios
Investor
Portfolios
AutomatedInves
AccesstoAdvisorsBaseTierPoints
FinancialPlanningBaseTierPoints
TransparencyandConflicts
CustomerExperience
SizeandTenure
Performance
AdditionalPointsatHigherServiceTier
AdditionalPointsatHigherServiceTier
Features
Minimum
Costs
7TheRoboReport&RoboRanking
RoboRankingScores
RoboName
AccesstoAdvisors
FinancialPlanning
TransparencyandConflicts
Features
CustomerExperience
Minimum
SizeandTenure
CostsPerformanceTotal
Schwab
Intelligent
Portfolios
8.00
15.00
8.00
5.83
8.18
2.40
2.00
11.27
21.79
82.47
MerrillEdge
GuidedInvesting
9.00
15.00
9.00
4.86
6.38
2.40
1.00
10.72
20.72
79.08
FidelityGo
7.00
13.50
5.00
4.55
9.14
3.00
1.80
12.39
22.54
78.91
Wealthfront
1.00
15.00
6.00
7.61
6.00
3.00
2.00
12.50
24.32
77.43
VanguardDigital&Personal
Advisor
8.00
15.00
2.00
6.78
6.58
2.40
2.00
13.96
20.44
77.15
Betterment
7.00
13.50
9.00
9.22
6.37
3.00
2.00
12.50
12.61
75.20
SoFiAutomatedInvesting
9.00
15.00
2.00
5.25
6.04
3.00
1.40
15.00
18.32
75.01
Empower
8.00
15.00
8.00
7.00
5.90
0.00
2.00
5.82
16.56
68.27
AllyInvestRoboPortfolios
7.00
15.00
5.00
4.80
6.60
3.00
1.40
11.95
11.18
65.93
USBank
Automated
Investor
8.00
9.00
6.00
5.55
4.98
2.40
0.92
12.70
15.09
64.64
ETradeCore
portfolios
8.00
13.50
5.00
4.80
5.59
3.00
1.00
12.39
8.94
62.23
SigFig
9.00
10.50
6.00
2.80
5.52
2.40
1.00
12.81
8.98
59.01
JPMorgan
Chase
AutomatedInves
7.00
13.50
5.00
4.60
5.80
3.00
0.67
12.06
6.96
58.58
WellsFargo
8.00
12.00
4.00
6.00
5.13
3.00
1.00
10.26
8.29
57.69
Acorns
1.00
3.00
4.00
7.80
7.42
3.00
1.80
14.87
6.82
49.72
MAX
10.00
15.00
10.00
10.00
10.00
3.00
2.00
15.00
25.00
100.00
SchwabIntelligentPortfolios
MerrillEdgeGuidedInvesting
FidelityGo
Wealthfront
VanguardDigital&Personal...
Betterment
SoFiAutomatedInvesting
Empower
AllyInvestRoboPortfolios
USBankAutomatedInvestor
ETradeCorePortfolios
SigFig
JPMorganChaseAutomatedInves
WellsFargo
Acorns
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
8TheRoboReport&RoboRanking
AccesstoAdvisorsandPlanning
AccesstoAdvisors
AccesstoAdvisorsBaseTierPointsAdditionalPointsatHigherServiceTier
FinancialPlanning
FinancialPlanningBaseTierPointsAdditionalPointsatHigherTier
9TheRoboReport&RoboRanking
BestRoboAdvisors
→TheWinnerofBestOverallRobo,Schwab,pro-videsanimpressiveyetsimpledigitalexperienceandaffordsanimpressivefinancialplanningexpe-rienceatthepremiumlevel.
→ThewinnersofBestRoboforDigitalFinancialPlanning,EmpowerandWealthfront,serveasanexampleofsimpleyeteffectiveonlineplanning.
→SoFiwonBestRoboforFirst-TimeInvestors
becauseofitslowfees,anditsabilitytomanagemanyareasofone’sfinanciallifeonasingleplat-formincludingdebtconsolidation,careercoach-ing,andlivefinancialplanning.
BestOverallRoboAdvisor
→Winner:SchwabIntelligentPortfolios
→Runner-up:MerrillEdgeGuidedInvesting
SchwabIntelligentPortfoliosPremiumisourwinnerforBestOverallRobointhisyear’sRoboRankingSummerEdition.WhilethebasetierofferingfromSchwabisfairlystandardcomparedtothebroaderrobouniverse,thepremiumtierprovidesarangeofbenefitstousersthatareamongthebestinclass.Therobooffersusefulfeaturessuchastaxlossharvesting,anETFexclusionlistshouldonenotwanttobeinvestedinspecificfunds,anda“retirementpaycheck”toassistinthefinancialtransitionfromworkinglifetore-tiredlife,allofwhichareavailableatthebaselevelthroughaneasy-to-usedigitalinterface,andwithoutamanagementfee.SchwabIntelligentPortfoliosPremiumoffersoneofthebetterplanningsuitesaround,allowinguserstomodelmul-tiplecomplexfinancialgoals.WhilethebaselevelofSchwabIntelligentPortfoliosallowsaccesstoinpersonoperationalsupport,SchwabIntelligentPortfoliosPremiumaffordsusersaccesstolicensedfinancialadvisorsaswellasCertifiedFi-nancialPlanners(CFPs).
AnotherareawhereSchwabwasabletopickupmeaning-fulpointswasinperformance.SchwabIntelligentPortfolioswasamongthebetterperformersamongourroboportfolios,thanksinlargeparttoitscashallocation.Schwaballocatesalargeportionoftheirroboportfoliostocashrelativetootherofferings.InourSchwabrobo,theportfolioallocatesover10%
oftheaccounttocash,andinthemostaggressiveportfoliooptionsavailable,stillallocatesover8%oftheaccounttocash.Itisimportanttonoteoverlongerperiods,Schwab’scashallocationhasbeenadragonperformance.Howev-er,withequitiesandfixedincomebothperformingpoorlyin2022,Schwab’scashpositionbluntedtheeffectsofthebroadermarketsell-off,givingaboosttoperformanceoverthetrailing3-yearperiod.Additionally,Schwab’stilttowardsvalue,andtheoutperformanceofthespecificfundamentallyweightedproprietaryequityETFsitholdshelpedits3-yearoutperformance.Again,lookingovera5-yearperiodwheregrowthhasoutperformedvaluethisvaluetilthasnothelpedperformance.Overall,SchwabIntelligentPortfoliosPremiumisafantasticproductforinvestorsseekingaroboadvisorwith$25,000ormoretoinvest.
Ourrunner-upforBestOverallRoboisMerrillEdgeGuidedInvesting.Merrill,likeSchwab,offerstwotiersofservice,adigitalonlytier,MerrillEdgeGuidedinvesting,availabletothosewith$1,000ormoretoinvest,andahybridtier,MerrillEdgeGuidedInvestingwithanAdvisor,availabletothosewith$20,000ormoretoinvest.LikeSchwab,itisfairlystandardinitsofferingsatthebasetier,withaccesstoliveoperationalsupport,anESGthemedinvestmentportfolio,andasinglegoalperaccountplanningtoolthatcanhelpyouprojectyourfutureaccountvalueandlikelihoodofachievingyourgoal.Atthehybridlevel,investorswillgetaccesstoliveadvisors,includingadedicatedadvisorthatwillhelpwithmorecomplex
10TheRoboReport&RoboRanking
planning.Thisincludestheabilitytomodelmultiplefinancialgoalsandviewthemwithinasingle,holisticplan.
Performancewasanotherdriveroftheirranking,withMerrillscoringinthetopfourofourtrackeduniversethanksinparttoitsrelativelylargeallocationtomunicipalbondsonthefixedincomesideoftheportfolio,aswellasitsbiastowardslargecapsontheequityside.Overthetrailing3-and5-yearperi-ods,theRussell1000Indexhasreturned14.07%and11.89%annuallyonaverageversusreturnsof10.79%and4.17%fortheRussell2000Index.Merrillisoneofthemoreactiveport-foliomanagersandisagoodchoiceforthoseseekingamoreactiveapproachtoportfolioconstruction.
BestRoboforPerformanceataLowCost
→Winner:Wealthfront
→Runner-up:FidelityGo
TheBestRoboforPerformanceataLowCostcategoryisdesignedforinvestorswhoseekoutthebestoverallquan-titativemetrics,especiallythoserelatedtoreturnsandfees.Wealthfrontwasonceagainthetopperformer,followedbyFidelityGo,forthe3-yearperiodendingJune30,2023,aperiodthatcontainedthepost-Covidrecovery,elevatedin-flation,risinggeopoliticaltensions,andalittleoverayear’sworthofrapidlyrisinginterestrates.
Wealthfrontbenefitedfromitsdedicatedenergyholding,whichwasespeciallyhelpfulduringtheprolongedperiodofelevatedinflationandinthefaceofthedisruptionofener-gymarketsfollowingtheRussianinvasionofUkraine.Theenergysectorgreatlyoutperformedfromthestartof2021throughyearend2022withtheVanguardEnergyETFpostingareturnofnearly60%onaverageperyear,versusareturnofjust2.6%annualizedfortheS&P500inthatperiod.Thevaluetiltedenergysector’soutperformancetrackedwiththeoveralltrendofvalueoutperforminggrowthoverthepastthreeyears.Duringthe3-yeartrailingperiodendingJune30,2023,theRussell3000ValueIndexoutperformedtheRussell3000GrowthIndexbyabout1%peryearonaverage.Mod-estallocationstodomesticoverinternationalequitiesthantheaverageportfoliowetrackalsohelpedtheseportfoliosoutperformoverthepastthreeyears.
FidelityGo’sequitypositioningistypicallymarket-neutralrel-ativetoitsgrowthandvaluesplit.However,theydoallocatemoretolargecapsonaverageat75%oftheequityportfolioversusabout66%onaverageacrossalltrackedrobosoverthetrailing3-yearperiod.Thisgreatlyhelpedperformanceaslargecapswerethebestperformingsizeamongequitiesoverthisperiod.
Onthefixedincomeside,FidelityGoallocatesallouraccountsfixedincomeholdingstomunicipalbonds,whichhasbeenoneofthebetterperformingfixedincomeclassesoverthepastthreeyears.Onthefixedincomeside,Wealthfrontalsomaintainsholdingstomunicipals,aswellasTIPS,whichhaveperformedwellrelativetootherfixedincomeclassesoverthepastthreeyears.
BestRoboforFirst-TimeInvestors
→Winner:SoFi
→Runner-up:FidelityGo
SoFiremainsourtoppickforfirst-timeinvestors.Formany,thetruestartofone'sinvestingjourneybeginswithpayingdownstudentloans,orsomeotherformofdebt.SoFiallowsusersaplatformtoexploreoptionssuchasconsolidatingdebtasafirststeptotheirgoalsofsavingforthelong-term.Theyalsohavemanytoolsavailabletofirsttimeinvestorsoutsideofdebtconsolidation,suchasaccesstocareercoachesandlivefinancialplanners.TheyalsoofferastrongbudgetingtoolintheformofSoFiRelay,whichallowsoutsidefinancialac-countstobetrackedwithinSoFi’splatform,helpingtogiveaholisticviewofone’sbudgeting.TheseabilitiescombinedwithSoFi’slowfeesmakeSoFiatopoptionforfirsttimeinvestors.
FidelityGoearnsthedistinctionofrunner-upinthiscatego-ryduetoacombinationoflowcosts,anaccessibledigitalplatform,andimpressivelong-termreturns.FidelityGouserswillbenefitfromlowfeesthroughacombinationofno-costFidelityFlexfunds,aswellasnomanagementfeeonthefirst$25,000invested,makingitespeciallyattractiveforinvestorswithsmalleramountsofmoneytostartwith.Furtherbene-fittingfirst-timeinvestors,theirmobileapp,Spire,containsmanyshortarticlesgearedtowardstheyoungergenerations,centeringaroundtopicssuchasweddingplanningandretire-mentplanning,whilealsoallowingforuserstomonitortheiraccountsandgoalsinoneplace.Thiscombinedwithstrong
11TheRoboReport&RoboRanking
long-termperformancedue,inpart,totheirbiastowardslargecapequitiesmakesthemagreatoptionforfirst-timeinvestors.
BestRoboforDigitalFinancialPlanning
→Winner:Empower
→Runner-up:Wealthfront
Themostsignificanteffectthatroboadvisorshaveexertedonthefinancialadviceindustryisthedemocratizationofexpertlymanagedportfolios.Roboadvisorshavenotjustfacilitatedwidespreadaccesstoadvisedaccounts,buttheyhavealsoenabledhigh-caliberfinancialplanningtobecomeavailabletoanyoneequippedwithaninternetconnectionandthereadinesstoinvestthetimeintobuildingaplan.Thewinnersofthiscategoryofferthebestdigitalplannersamongtheroboswetrack.
Thetwowinnersofthiscategory,Empower(formerlyknownasPersonalCapital)andWealthfrontoffertheirdigitalplanstoanyonewithouttheneedforopeninganaccount.Theseplatformsoffertheabilitytobuildaholisticfinancialplanbycombiningmultiplegoalsintoasingleplan,whilealsoag-gregatingoutsideaccountssoinvestorscangetaviewoftheirfullfinancialpicture.Theymakeplanningforthefutureeasybyenablinguserstomodelfuturelifeevents,suchasSocialSecurityandotherretirementincome,aswellaslifeeventssuchaswindfallsandothercustominputs,allwhilepresentingitinaneasy-to-usemannerandofferingitinthestandard,freeversionsoftheirservices.
Empowerremainsatthetopofourlistwhenitcomestofinan-cialplanningtools.Theroboenablesuserstoplanforretire-ment,homepurchase,education,andgeneralsavingamongothergoalswithaplethoraofin-depthtools.Theretirementfeeanalyzerlooksatyourportfolio’sholdingsandestimateswhatportionofyourportfoliowillbelosttoexpenseratios,whiletheplannerallowsyoutosetupmultiplespendinggoalsalongwithprojectedfutureincomeandcalculatesaprobabil-ityofsuccessinthestatedgoals.Theplanneralsoallowsyoutomapoutaplantopaydowndebtalongsideyourcurrentsavings,aswellasanemergencyfund.Itwillaggregateout-sideaccountsandpresentyouwithaconsolidateddisplayofyourmonthlycashflows,overallnetworth,andotherviewsofyourfinancesinasingledashboard.Therobooffersafea-
turecalledInvestmentCheckupthatexplainshowandwhyyoushouldberebalancingyourportfolio,whiletakingintoaccountyourage,risktolerance,andportfoliocomposition.Throughitsabilitytoaggregateoutsideaccounts,itisalsoabletoanalyzepositionsheldelsewhere.Overall,Empowercontinuestobeourtoppickforrobosrelatedtofinancialplanningduetoitsin-depthplanningtoolsofferings,includingamulti-goalfinancialplanandtheabilitytocustomizeinputsspecifictotheinvestor.
Wealthfront’sdigitalplanningtoolsarerepresentativeoftheirdigital-firstphilosophy,eliminatingtheneedforhumanad-visorsandthehigherfeesattachedtothem.Theplanningtoolallowsforgoalsspecifictoretirement,education,homebuying,andtravel,withthehomebuyingmoduleutilizingRedfindata.WhileitisalittlemorecomplexthanEmpower’s,theplanningtoolcomeswithahighdegreeofcustomizationlikeprojectingretirementincomesuchasSocialSecurity,windfalls,realestate,andotherdetails,allowingforuserstobuildoutcomplexplans.ItalsooffersafeaturecalledSelf-DrivingMoney,whichisasetofautomatedorsemi-au-tomatedfeaturesthatenableuserstoinvestexcesscashheldintheirbankaccounts.Thisallowsforuserstointegratetheirspendingandsavinghabitswiththeirlong-termgoals.Wealthfront’splannercontinuestobeapremierexampleofinnovationamongroboadvisors.
BestRoboforComplexFinancial
Planning
→Winner:Vanguard
→Runner-up:Empower
Whilesomedigitalplanningtoolsdoagoodjobmodelingcomplexsituations,thosewithcomplexplanningneedsmaystillbenefitfromaccesstoliveadvisorsalongsideroboplan-ning,orahybridmodel.VanguardwinsthetitleforBestRoboforComplexFinancialPlanning.Theirhybridadvicemodelallowsaccesstoalivefinancialadvisorataminimuminvest-mentof$50,000forjust0.30%inmanagementfees.Fora$500,000investment,investorsgetaccesstoadedicatedadviser,availableforthesamelowfee.Thisallowsinvestorstomodelmultiplefinancialgoalsandgetacomprehensiveviewoftheirassetsatapricepointfarbelowthe1%manage-mentfeetypicallychargedbyatraditionalfinancialadvisor.
12TheRoboReport&RoboRanking
Empower,therunner-upforComplexFinancialPlanningcom-
binesaccesstoaliveplannerwithoneofthebestdigital
planningplatformsonthemarket.Empowerhasahighmin-
imuminvestmentat$100,000andahighmanagementfee
at0.89%butofferssomestandoutfeatures.Asidefromits
planningtools,Empoweroffersinvestmentoptionssuchas
anSRIportfolio,anddirectindexing,andforthosewithmore
than$5,000,000ontheplatform,alternativeinvestmentslike
privateequityarealsoavailable.Empoweralsooffersafea-
turecalledSmartWithdrawalwhichsimplifiestheprocessof
determiningwheretowithdrawretirementspendingfunds,
andhowtodosoinataxefficientmanner.Thisfeaturecan
assistwithmorecomplexdecisions,likewhethertaxgain
harvestingshouldbeconsidered,orifaRothconversionmay
bebeneficial.ThesefeaturescombinetomakeEmpowerone
ofthebestrobooptionsforcomplexfinancialplanning,even
withitshigherfees.
13TheRoboReport&RoboRanking
RoboRankingFacts
RoboName
3-Year
3-YearReturn
3-Year
AccountMinimumAdvisoryFee
Weighted
Annualized
Above/Below
Sharpe
Average
Return
Normalized
Benchmark
Ratio
ExpenseRatio
Acorns1
4.73%
-1.29%
0.31Nominimum
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