5 Robo-Advisors With A Human Advisor Option

Morsa Images/Getty Images

Robo-advisors are a great option for investors who are looking to automate the investment management process at a cost below that of traditional financial advisors. Fortunately, there are robo-advisors that offer the best of both worlds, including some that offer access to certified financial planners (CFPs).

Here’s what else you should know about the best robo-advisors that offer a human advisor option.

1. Schwab Intelligent Portfolios

Charles Schwab is one of the best online brokers and also has a top-notch robo-advisor offering in Schwab Intelligent Portfolios.

Schwab has a basic tier for free that offers portfolio management, automatic rebalancing and tax-loss harvesting, though you’ll need $50,000 in assets to start tax-loss harvesting.

The premium tier is where you’ll find unlimited access to financial advisors with the certified financial planner (CFP) designation. The advisors act as fiduciaries, which means they’re required to put your interests before their own.

You’ll need $25,000 in assets for the premium tier and will pay a one-time $300 planning fee and then $30 per month after that. This would translate into an annual fee of 0.36 percent for someone with $100,000 in assets, but the fee declines on a percentage basis as your portfolio grows.

2. Betterment

Betterment has been a leading robo-advisor for several years and offers two plans to meet its clients’ needs. Its basic digital plan does what robo-advisors are best known for: portfolio management, automatic rebalancing, tax-loss harvesting and more. You’ll pay 0.25 percent annually, though a monthly fee is charged for accounts with less than $20,000.

The premium plan is more expensive at 0.65 percent annually, but comes with unlimited access to financial advisors who hold the CFP designation. Advisors can help with questions about your investments, as well as other financial planning topics such as budgeting or education savings plans. However, you’ll need $100,000 to meet the premium plan’s minimum.

3. Fidelity Go

Fidelity Go is a strong robo-advisor offering for those who are looking to keep costs low and may not have significant sums to invest right away. Accounts with less than $25,000 won’t pay an advisory fee, while those with balances above $25,000 will pay 0.35 percent annually. Like other robo-advisors, Fidelity Go builds a portfolio based on your needs, but unlike most other robo-advisors, you won’t pay additional fees for the funds you’re invested in. That’s because Fidelity Go uses zero-cost Fidelity mutual funds in its portfolios.

You’ll be able to schedule unlimited 30-minute calls with an advisor to answer questions you may have or to get help with an overall financial plan. The option to speak with an advisor is only available to fee-paying accounts, however, which means you’ll need at least $25,000.

4. Wells Fargo Intuitive Investor

Wells Fargo Intuitive Investor offers much of what investors have come to love about robo-advisors. You’ll get portfolio management with low-cost funds, automatic rebalancing and tax-loss harvesting if you opt in to the service at no additional cost. The annual fee is above average for the industry at 0.35 percent, but can be reduced to 0.25 percent depending on the type of Wells Fargo checking account you have and if you link it.

For that price and a $500 account balance, you’ll get unlimited access to a financial advisor. The advisors can help answer questions you may have if you’re new to investing or dig into the program’s details if you’d prefer. Wells Fargo makes the advisors available to all Intuitive Investor clients, whereas some robo-advisors limit financial advisor access to premium tiers.

5. SoFi Automated Investing

SoFi Automated Investing isn’t as cheap as it used to be, but you’ll pay 0.25 percent annually for an account, which is pretty in line with other robos. The one feature that SoFi lacks is tax-loss harvesting, which many robo-advisors include in their standard offering.

SoFi does allow you to speak with advisors who hold the CFP designation, who can help you develop a financial plan and guide you through the investing process. As a regular account holder, you can get a 30-minute introductory meeting with a CFP. As a SoFi Plus member, you get unlimited access to financial advisors for $10 a month.

Choosing the right robo-advisor

Choosing the right robo-advisor for you depends on how much you plan to invest and your needs. Maybe a free introductory call is all you want right now. Maybe you don’t mind paying more for more access. Maybe you want unlimited access to a financial advisor but don’t plan to invest $25,000. Before you pick a robo-advisor, look at these factors.

• Account minimums: Make sure that the required account minimum fits your investing plan. These minimums vary widely — from $50 to $100,000 — among robo-advisors that offer access to human advisors.
• Fees: Understand what it will cost you to see a financial advisor. Will you have to pay for a premium subscription? Can you get unlimited access to a financial advisor cheaper elsewhere?
• Access to a financial advisor: Consider what level of access you want now and in the future. You may not want unlimited access to a financial advisor now but what will it cost if you change your mind later?

Bottom line

Some of the best robo-advisors have a human advisor feature also available. This can be helpful if you have questions about investing or want to establish long-term financial goals and keep yourself on track. Consider account minimums and fees when picking a robo-advisor that also offers financial advising.

— Bankrate’s Logan Jacoby contributed to an update.