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The Best Robo-Advisors for Seniors
Robo-advisor services manage your money or help you plan for retirement using online platforms and algorithms. Although the basic concept is the same, different robo-advisors offer different account options, portfolios, customer support, and fees. We’ve narrowed down the choices to our top robo-advisors for seniors. We considered fees, sign-on bonuses, ease of use, customer service, availability of human assistance, and account offerings. Take a look at the robo-advisor services that made our list!
A robo-advisor is an online platform that provides automated money management solutions with limited (or no) human interaction. Instead of a real, live financial advisor managing your accounts, a digital service does it for you. How? By using different algorithms, not actual robots.
FYI: In 2021, an estimated 3.5 million adults used a robo-advisor to manage their investment portfolio.2 That number is expected to increase in the coming years.
It might sound scary to entrust your life savings to a computer program, but keep in mind that most humans who manage wealth use mathematical formulas and predictive models too. So, while the service might feel very different than using a human financial advisor, a robo-advisor essentially carries out the same functions, often for a fraction of the cost.
Most robo-advisors offer similar services, which often include:
If you think a robo-advisor is right for you, you should consider a few things before choosing which company to go with.
Make sure the cost is worth it. After all, the reason you’re turning to a robo-advisor in the first place is to help you grow your wealth. Always research fees and read the fine print before you sign up to ensure that the potential to increase your wealth outweighs any fees.
Managing multiple accounts across several different platforms can get confusing. Make sure the robo-advisor you choose offers the account types, services, and features you need. For some, that may mean focusing on those with tax-loss harvesting. For others, having the option to talk to a human from time to time may matter most. Whichever provider you choose, you need to make sure it will help you reach your financial goals.
Read reviews before signing up for a service. Nearly every company looks great when you’re just browsing the company website. Reading reviews from real customers will give you valuable insight as you choose a service. See mostly negative reviews? You’re likely better off with a different company.
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Federal Reserve. (2021). Report on the Economic Well-Being of U.S. Households in 2020 – May 2021.
eMarketer. (2021). Young investors drove use of robo-advisors during pandemic.