The best advisors offer easy account setup, robust goal panning, account services, portfolio management, security features, good customer service, comprehensive education, and low fees. Many now offer socially responsible investment portfolios, access to human financial advisors, and extensive digital financial planning tools.
There’s an alternative form of advisors called robo-advisors. These advisors are digital platforms that provide automated, algorithm-driven financial planning services. A robo-advisor collects information on the client’s current financial situation and future goals through a survey and uses it to offer advice and automatically invest clients’ assets.
Robo-advisors provide low-cost solutions to investors that are just starting. Lower costs mean more money to invest. Robo-advisors offer an excellent starting point to build wealth.
Compare some of the best advisors below.
M1 Finance is a zero-commission Robo-advisor and provides investment portfolios referred to as ‘Pies,’ made up of a unique mix of stocks and ETFs. The Pies categories include: general investing, plan for investing, socially responsible investing, income earners, hedge fund followers, industries and sectors, ETFs focused on just stock and bonds, and other strategies.
M1 Finance allows you to invest all your money in any portfolio, or customize it to suit your needs. It then manages your account by maintaining your allocations within the selected Pie through automatic rebalancing.
Although it doesn’t offer tax-loss harvesting, it has a feature called ‘tax minimization’ that enables you to sell asset positions in a tax-favorable way. It also integrates directly with H&R Block and Turbo tax to aid in tax reporting. M1 Finance makes all of its trades at 9am (CST) when the NYSE is open, and no trade occurs outside this window.