The 10 Best Investment Advisors to Help You Grow Your Money

investment advisor

At some point, you need to start investing if you plan to build the wealth you need for the future. But that doesn’t mean you want to spend all your time trying to come up with the perfect investing strategy.

That’s when you turn to an investment advisor for help. Investment advisors and low-cost robo-advisors can manage your long-term investing plan for you.

When you turn to investment advisors, you get access to best practices without the need for a lot of work on your part. You still need to do your due diligence, but the best investment companies make it a little easier on you.

What to look for in an investment advisor

When you shop around for an investment advisor, consider your needs and goals.

Are you looking for an inexpensive option with a focus on long-term investments? A robo-advisor makes a lot of sense — they’re low-cost and usually don’t require account minimums. If you want more personalized advice, you might have to pay a little extra for a more traditional advisor. You might also need a higher account minimum.

Figure out how much you can invest each month. Some advisors, including Acorns and WiseBanyan, let you get started without anything at all. However, advisors like  require that you invest at least $100 a month. Which advisor you choose might depend on how much you can start with.

No matter which advisor you choose, research the fees they charge. Over the course of a lifetime, fees can mean big losses; one study of 401(k) plans found that fees can cost an average of $155,000 over a lifetime. The more you pay in fees, the lower your real returns.

Lastly, make sure your investment advisor has the features you want and offers access to the assets you’re interested in. Even the best investment advisor won’t be useful to you if they don’t offer the investment opportunities you need.

Top 10 investment advisors

1. Blooom

  • Management fees: $10/month
  • Account minimum: $0
  • Accounts available: 401(k) and 403(b)
  • First month free for Student Loan Hero users
  • Use to manage your workplace retirement plan
  • Regular reports on whether or not you’re on track for retirement goals
  • Find funds with lower fees and keep more of your earnings

2. FutureAdvisor

  • Management fees: 0.50% annually
  • Account minimum: $0
  • Minimum deposit for asset management: $10,000
  • Accounts available: 401(k), IRA, Coverdell, 529, brokerage (individual and joint)
  • Free tool analyzes your investments and identifies inefficiencies
  • Provides ideas on where to put your money so it grows more efficiently
  • Tax loss harvesting
  • Portfolio rebalancing

3. Betterment

  • Management fees: 0.25%
  • Account minimum: $0
  • Minimum deposit: Must commit to invest at least $100 per month or start with $10,000
  • Accounts available: IRA, brokerage (individual and joint)
  • All costs are included in the fee (including expense ratios and transaction costs)
  • Automatic investing allows you to take advantage of dollar-cost averaging
  • Easy to set up for different goals and time frames
  • Tax loss harvesting
  • Portfolio rebalancing

4. Personal Capital

  • Management fees: 0.49% to 0.89% annually, depending on your account balance
  • Account minimum: $0
  • Minimum deposit for management services: $25,000
  • Accounts available: IRA, trust, brokerage (individual and joint)
  • Free tools that allow you to track your investments, spending, income, and debt for a holistic financial picture
  • Free investment fee analysis
  • Free retirement plan analysis
  • Tax loss harvesting
  • Portfolio rebalancing

5. Wealthfront

  • Management fees: Free for the first $10,000 under management, 0.25% annually after that
  • Account minimum: $500
  • Accounts available: IRA, trust, brokerage (individual and joint)
  • Pay expense ratios on ETFs separately
  • Direct indexing available on taxable accounts over $100,000
  • Will manage any rollovers and transfers from other brokers to Wealthfront on your behalf
  • Path tool allows you to test different long-term savings scenarios before implementing them in real life
  • Tax loss harvesting
  • Portfolio rebalancing

6. WiseBanyan

  • Management fees: Free
  • Account minimum: $0
  • Accounts available: IRA, brokerage (individual)
  • Pay expense ratios on ETFs separately
  • Pay transaction fees through WiseBanyan’s clearinghouse
  • Tell WiseBanyan your goal, and it will tell you exactly what is needed to reach that goal
  • Tax loss harvesting is available for a fee
  • Portfolio rebalancing

7. Charles Schwab

  • Management fees: Free
  • Account minimum: $5,000
  • Accounts available: IRA, trust, custodial, brokerage (individual and joint)
  • Pay expense ratios on ETFs separately
  • Connect your brokerage account to a no-fee checking account that earns a small yield
  • Brick and mortar locations around the country that allow you to speak to someone face-to-face
  • Tax strategy help is free on accounts with a balance of at least $50,000
  • Portfolio rebalance when you maintain the $5,000 minimum

8. Acorns

  • Management fees: $1/month for accounts up to $5,000, 0.25% annually after that
  • Account minimum: $0
  • Accounts available: Brokerage (individual)
  • Free account management for up to four years for students with a valid .edu email address
  • Automatic investing with small amount of money (“micro-investing”)
  • Automatically round your purchases to the nearest dollar and invest your pocket change
  • Referral program that gives you extra when you get your friends to use Acorns
  • Partners that allow you to “find” more money for investing when you make regular purchases
  • You can only choose from pre-set portfolios

9. Vanguard

  • Management fees: 0.30% annually
  • Account minimum: $50,000
  • Accounts available: IRA, trust, 529, brokerage (individual and joint)
  • Pay expense ratios on some funds separately
  • Might be some transaction fees
  • Might be able to have account minimum waived for retirement accounts with regular monthly contributions
  • Tax loss harvesting
  • Portfolio rebalancing
  • Access to dedicated financial advisors

10. M1 Finance

  • Management fees: 0.35% annually
  • Account minimum: $100
  • Accounts available: IRA, brokerage (individual)
  • Invest using pre-set portfolios or customize your own portfolio
  • Some transaction fees might be charged
  • Set and manage your long-term investing goals
  • Add fractional shares
  • Portfolio rebalancing
  • Customizable

Are these investment advisors right for you?

For the most part, an investment advisor makes sense when you need help. Whether you’re looking for a long-term investing strategy, such as saving for retirement or your child’s college, or want to accomplish short-term goals, an investment advisor can keep you on track to meet your goals.

For the most part, these investment advisors are best when you want a mostly hands-off approach. They’re also ideal if you ‘re using dollar cost averaging as your primary long-term wealth-building strategy.

All you have to do is automatically invest a set amount of money each month. The advisor portions it out according to your goals. If you sign up for an investment advisor that offers portfolio rebalancing, your account will be adjusted automatically to keep in line with your risk tolerance.

If you’re more interested in actively trading or you like to be very involved with your investments on a day-to-day basis, these advisors probably won’t work for you. There is limited customization with many of them and you might not be able to invest in individual securities.

But using investment advisors like these can help you get started with your long-term goals. You don’t need to be an investing whiz to start growing your money. The best investment companies will offer the tools and resources you need to create a strategy and build your wealth.

Want to get started investing?

Here are the top investing options for 2018!
NameCommissionAccount Minimum 
$4 to $79 a month$0Visit Blooom
0.5%$0Visit Future Advisor
0.15% - 0.35%$0Visit Betterment
0.49% - 0.89%$25,000Visit Personal Capital
0.25%$500Visit Wealthfront
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