Fidelity Investment's robo-advisor was ranked the best in the nation in the second quarter, followed by Vanguard and SigFig.
Fidelity Go was rated the top overall robo-advisor by The Robo Report, a semi-annual report by Backend Benchmarking that uses 45 metrics to track the products, including performance, cost, access to live advisors, transparency and conflicts of interest, the company said.
This was the second consecutive report in which Fidelity Go finished first, the report said.
"Portfolio performance, low costs, and a strong digital-planning platform have propelled them to our top spot," the report stated.
The report said that while Fidelity Go has a relatively high management fee of 0.35%, that is partly offset by the underlying Fidelity Flex mutual funds, which carry zero expense ratios that make "the all-in cost at Fidelity in line with low-cost alternatives."
Fidelity Go also won praise for its hybrid robo solution, called Personalized Planning and Advice, which gives investors access to live advisors for an all-in fee of 0.50%.
Although it lacks some features like automated tax-loss harvesting, Fidelity's platform offers high overall quality, low all-in costs and a strong-performing portfolio, the report stated.
The runner-up to Fidelity, Vanguard Personal Advisor Services, doesn't have many of the techological bells and whistles of its competitors, but its "human-powered advice teams can provide customized quality service at a considerably low price," the report said.
Vanguard's robo-advisor has a management fee of 0.30%, which undercuts the competition when factoring in the access that investors get to live advisors, according to The Robo Report.
"Vanguard is a great choice for those looking for an advisor-centric experience while keeping costs to a minimum," the report stated.