The Best Robo-Advisers for Seniors

Highlights

• Fees: $4 per month or 0.25 percent annual AUM (for assets under $2 million)
• Minimum investment: $0 (certain accounts require different minimums)
• Account options: Roth IRAs, traditional IRAs, SEP IRAs, inherited IRAs, individual taxable accounts, joint taxable accounts, trust accounts, cash reserves and checking accounts through NBKC Bank
• Promotions: Earn up to $1,000 by funding an individual investment account

Betterment, one of the original robo-advisers, makes investing easier and more accessible with their automated investment tool — Betterment Digital. It offers a wide range of account options, making it easy to manage multiple accounts in one place, including automated individual investment accounts, various types of IRAs, and even checking and high-yield cash accounts (HYCA). The fee structure for investments can be a little high, however, especially if you’re starting with a lower account balance or want access to a financial adviser. Still, it’s a great option for older adults who want a trusted robo-adviser that offers features such as tax-loss harvesting.

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Getting Started

To get started with Betterment Digital, the simple-to-use platform will ask you questions such as how much you want to invest and your preferred timing. You’ll then set up an investing goal or a general investing account. There’s no minimum account balance to get started, but after you make your first deposit, Betterment will recommend portfolios, handle tax-efficient withdrawals and do fractional-share investments. If you want to set up a Premium account, you’ll need to call and speak to an adviser.

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Just a heads up: The sign-on bonus sounds great, but it may be harder to achieve for older adults with less to invest. You’ll need to invest between $1,000 and $6,999 for Betterment to pay you a bonus of $50. The amounts and rewards go up in tiers from there:

• Invest $7,000 to $19,999: $125 bonus
• Invest $20,000 to $74,999: $150 bonus
• Invest $75,000 to $124,000: $300 bonus
• Invest $125,000 to $174,999: $500 bonus
• Invest $175,000 or more: $1,000 bonus

The funds must be invested within 45 days of enrolling in the program to receive the corresponding bonus amount. If you want to be eligible for a sign-on bonus with less cash to invest, consider Wealthfront’s $50 bonus for investing $500 within 30 days of opening your account or SoFi’s 1 percent IRA match (funds must stay in the SoFi IRA for at least two years).

Fees and Pricing

Betterment Digital charges $4 per month on AUM below $20,000, unless you opt in to recurring investments of at least $250. For AUM above $20,000 or accounts with qualified recurring investments, the management fee is 0.25 percent of AUM. That gives you access to all the standard features, such as multiple portfolio options, tax-saving tools, and automatic rebalancing. For certain types of accounts, such as a Betterment Core portfolio, you’ll need to pay separate expense ratio fees that could range from 0.04 and 0.11 percent.

It’s important to note that if you’re just starting a small nest egg with Betterment or otherwise don’t surpass the $20,000 threshold, the $4-per-month fee can cut into your money’s growth potential. If you start out with only $1,000 in assets under management, for example, you’ll be paying a fee of 0.4 percent. If you’re starting small, you’re better off with a low- or no-fee robo-adviser, such as Fidelity Go. Keep in mind that you’ll also have to pay a $75 fee each time you move funds from Betterment to another robo-adviser or brokerage, but you can avoid the fee by moving funds to a linked checking account first.

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With Betterment Premium, you’ll also have the option to consult with a financial adviser (and you’ll need to from the start!). Their advice package isn’t as accessible as it is with Axos Managed Portfolios, since it requires a $100,000 minimum balance and charges a 0.65 percent annual fee. They can, however, be a great option for older adults who have more assets and feel more comfortable speaking to a human from time to time. If your account has over $2 million invested, you can get a 0.10 percent discount on your management fee, knocking it down to 0.50 percent (not including potential expense ratios).

Highlights

• Fees: 0.25 percent annual management fee
• Minimum investment: $500 (or $100,000 for enhanced portfolio customization)
• Account options: Traditional IRAs, Roth IRAs, SEP IRAs, 401(k) rollovers, 529 plans, individual taxable accounts, joint taxable accounts, and trust accounts
• Promotions: None

Similar to Betterment, Wealthfront is a leader in automated investing. The platform can help you achieve your retirement goals with a standard 0.25 percent annual management fee. Also like Betterment and Axos Managed Portfolios, the company’s tax-loss-harvesting service helps many customers recoup their fees through tax savings. Wealthfront offers a wide selection of account types, so you can save for retirement, set up a 529 college savings account for your grandchildren, prepare trusts for your estate, and more.

Getting Started

We found it extremely easy to open a Wealthfront account. The biggest downside was that we had to move $500 into our Wealthfront account to see what the platform could do, something that isn’t necessary with robo-advisers such as Betterment Digital and Fidelity Go. We chose the account we wanted (an individual taxable account), and then answered questions about our age, income, goals, and so on. That helped Wealthfront recommend an investment strategy, although it still gave us the option to choose among varied investment strategies. We liked the combination of personalized strategies and the freedom to tweak them to our liking. Finally, we linked a bank account and made the $500 transfer to get started.

You can do all of that using the Wealthfront mobile app or website. But just because it’s digital doesn’t mean you’re without help. You can call a product specialist if you need technical assistance with the app or help finding information on the website. That’s an offering we think makes the platform truly senior-friendly. Plus, in our experience, Wealthfront’s product specialists typically answer the phone in under 10 seconds.

Fees and Pricing

You can do some basic portfolio customization with as little as $500, but Wealthfront doesn’t let you customize where your funds are invested unless you deposit at least $100,000. That’s why it’s best for older adults who want a robo-adviser to manage their retirement assets, but still want the freedom to direct their portfolio as they see fit.

The pricing is pretty straightforward with Wealthfront. Unlike Betterment and Fidelity Go — which charge different fees based on your assets under management — Wealthfront charges a flat fee of 0.25 percent on most account types. You may be able to snag even lower account fees (as low as 0.09 percent) on certain types of investments. However, all managed accounts with Wealthfront also charge a separate 0.08 percent ETF expense ratio fee. Still, the relatively predictable fee structure makes it easy to know exactly how much you’ll be charged based on the size and type of account you have.

While Wealthfront no longer has a sign-on bonus, it does give new and existing customers a chance to boost their accounts. You can get up to $5,000 managed for free when you refer a friend who opens an automated investing account. They’ll also enjoy up to $5,000 managed for free — and this offer continues at no cost as long as the friend sticks with Wealthfront.

Highlights

• Fees: 0.25 percent annual management fee
• Minimum investment: $50
• Account options: Individual investment accounts, joint investment accounts, traditional IRAs, Roth IRAs, SEP IRAs, and traditional rollover IRAs
• Promotions: Up to $1,000 in stock when you fund a new account

SoFi Automated Investing manages financial portfolios and offers financial guidance using a computer algorithm. The SoFi platform used to be 100 percent free, but the company has since followed in the footsteps of nearly every other major robo-adviser and added a 0.25 percent AUM fee. Older adults can open several account types, including joint personal investment accounts. You can choose from 10 portfolios with diversified low-cost ETFs.

SoFi isn’t new, but their robo-adviser service has been around only since 2017. That’s something to consider as you decide which robo-adviser is right for you. Overall, we think SoFi is a great fit for budget-conscious older adults looking for simple automated investing and retirement planning. We especially love that all users gain access to certified financial planners and customer support.

Getting Started

SoFi makes it easy to get started, especially since they offer everything you could ask for from an online banking service. You can open a checking and savings account in addition to individual investment accounts and IRAs, potentially keeping all of your money in one place.

To start an automated investment account, we simply needed to answer a few questions about ourselves, choose the type of account we wanted, and fund it. From there, SoFi recommends various options to invest and explains the fee structure. Depending on the type of account chosen, you can begin investing with as little as $50 (although some account types require an initial deposit of at least $500).

The sign-on bonus with SoFi isn’t so much a sign-on bonus as it is a solid long-term addition to your retirement portfolio. If you contribute or roll over $20,000 into an eligible SoFi account, SoFi will continue to match 1 percent of your contributions up to the annual limit. The maximum contribution for someone over 50 in 2025 is $8,000,1 which means SoFi will match up to $80 if you max out your retirement account contributions. That isn’t a huge amount, but getting that extra 1 percent can add up over time!

Fees and Pricing

We were disappointed that SoFi got rid of its free robo-adviser service in 2024 and replaced it with the industry standard management fee of 0.25 percent.2 Plus, like Wealthfront, your account may be subject to a wide range of asset ratio fees, some as low as 0.05 percent and some as high as 0.51 percent. It depends on the assets in your account, the type of investment account you have, and how you direct the robo-adviser to invest your funds. We didn’t like how difficult it was to know how much we would be charged in asset ratios, since it can greatly affect the long-term growth of your account. If you want more predictability with your fees, you may prefer Axos Managed Portfolios or Wealthfront.

It’s also important to note that if you sign up for a basic SoFi account, you’ll get the chance to have a one-on-one consultation with a financial planner exactly one time. If you want ongoing access to a financial planner, you’ll need to upgrade to SoFi Plus.

Highlights

• Fees: $0 for AUM below $25,000; 0.35 percent per year for $25,000 or more
• Minimum investment: $0 to open account; $10 to start investing
• Account options: Taxable individual and joint accounts, traditional IRAs, Roth IRAs, rollover IRAs, and health savings accounts (HSAs)
• Promotions: None

With Fidelity Go, you simply answer a few questions to get a recommended investment strategy. The hands-off service will monitor your account and the markets, and then automatically adjust your investments to help you reach your goals. The 14 strategies range from conservative to aggressive, but all offer diversification to try to minimize the risk involved. We love having plenty of options without the sense of being overwhelmed.

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Getting Started

Getting an account up and running is pretty easy with most robo-advisers. It’s even easier with Fidelity Go, because you don’t have to deposit a dime to launch your account. Just answer a few questions in the app (or on the website), tell Fidelity Go about your risk tolerance, select from the available portfolios that match your goals, choose the account type and link an account to fund your portfolio. You don’t have to deposit anything on day one, but you will need to deposit at least $10 to start investing.

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Fees and Pricing

We love that Fidelity Go offers no or low fees for seniors with low balances. If you have less than $25,000 in your account, you don’t have to pay any management fees. Older adults with higher balances may want to consider a different service, however, because the company’s annual 0.35 percent fee is higher than Wealthfront and SoFi. That said, Fidelity’s use of Fidelity Flex Funds means no expense ratios, which could translate to lower fees than competitors that implement expense ratio fees — such as Wealthfront and SoFi.

Highlights

• Fees: 0.24 percent annual advisory fee
• Minimum investment: $500 (any account under $500 is charged $1 per month)
• Account options: Individual non-retirement accounts, traditional IRAs, Roth IRAs, and traditional rollover IRAs
• Promotions: None

Axos Managed Portfolios makes setting and achieving short- and long-term financial goals a little easier. The company helps you fund financial milestones, such as preparing for retirement, setting up an emergency fund, and buying a new home. Based on the info you provide, Axos will recommend how much money to invest toward each milestone. You can go with their recommendation or make adjustments as you see fit.

Axos’ portfolio customization options also set the service apart. You can choose from 32 investment themes and add investments by sector. You could, for example, choose to invest in socially minded companies. Most other robo-advisers, such as Betterment and Wealthfront, don’t offer that level of customization. That’s why we think Axos is an excellent option for older adults who want the automation a robo-adviser can offer but still want some say in where their money goes.

Getting Started

We liked getting started with Axos because it could all be done on the website in a matter of minutes. Like with Fidelity Go, we just answered a few questions about who we were and how we wanted our money to be invested. After linking a bank account, everything was ready to go. We didn’t have to deposit funds immediately, but it made more sense to deposit at least $500 from the start.

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That was for two reasons. First, you can’t start investing until there’s at least $500 in your account, and second, any account with less than $500 is charged $1 per month in management fees. If you just want to experiment with a small amount of funds, platforms such as Axos and Betterment, which charge higher monthly fees for small accounts, may not be the best fit.

Fees and Pricing

As long as your account has $500 or more, you can expect 0.24 percent in management fees. That’s the lowest of any platform on this list by a very small amount. It’s also important to note that Axos charges varied expense ratio fees that average out to roughly 0.12 percent. Axos may not offer as many account types as Betterment or SoFi, but it’s still among the most affordable for older adults with more than $500 to invest.

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