SigFig's robo-advisor was given an honorable mention, with the report calling it a low-cost option that still is able to provide access to live advisors to clients with as little as $10,000 in managed assets.
"To further entice new clients, the first $10,000 in assets is managed at no cost, making them a great entry point to professionally managed money for individuals unable to meet traditional advisor minimums," the report stated.
These were among the other category rankings in the report:
• Best Robo For Complex Financial Planning Needs: Vanguard finished first in this category because of its ability to provide quality live advice to investors for a relatively low management fee, the report said. "For those with complex planning needs, Vanguard is a quality option due to their emphasis on the human experience and their low costs," the report said. The runner-up was Personal Capital, followed by Ellevest and Wealthsimple.
• Best Robo For Performance At A Low Cost: The report ranked Fidelity tops in this category because of its combination of a 0.35% fee and zero expense-ratio funds. Runner-up WiseBanyan was cited for having the second-best performance behind Fidelity and not having a management fee for clients in its most basic service plan for taxable accounts.
• Best Robo For Digital Financial Planning: Wealthfront won this category, followed by Personal Capital and Betterment. "The best digital planning experiences continue to be offered by independent robo advisors," the report stated. "Wealthfront and Personal Capital stand above their peers by offering robust planning tools to clients and prospective clients alike."
• Best Robo For First-Time Investors: Betterment and SoFi finished first and second, respectively. Betterment won high marks for having no investment minimum and a 0.25% annual fee for its digital-only product. "Betterment’s single-goal financial planning tools make it easy for first-time investors to plan for future financial success," the report said.