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But some of the best robo-advisors stand out for going above and beyond the usual offerings. Wealthfront does just that. Users pay a low 0.25% annual advisory fee and can also get access to a 529 college savings plan and an interest-earning checking account with debit card access.
Below, Select reviews the Wealthfront platform to give you all the details on its investment options, features and fees so you can decide if it's right for your money.
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Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. $500 minimum deposit for investment accounts
Fees may vary depending on the investment vehicle selected. Zero account, transfer, trading or commission fees (fund ratios may apply). Wealthfront annual management advisory fee is 0.25% of your account balance
Stocks, bonds, ETFs and cash. Additional asset classes to your portfolio include real estate, natural resources and dividend stocks
Offers free financial advice for college planning, retirement and homebuying
See our methodology, terms apply.
Wealthfront invests in low-cost, globally diversified index funds, more specifically ETFs. Its diversified portfolios include stocks, bonds, real estate and ESGs. You can't buy and sell individual stock on Wealthfront.
When you sign up for a Wealthfront account, you'll fill out a questionnaire to determine your comfort level with taking on risk. Using your age, your financial situation and your attitude toward risk, Wealthfront will then assign a risk score that reflects your comfort zone. This is helpful in tailoring a portfolio for you.
Wealthfront's advanced features include tax-loss harvesting that can help offset the advisory fee, a cash management checking account with a debit card and its 529 college savings plan, which robo-advisors don't traditionally offer.
It also provides free financial advice for college planning, retirement and homebuying. Plus, Wealthfront has a referral program: You'll get an additional $5,000 managed for free when a friend funds an investment or cash account through your invite referral link.
Wealthfront's app has good reviews. It's available to download for free in both the App Store (for iOS), where it has 4.8/5 stars, and on Google Play (for Android), where is has 4.6/5 stars at the time this article was written.
There is a $500 minimum deposit for investment accounts at Wealthfront. The annual management advisory fee is a low 0.25% of your account balance. So, if you have $5,000 invested with Wealthfront, you'll pay just $12.50.
Wealthfront is a solid robo-advisor option. It picks investments based on users' risk score (indicating their risk tolerance and time until retirement), plus it offers investing through IRAs and 529s.
If you don't want to be tied to a $500 minimum investing deposit, consider another popular robo-advisor Betterment. There's no minimum balance required, and the annual account fee is the same 0.25% of your fund balance. Plus, even though it's an automated service, users can get access to a real-life financial advisor. (Read our full Betterment review.)
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