CCWM：2023年Q4机器人报告 The Robo Report -Bringing Transparency to Robo Investing

condorcapitaI

Edition30|4Q2023

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

proudtopublishthe30theditionofthe

RoboReport®,coveringthefourthquarter

of2023,andthe12theditionoftheRobo

Ranking®.ThisReportisacontinuationof

anongoingstudythatmonitorswell-known

roboadvisors.Westrivetoprovideareliable

resourceforbothinvestorsandprofessionals

interestedinthedigitaladviceindustry.

Highlights

→Overthreeyears,SchwabDomesticFocus,Wealth-front,andZacksAdvantageledwiththeirU.S.equityallocations,showcasingthevalueofdomesticexpo-sureinatoughglobalmarket.

→Inthetrailingfiveyears,Wealthfront,FidelityGo,andZacksstoodoutduetolarge-capU.S.equities.

→Thepastfiveyearsinfixedincomeemphasizedthebenefitofdurationmanagementandmunicipalbonds.

→MerrillGuidedInvesting,thewinnerofBest

OverallRobo,distinguishesitselfwithatiered

servicemodelandrobustperformance,high-

lightedbyitsstrategicinvestmentchoicesand

comprehensiveplanningtools.

→ThewinnersofBestRoboforDigitalFinancial

Planning,EmpowerandWealthfront,serveasan

exampleofsimpleyeteffectiveonlineplanning.

→SoFi,USBank,andStashexcelledinone-yearper-

formance,benefitingfromtheirfocusongrowthstocks

anddomesticequities,aligningwiththemarket'spref-

erenceforgrowthovervalue.

Contents

4ExecutiveSummary

5TheRoboRanking

6RoboRankingScores

8AccesstoAdvisorsandPlanning

9BestRoboAdvisors

12RoboRankingFacts

14RoboReportTopPerformers

15PerformanceCommentary

18TotalPortfolioPerformance

19TermsofUseandDisclosures

Allsupportingdatacanbefoundonlineat

/the-robo-report/data/

AUMTables

TotalPortfolioReturns

Equity&FixedIncomeReturns

Fees,Minimums,andAllocations

RiskStatistics

NormalizedBenchmarks

InternationalAllocation

Disclosures

4TheRoboReport&RoboRanking

ExecutiveSummary

ThiseditionoftheRoboReport,publishedby

CondorCapitalWealthManagement

,

tracks41accountsat26differentproviders.TheRoboReportcontinuestoevolve,and

thisquarter,webringyouourusualdata,whichcanbefoundonlineat

condorcapital.

com/the-robo-report/data/

,aswellasperformancecommentaryforthequarter.

TheRoboRanking

MerrillGuidedInvestingandSchwabIntelligentPortfolioscon-tinuetoleadinourBestOverallRoboAdvisorranking.Com-prehensivedetailsandthecompletescoringforourrankingareaccessibleintheRoboRankingsectionofthisreport.

CondorCapitalWealthManagementisexcitedtointroducethe12theditionoftheRoboRanking®,acomprehensiveas-sessmentofroboadvisorsusingover45metrics,includingactualperformancedata.Thislatesteditionunderscoresthecontinuedrelevanceandappealofroboadvisorsduetotheiraffordabilityandlowinvestmentminimums.TheRoboReportiscommittedtofosteringtransparencyindigitaladvice,guid-inginvestorstowardsservicescateringtotheiruniquepref-erences.Inthiscontext,it'spertinenttoremindourreadersthatthescoringmethodologywasrefinedinthepreviousedi-tion.Theyrepresentanevolutioninourcriteria,includingthesegregationofbaseandpremium/hybridtiers,anenhancedemphasisonpre-onboardingtransparency,andthefine-tun-ingofportfoliocustomizationoptions.Theserelativelyrecentchangesunderscoreourongoingcommitmenttoadaptandrespondtothedynamiclandscapeofdigitalfinancialadvice.

MarketOverview

2023wrappedupwithastrongyear-endrallyforinvestors,highlightedbyasignificant26.26%surgeinthedomesticS&P500Index.Thisperformancewaslargelyattributedtoexpec-tationsofadovishpivotinFederalReservepolicy,respondingtodeclininginflationandtheanticipationofratecutsin2024.FueledbyanAIfrenzy,technologystocksledthissurge,withnotableperformanceinthefinancialservicesandhealthcaresectors.Despitethesegains,internationalmarketslaggedtheperformanceofdomesticmarkets,withtheMSCIEAFEIndex

increasingby18.95%.ThisispartlyduetoChina'seconomicslowdownimpactingglobalgrowthprospects.

Fixedincomemarketsalsowitnessedarally,buoyedbyim-provedinflationdata,leadingtoasharpdeclineinyields.ThisenvironmentsawtheBloombergU.S.AggregateBondIndexclimbby6.82%inthefourthquarter,withcorporatebondsoutperforminggovernmentsecurities.Seepage15formore.

IndustryUpdate

Intheever-evolvingrobo-advisorsector,JPMorganChasehasannouncedtheclosureofitsdigitalrobo-advisorservice.Thedecisioncomesafterrecognizingthattheservicedidnotachievetheexpectedlevelofdemand,scale,orprofitability.Thebankalsopointedoutthattherobo-investingbusinesshasn'tmetexpectationsintermsofcustomeracquisitionandfinancialsustainability,leadingthemtofocusontheirself-di-rectedandadvisor-ledplatformsasmoreviablealternativesfortheirclients.Thismovereflectsbroaderchallengeswithintherobo-advisorindustry,whereprofitabilityandscalabilityhavebeenlongstandingissuesdespitetheinitialhighhopesforthesedigitalplatformstoattractnewcustomerseasily.

JPMorganChase'sstrategyshiftalignswiththeirassessmentthattheirotherinvestmentservicesbetterservetheirclient

base'sneeds.

RegardingBetterment,theaccountwetrackreceivedpay-mentaspartofthesettlementthatBettermentmadewiththeSECoversoftwareissues.Thisdevelopmentispartoftheongoingnarrativewithintherobo-advisorspace,whereregulatorycomplianceandsoftwareintegrityremaincriticaltomaintainingtrustandensuringthesmoothoperationofthesedigitalplatforms.

5TheRoboReport&RoboRanking

TheRoboRanking

andinnovativefeatures,androbo-advicetechnol-ogybeingadoptedacrossbanks,brokerages,andothertraditionaladvicefirms.Robo-advicepro-

vidersareprovingattractivetoindividualinves-

torsinlargepartduetotheirsignificantlylower

minimumsandcosts.HereattheRoboReport,ourgoalistobringtransparencytothedigitaladviceindustrytoempowerinvestorstoseekthebest

productsandservices.

CondorCapitalWealthManagementisexcited

topublishthe12theditionoftheRoboRanking®.TheRoboRankingistheonlycomprehensive

rankingofroboadvisors.Itexaminesnotonlythefeaturesandservicesbutalsoportfolioperfor-

mancethatissourcedfromrealaccountstrackedbytheRoboReport.Roboadvisorshavetakentheadviceindustrybystorm,withthelargerindepen-dentproviderscontinuingtoshowstronggrowth

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

.

Werecentlyupdatedourscoringmethodology,focusingontheAccesstoLiveAdvisorandFinancialPlanningsegments.Therevisiondistinguishesbetweenthebaseandthemore

sophisticatedpremiumorhybridservicetiers.Theoverallscorenowmirrorsservicesofferedatbothtiers,highlightedbydetailedtablesandgraphsforatransparentbreakdownofpointspertier.Additionally,we'veaddedapointintheAccesstoLiveAdvisorssectionforrobosprovidingliveoperationalsupport,complementingpointsforthosewithlicensedad-visorsreadytotacklepersonalizedqueries.

Additionally,we'veupdatedthetransparencyscores,notablyrequiringportfolioassetclassallocationmodelstobeacces-siblebeforetheonboardingprocessbegins—ashiftfromthepreviousmethodofawardingpointsforavailabilityduringonboarding.Now,extrapointsareawardedforpublishingdetailedmodelsbeforecompletingtheonboardingquestion-naire.Thecriteriaforportfoliocustomizationhavealsobeenrevised;pointsarenowawardedfortheabilitytotailortheroboportfolioitself,movingawayfromadjustmentsbasedoncustomer-specificholdings.Furthermore,pointsfortheonboardingprocesshavebeeneliminated,includingthoserelatedtoinquiriesaboutinvestmentattitudes.Instead,anadditionalpointisavailableforchatfunctionality,andpointsarenowgivenforplannerswhosetaspecificgoaltowardsemergencysavings,replacingthepreviousfocusonthene-cessityofanemergencyfundduringonboarding.

80.0

70.0

60.0

50.0

40.0

30.0

20.0

10.0

6TheRoboReport&RoboRanking

RoboRankingScores

0.0

FidelityGo

SoFi

Automated

Investing

SigFig

Wealthfront

MerrillEdge

Guided

Investing

USBank

Automated

Investor

ETradeCorePortfolios

Betterment

VanguardPAS

Empower

AllyInvest

Robo

Portfolios

WellsFargo

Acorns

Schwab

Intelligent

Portfolios

AccesstoAdvisorsBaseTierPoints

AdditionalPointsatHigherServiceTier(AcesstoAdvisors)

FinancialPlanningBaseTierpoints

AdditionalPointsatHigherServiceTier(FinancialPlannning)

TransparencyandConflicts

Features

CustomerExperience

Minimum

SizeandTenure

Costs

Performance

7TheRoboReport&RoboRanking

RoboRankingScores

RoboName

AccesstoAdvisors

FinancialPlanning

TransparencyandConflicts

Features

CustomerExperience

Minimum

SizeandTenure

CostsPerformanceTotal

MerrillGuided

Investing

9.00

15.00

9.00

4.86

6.38

2.40

1.00

10.83

21.55

80.02

Schwab

Intelligent

Portfolios

8.00

15.00

8.00

5.85

8.18

2.40

2.00

11.27

19.20

79.90

FidelityGo

7.00

13.50

5.00

4.56

9.14

3.00

1.80

12.39

22.90

79.29

Wealthfront

1.00

15.00

6.00

7.60

6.00

3.00

2.00

13.02

24.32

77.94

VanguardPAS

8.00

15.00

2.00

6.78

6.58

2.40

2.00

13.96

19.72

76.43

Betterment

7.00

13.50

9.00

9.20

6.37

3.00

2.00

12.50

10.33

72.90

SoFiAutomatedInvesting

9.00

15.00

2.00

5.26

6.04

3.00

1.40

15.00

18.58

75.27

Empower

8.00

15.00

8.00

7.00

5.90

0.00

2.00

5.92

16.39

68.21

AllyInvestRoboPortfolios

7.00

15.00

5.00

4.80

6.60

3.00

1.40

11.95

11.55

66.31

USBank

Automated

Investor

8.00

9.00

6.00

5.50

4.98

2.40

0.92

12.50

13.27

62.56

ETradeCore

Portfolios

8.00

13.50

5.00

5.80

5.59

3.00

1.00

12.39

8.13

62.42

SigFig

9.00

10.50

6.00

2.80

5.52

2.40

1.00

12.91

8.64

58.78

WellsFargo

8.00

12.00

4.00

6.00

5.13

3.00

1.00

10.37

6.48

55.98

Acorns

1.00

3.00

4.00

7.80

7.42

3.00

1.80

14.87

7.30

50.20

MAX

10.00

15.00

10.00

10.00

10.00

3.00

2.00

15.00

25.00

100.00

10.09.08.07.06.05.04.03.02.01.0

0.0

16.0

14.0

12.0

10.0

8.0

6.0

4.0

2.0

8TheRoboReport&RoboRanking

AccesstoAdvisorsandPlanning

AccesstoAdvisors

AccesstoAdvisorsBaseTierPointsAdditionalPointsatHigherServiceTier

FinancialPlanning

0.0

FinancialPlanningBaseTierPointsAdditionalPointsatHigherTier

9TheRoboReport&RoboRanking

BestRoboAdvisors

→SoFiwonBestRoboforFirst-TimeInvestors

becauseofitslowfees,anditsabilitytomanagemanyareasofone’sfinanciallifeonasingleplat-formincludingdebtconsolidation,careercoach-ing,andlivefinancialplanning.

→VanguardshinesasthetoppickforBestRoboforComplexFinancialPlanning,mergingdigi-

taltoolswithhumaninsightinabudget-friendlyhybridmodel,idealfornuancedfinancialgoals.

→TheWinnerofBestOverallRobo,MerrillGuidedInvesting,offersadual-tieredserviceblendingastraightforwarddigitalplatformwithsophisticatedplanningforpremiumclients.

→ThewinnersofBestRoboforDigitalFinancialPlanning,EmpowerandWealthfront,serveasanexampleofsimpleyeteffectiveonlineplanning.

BestOverallRoboAdvisor

→Winner:MerrillGuidedInvesting

→Runnerup:SchwabIntelligentPortfolios

OurwinnerforBestOverallRoboisMerrillGuidedInvesting.Merrilldistinguishesitselfwithtwoservicelevels:adigital-on-lytier,MerrillGuidedInvesting,suitableforthosewith$1,000ormoretoinvest,andahybridtier,MerrillGuidedInvestingwithanAdvisor,designedforinvestorswith$20,000ormore.Thebasetieroffersafairlystandardsetoffeatures,withac-cesstoliveoperationalsupport,anESG-themedinvestmentportfolio,andasinglegoal-per-accountplanningtooltohelpprojectfutureaccountvalueandthelikelihoodofsuccess.Investorscanaccessliveadvisorstohelpwithmorecomplexplanningatthehigher-leveltier.

PerformancealsocontributedtoMerrill’sranking,thanksinparttoitsallocationtomunicipalbondswithinitsfixedincomecomponentandapreferenceforlarge-capstocksontheequityside.ThisapproachhasplacedMerrillatthetopofourrankings,achievingsolidreturnsover3-and5-yearperiods.Withitsproactivemanagementstyleandrobustinvestmentstrategy,MerrillGuidedInvest-ingisanexcellentchoiceforinvestorsseekingadynam-icportfoliomanagementexperience.Itstop-rankingper-formanceandextensiveserviceofferingssolidifyitastheBestOverallRoboinourRoboRankingWinterEdition.

SchwabIntelligentPortfoliostakestherunner-upspotforBestOverallRobointhisyear’sRoboRankingWinterEdition.Schwaboffersacompellingmixoffeaturesatitsbaselevel,includingtaxlossharvesting,anETFexclusionlist,anda“retirementpaycheck”featurecalledIntelligentIncome,allaccessiblethroughanintuitivedigitalinterfaceandwithoutamanagementfee.ThepremiumtierfurtherenhancestheofferingwithaccesstolicensedfinancialadvisorsandCer-tifiedFinancialPlanners(CFPs),cateringtoclientswithmoresophisticatedfinancialplanningneeds.

Schwab’sperformancehasbeennotablystrongoverthethree-yearperiod,particularlyduetoitssubstantialcashal-locationwithinitsroboportfolios.Thisstrategyhasbeenespeciallyeffectiveinsofteningtheblowfrommarketdown-turnsin2022,underscoringthevalueofSchwab’sconser-vativeapproachinchallengingtimes.Despitethepotentialdragonlong-termperformancefromthehighcashallocation,Schwab’semphasisonvalueinvestingandthesuccessofitsproprietaryequityETFshavecontributedtoitsstrongper-formanceoverthetrailing3-yearperiod.SchwabIntelligentPortfoliosPremiumisavailableforinvestorswith$25,000ormoretoinvest,offeringabalancedandstrategicapproachtoroboinvesting.

10TheRoboReport&RoboRanking

BestRoboforPerformanceataLowCost

→Winner:Wealthfront

→Runner-up:FidelityGo

TheBestRoboforPerformanceataLowCostcategorycon-tinuestohighlightrobo-advisorsthatexcelindeliveringout-standingquantitativemetrics,particularlyintermsofreturnsandfees.AsoftheendofWinter2023,Wealthfronthasmain-taineditspositionasthetopperformerinthiscategory,withFidelityGocloselyfollowing,forthe3-yearperiodendingDecember31,2023.Thisperiodhasbeenmarkedbythecontinuedrecoveryfromthepandemic,persistentinflation-aypressures,excalatinggeopoliticaltensions,andsustainedperiodsofrisinginterestrates.

Wealthfront’sperformancewasbolsteredbyitsstrategicin-vestmentintheenergysector.Thisdecisionprovedpartic-ularlyadvantageousduringtheextendedphaseofhighin-flationandtheturmoilinenergymarketsprecipitatedbytheRussianinvasionofUkraine.Theenergysector’sremarkableperformance,withtheVanguardEnergyETFachievinganav-erageannualreturnofnearly60%fromthebeginningof2021throughtheendof2022,asopposedtotheS&P500’smodest2.6%annualizedreturninthesametimeframe,underscoresthesector’ssignificantcontributiontoWealthfront’ssuccess.Wealthfront’sslightpreferencefordomesticoverinternation-alequitiescomparedtotheaverageportfoliowetrackalsoplayedaroleinitssuperiorperformanceoverthisperiod.

FidelityGo,ontheotherhand,maintainsamarket-neutralstanceintermsofitsgrowthandvalueequitysplit.Thero-bo-advisor’stendencytoallocatealargerportionofitsequityportfoliotolargecaps,atabout75%comparedtotheaverageof70%acrossalltrackedrobos,significantlycontributedtoitsperformance.Thisstrategywasparticularlyeffectiveaslargecapsemergedasthebest-performingequitysizecat-egoryoverthisperiod.

Intherealmoffixedincome,FidelityGodedicatesitsentirefixedincomeportfoliotomunicipalbonds,whichhavebeenamongthebetter-performingfixedincomeclassesoverthepastthreeyears.WealthfrontalsoincludesmunicipalbondsandTIPSinitsfixedincomeallocations,bothofwhichhaveshowncommendableperformancerelativetootherfixedin-comeclassesduringthistimeframe.

BestRoboforFirst-TimeInvestors

→Winner:SoFi

→Runner-up:FidelityGo

SoFicontinuestobeourtoprecommendationforfirst-timeinvestorsasofWinter2024.Theinitialstepsontheinvest-ingpathformanyincludeaddressingstudentloansorotherformsofdebt.SoFiprovidesacomprehensiveplatformthatnotonlyfacilitatesdebtconsolidationbutalsointroducesuserstoabroadspectrumofinvestmenttools.Beyonddebtmanagement,SoFiextendsitsservicestoincludeaccesstocareercoachingandlivefinancialplanningsessions.AnadditionalstandoutfeatureisSoFiRelay,arobustbudgetingtoolthatintegratesexternalfinancialaccountswithinSoFi’secosystem,offeringacomprehensiveoverviewofanindivid-ual’sfinanciallandscape.Theseofferings,coupledwithSoFi’scompetitivefeestructure,positionitasthepremierchoicefornewcomerstoinvesting.

FidelityGomaintainsitspositionastherunner-upinthiscat-egory,distinguishedbyitsblendofaffordability,user-friendlydigitalinterface,andprovenlong-terminvestmentperfor-mance.Theplatformisparticularlyappealingtothosebegin-ningtheirinvestmentjourneywithmodestsums,thankstotheabsenceofmanagementfeesonthefirst$25,000investedandtheallocationtono-costFidelityFlexfunds.TheFidelityGoexperienceisfurtherenrichedbyitsmobileapp,whichgivesyoumobileaccesstoabroadrangeofinvestments,expertinsights,andtoolstohelpyoumakesmartinvesting,saving,andfinancialplanningdecisions.Additionally,theappfacilitatescomprehensiveaccountandgoaltracking.Whencombinedwithitssolidlong-termreturns,largelyattributedtoapreferenceforlarge-capequities,FidelityGoemergesasanexcellentstartingpointforfirst-timeinvestors.

BestRoboforDigitalFinancialPlanning

→Winner:Wealthfront

→Runner-up:Empower

Thedemocratizationoffinancialadvicethroughtheadventofroboadvisorshasbeenatransformativedevelopmentinthefinancialindustry.Theseplatformshavenotonlymadeadvisedaccountsbroadlyaccessiblebuthavealsobroughthigh-qualityfinancialplanningwithinreachofanyonewith

11TheRoboReport&RoboRanking

aninternetconnectionandthewillingnesstoinvestintheirfinancialstrategy.Amongtheroboswetrack,thewinnersforofferingthebestdigitalplanningtoolsareWealthfrontandEmpower(formerlyknownasPersonalCapital),withWealth-frontleadingthecategory.

Wealthfrontexemplifiesthedigital-firstapproachtofinan-cialplanning,negatingthenecessityfortraditionalhumanadvisorsandtheirassociatedhigherfees.Itsplanningtool,designedforcomprehensivefinancialmanagement,supportsawiderangeofgoals,includingretirement,education,homepurchasing,andtravel.Notably,thehomebuyingmoduleintegratesRedfindatatoenhanceitsaccuracy.AlthoughWealthfront’splanningtoolmayappearmoreintricatethanEmpower’s,itexcelsincustomization,allowinguserstoproj-ectdetailedretirementincomesandaccountforwindfalls,realestateinvestments,andotherintricatefinancialelements.Thishighlevelofcustomizationenablesuserstoconstructelaboratefinancialplanstailoredtotheiruniquecircumstanc-es.Additionally,WealthfrontintroducedSelf-DrivingMoney,aninnovativefeaturethatautomatesorsemi-automatestheinvestmentofexcesscashfrombankaccounts,seamless-lyaligningusers’spendingandsavingpracticeswiththeirlong-termfinancialobjectives.Wealthfront’scommitmenttoinnovationpositionsitsdigitalplannerasaleadingexampleamongroboadvisors.

Empowermaintainsastrongstandinginourrankingsduetoitscomprehensivefinancialplanningtools.Theplatformen-ablesuserstoaddressabroadspectrumoffinancialgoals,suchasretirement,purchasingahome,educationfunding,andgeneralsavings,throughanarrayofin-depthtools.Itsretirementfeeanalyzerandmulti-goalfinancialplannerofferdetailedanalysesofexpenses,futureincomeprojections,andthelikelihoodofachievingsetgoals.Theplanneralsoincor-poratesdebtrepaymentstrategiesalongsidesavingsandemergencyfundplanning,aggregatingexternalaccountsforaunifiedoverviewofmonthlycashflows,networth,andotherfinancialmetricsinasingledashboard.Empower’sInvestmentCheckupfeaturefurtherdistinguishesitsofferingsbyprovid-ingpersonalizedportfoliorebalancingadvicebasedontheuser’sage,risktolerance,andinvestmentmix,enhancingtheplatform’svaluethroughitsabilitytoanalyzepositionsheldacrossvariousaccounts.Empower’srobusttoolsetandthecapabilitytopersonalizefinancialplanssecureitspositionasatopchoiceforcomprehensivefinancialplanning.

BestRoboforComplexFinancialPlanning

→Winner:Vanguard

→Runner-up:Empower

Forindividualswithintricatefinancialplanningneeds,digitaltoolscanprovidesignificantinsights,butthecombinationofrobo-advisoryserviceswithaccesstolivefinancialad-visors—ahybridmodel—oftendeliversthemostcompre-hensivesupport.VanguardremainsthepremierchoiceforBestRoboforComplexFinancialPlanning,offeringablendofdigitalandhumanadvisoryservicesthatcatertosophis-ticatedfinancialneeds.Vanguard’shybridadvicemodelisparticularlyappealingforitsaffordabilityandaccessibility;withaminimuminvestmentof$50,000,clientscanengagewithalivefinancialadvisorforamanagementfeeofjust0.30%.Investorsallocating$500,000ormoregaintheaddedbenefitofadedicatedadvisor,allwhilemaintainingthesamecompetitivefeestructure.Thisapproachenablesinvestorstointricatelymodelmultiplefinancialgoalsandmanagetheirassetsmoreeffectively,allatacostsignificantlylowerthanthetraditional1%feetypicallyleviedbyhumanadvisors.

Empowersecuresitspositionastherunner-upinthecatego-ry,blendingpremierdigitalplanningcapabilitieswiththeop-tiontoconsultliveplanners.Despiteahigherentrythresholdof$100,000andamanagementfeeof0.89%onthefirst$1millionmanaged,Empowerdistinguishesitselfwithanarrayofuniqueofferings.Itsdigitalplatformiscomplementedbysociallyresponsibleinvesting(SRI)options,directindexing,and,forclientsinvestingover$5,000,000,accesstoalter-nativessuchasprivateequity.Furthermore,Empowerin-troducedtheSmartWithdrawalfeature,aninnovativetooldesignedtostreamlinetheretirementfundwithdrawalpro-cess,aimingfortaxefficiency.Thisfeatureaidsinnavigatingcomplexfinancialdecisions,includingtaxgainharvestingandthepotentialbenefitsofaRothconversion.Despiteitshigherfee,Empower’scomprehensivesuiteofservicesandtoolspositionsitasatop-tierchoiceforthoseseekingrobustsupportincomplexfinancialplanning.

12TheRoboReport&RoboRanking

RoboRankingFacts

RoboName

3-Year

3-YearReturn

3-Year

AccountMinimumAdvisoryFee

Weighted

Annualized

Above/Below

Sharpe

Average

Return

Normalized

Benchmark

Ratio

ExpenseRatio

Acorns1

1.75%

-1.15%

-0.04

Nominimum

$3/monthforPersonal;$5/monthforPersonalPlus;$9/monthforPremium

0.04%

AllyInvestRobo

Portfolios9

2.47%

-0.25%

0.03

$100

0.30%annually;Alsooffers'cash-0.06%enhanced'portfoliowith30%investedin

cashandnomanagementfee

Betterment27

2.55%

-0.64%

0.03

Digital:Nominimum;

Premium:$100,000

$4/monthor0.25%annuallywith

$20,000inplatformassetsor$250monthlydeposits;additional0.15%annualfeeforPremium

0.09%

E*TradeCore21

2.02%

-1.06%

-0.01

$500

0.30%annually0.05%

FidelityGo33

4.36%

1.55%

0.21

$10minimum;access

toliveadvisors

requiresa$25,000minimum

NoAdvisoryfeeonaccountbalances

under$25,000;0.35%onaccountswithbalancesover$25,000

0.00%

MerrillGuided

Investing31

4.12%

1.20%

0.18

GuidedInvesting:

$1,000;

GuidedInvestingwithanAdvisor:$20,000"

GuidedInvesting:0.45%annually

(digitalonly);GuidedInvestingwithan

Advisor:0.85%annually

0.05%

Empower(PersonalCapital)4

3.91%

-0.05%

0.14

$100,000

0.89%annually;discountedtieredpricingathigherassetlevels

0.08%

13TheRoboReport&RoboRanking

RoboName

3-Year

3-YearReturn

3-Year

AccountMinimumAdvisoryFee

Weighted

Annualized

Above/Below

Sharpe

Average

Return

Normalized

Benchmark

Ratio

ExpenseRatio

SchwabIntelligentPortfolios5

3.47%

0.89%

0.13IntelligentPortfolios:

$5,000;IntelligentPortfoliosPremium:$25,000

IntelligentPortfolios:Nofee(digitalonly);IntelligentPortfolios