Condor Capital：2024年第二季度机器人报告 The Robo Report Bringing Transparency to Robo Investing

condorcapital

WEALTHMANAGEMENT

Edition32|2Q2024

THERANKINGEDITION

TheRoboReport

BringingTransparencytoRoboInvesting

KenSchapiro,MBA,CFA

ChiefExecutiveOfficer

DavidGoldstone,CFA

Manager,InvestmentResearch

ThomasLeahy,CFA

FinancialAdvisor

KristopherJones,CFA

FinancialAnalyst

2TheRoboReport&RoboRanking

Welcometo

TheRoboReport&RoboRanking

CondorCapitalWealthManagementis

proudtopublishthe32theditionofthe

RoboReport®,coveringthesecondquarterof2024,andthe13theditionoftheRobo

Ranking®.ThisReportisacontinuationofanongoingstudythatmonitorswell-known

roboadvisors.Westrivetoprovideareliableresourceforbothinvestorsandprofessionalsinterestedinthedigitaladviceindustry.

Highlights

→Seven-yearreturnspublishedforthefirsttime.

→FidelityGowinsBestOverallRobo,offeringstellarperformance,competitivefees,nomini-muminvestment,androbustfeatures.

→ThewinnersofBestRoboforDigitalFinancialPlanning,EmpowerandWealthfront,serveasanexampleofsimpleyeteffectiveonlineplanning.

→SoFiwonBestRoboforFirst-TimeInvestors

becauseofitslowfees,anditsabilitytomanagemanyareasofone’sfinanciallifeonasingleplat-formincludingdebtconsolidation,careercoach-ing,andlivefinancialplanning.

→Domestic,large-cap,andgrowth-orientedport-foliosdemonstrateenduringstrengthacrossone-,three-,five-,andseven-yearperiods.

→FixedIncomeportfolioswithallocationsdiffer-entfromtheBloombergAggregateBondIndex

showsuperiorperformance.

→FidelityGoexhibitsdurableperformance

throughstrategicfocusonlarge-capanddomes-ticequities,outperformingoversevenyears.

→SoFi’sgrowth-tiltedportfolioachievesnota-

bleoutperformancedrivenbyhighallocationstogrowthstocksandtechinvestments.

Contents

4ExecutiveSummary

5TheRoboRanking

6RoboRankingScores

8AccesstoAdvisorsandPlanning

9BestRoboAdvisors

13RoboRankingFacts

15RoboReportTopPerformers

17PerformanceCommentary

21TotalPortfolioPerformance

22Robo-AdviceIndustryUpdate

25GrowthoftheRobo-AdviceIndustry

27TermsofUseandDisclosures

Allsupportingdatacanbefoundonlineat

/the-robo-report/data/

AUMTables

TotalPortfolioReturns

Equity&FixedIncomeReturns

Fees,Minimums,andAllocationsRiskStatistics

NormalizedBenchmarksInternationalAllocation

Disclosures

4TheRoboReport&RoboRanking

ExecutiveSummary

ThiseditionoftheRoboReport,publishedby

CondorCapitalWealthManagement

,

tracks37accountsat26differentproviders.TheRoboReportcontinuestoevolve.Thisquarter,wenotonlyprovideourusualdata,whichisavailableonlineat

condorcapital.

com/the-robo-report/data/

,butalsoincludeperformancecommentaryforthequarter.

TheRoboReport

Duringthesecondquarterof2024,theS&P500Indexroseby4.28%,endingjustbelowall-timehighs.The“MagnificentSeven”stocksonceagainoutperformedthebroadermarket,despiteincreasedvariabilityintheirindividualperformances.Theartificialintelligencethemecontinuedtodrivelarge-capgrowthstocks,whilesmallandmid-capindicesdeclinedduetotheimpactoftheFederalReserve’sextendedperiodofhigherinterestrates.Economicactivityremainedrobust,withU.S.GDPgrowthandconsumerspendingsurpassinginitialforecasts.Inflationdatawasmixedbutshowedsignsofde-clinebyJune,promptingtheFederalReservetoreconsiderthetimingandnumberofanticipatedratecuts,nowexpectedtobeonlyoneortwobyyear-end.

Internationalequitieshadamixedperformanceinthesecondquarter.TheMSCIEAFEIndexdeclinedby0.20%,whiletheMSCIEmergingMarketsIndexroseby5.03%.China’seco-nomicchallengesshowedsomeimprovement,buttherallyinJapaneseequitiesstalled,withtheTopixgainingonly1.60%.TheU.S.Dollar’smoderaterisecontinuedtopressuresomeforeigncurrencies.Inthefixedincomesector,postponedratecutsledtohigheryields,resultinginaslightlynegativereturnfortheBloombergU.S.AggregateBondIndex.The10-yearyieldincreasedbynearly20basispointsto4.39%,andhigh-yieldcreditperformedsimilarlytoinvestment-gradebondsafterperiodsofoutperformance.

Therehavebeensomenotablechangesintherobo-adviceindustry.GoldmanSachshasreachedadealtosellthein-vestmentaccountsofMarcustoBetterment,withcompletionexpectedinJune.InitiallylaunchedinFebruary2021toattractretailinvestors,MarcusInvestaimedatademographicsig-nificantlybroaderthanGoldmanSachs’traditionalclientele.Thedownstreammoveultimatelydidnotmeetexpectations,leadingtoananticipatedexitfromtherobo-advisoryspace.

Bettermentannouncedarevampedpremiumplan.Theup-gradedplanincludesnewbenefits,suchasaccesstopre-ferredratesonBetterment’sCashReserveanda20%dis-countonestateplanningservices.Premiumcustomerswillalsobesubjecttoanannualmanagementfeeof0.65%,anotableincreasefromthepreviousfeeof0.40%.BoththeincreasedfeeatBettermentandtheshutteringoftheGoldmanSachsandJPMorganChaseroboofferingsrepresentthedifficultyofofferingadvisoryservicesatrock-bottompriceswhileearningmeaningfulprofitsfortheprovider.

Thankyouforbeingasubscriber.WehopeyouenjoythiseditionofTheRoboReport.

5TheRoboReport&RoboRanking

TheRoboRanking

Introduction

CondorCapitalWealthManagementisexcitedtopublishthe13theditionoftheRoboRanking®.TheRoboRankingistheonlycomprehensiverankingofroboadvisors.ItexaminesnotonlythefeaturesandservicesbutalsoportfolioperformancethatissourcedfromrealaccountstrackedbytheRoboReport.Roboadvisorshavetakentheadviceindustrybystorm,withthelargerindependentproviderscontinuingtoshowstronggrowthandinnovativefeatures,androbo-advicetechnologybeingadoptedacrossbanks,brokerages,andothertraditionaladvicefirms.Robo-adviceprovidersareprovingattractivetoindividualinvestorsinlargepartduetotheirsignificantlylowerminimumsandcosts.HereattheRoboReport,ourgoalistobringtransparencytothedigitaladviceindustrytoempowerinvestorstoseekthebestproductsandservices.

TheRoboRankinggradesroboadvisorsacrossmorethan45specificmetricsandistheonlyexaminationthatincludesrealandreliableperformancedata.Wescoredeachroboonvarioushigh-levelcategories,suchasfeatures,financialplan-ning,customerexperience,accesstoliveadvisors,transpar-encyandconflictsofinterest,sizeandtenure,accountmin-imums,costs,andperformance.Eachmetricthatwegradeisspecificandunambiguous.ThedetailsofhowwecreatedthescoresandRankingcanalsobefoundonour

website

.TheRoboRankingisapowerfultooltohelpthoseinvestorswhoareconsideringusingadigitaladvisor.Althoughwerankandgiveeachroboanoverallscore,wealsoacknowledge

thedifferencesinindividualinvestorsandtheirsituations.Tohelpinvestorsfindaproductthatisrightforthem,wecreatedsub-rankingstohighlightwheredifferentproductsexcel.Onceinvestorshaveidentifiedtheirneeds,thecategoryrankingscanhelpthemselectaproviderthatstandsoutintheareasthataremostimportanttothem.TheperformancescoreispartlybasedontheRoboReport’sinnovativemethodtocomparegloballydiversifiedportfolioscalledNormalized

Benchmarking.AmethodologyofNormalizedBenchmarkingcanbefoundonour

website

.

6TheRoboReport&RoboRanking

90.0

80.0

70.0

60.0

50.0

40.0

30.0

20.0

10.0

RoboRankingScores

0.0

ETradeCoreSigFigWellsFargoAcorns

Portfolios

SoFi

Automated

Investing

USBank

Automated

Investor

WealthfrontBettermentSchwab

IntelligentPortfolios

FidelityGoMerrill

GuidedInvesting

EmpowerAllyInvest

Robo

VanguardPAS

Portfolios

AccesstoAdvisorsBaseTierPoints

AdditionalPointsatHigherServiceTier(AcesstoAdvisors)FinancialPlanningBaseTierpoints

AdditionalPointsatHigherServiceTier(FinancialPlannning)TransparencyandConflicts

Features

CustomerExperienceMinimum

SizeandTenureCosts

Performance

7TheRoboReport&RoboRanking

RoboRankingScores

RoboNameAccessto

Advisors

FinancialPlanning

TransparencyFeaturesCustomerMinimumSizeandCostsPerformanceTotal

andConflictsExperienceTenure

FidelityGo

7.00

13.50

5.00

5.54

8.99

3.00

2.00

12.39

24.11

81.53

MerrillGuidedInvesting

9.00

15.00

9.00

4.86

6.22

2.40

2.00

10.72

21.06

80.26

SoFiAutomatedInvesting

9.00

15.00

2.00

5.25

5.80

3.00

1.40

15.00

22.18

78.63

VanguardPAS

8.00

15.00

2.00

6.78

6.57

2.40

2.00

13.96

21.49

78.19

Wealthfront

1.00

15.00

6.00

7.60

6.00

3.00

2.00

12.91

23.34

76.85

Betterment

7.00

13.50

9.00

9.42

6.51

3.00

2.00

12.60

9.59

72.62

Schwab

IntelligentPortfolios

8.00

15.00

8.00

5.86

8.15

2.40

2.00

11.27

11.28

71.95

Empower

8.00

15.00

8.00

7.00

7.11

0.00

2.00

5.92

13.65

66.68

AllyInvestRoboPortfolios

7.00

15.00

5.00

4.80

6.52

3.00

1.60

11.95

11.06

65.94

USBank

AutomatedInvestor

8.00

9.00

6.00

5.52

5.26

2.40

1.00

12.60

13.39

63.17

ETradeCorePortfolios

8.00

15.00

6.00

5.80

3.52

3.00

1.00

12.39

7.98

62.70

SigFig

9.00

10.50

6.00

2.80

5.40

2.40

1.60

12.91

10.92

61.54

WellsFargo

8.00

13.50

4.00

6.00

6.06

3.00

1.00

10.26

7.84

59.67

Acorns

1.00

3.00

4.00

7.80

7.39

3.00

1.80

14.87

7.62

50.49

MAX

10.00

15.00

10.00

10.00

10.00

3.00

2.00

15.00

25.00

100.00

8TheRoboReport&RoboRanking

AccesstoAdvisorsandPlanning

AccesstoAdvisors

9.08.07.06.05.04.03.02.01.00.0

10.0

FidelityGo

MerrillGuidedInvesting

SoFiAutomatedInvesting

VanguardPAS

Wealthfront

Betterment

SchwabIntelligentPortfolios

Empower

AllyInvestRoboPortfolios

USBankAutomatedInvestor

ETradeCoreportfolios

SigFig

WellsFargo

Acorns

AccesstoAdvisorsBaseTierPointsAdditionalPointsatHigherServiceTier

FinancialPlanning

14.0

12.0

10.0

8.0

6.0

4.0

2.0

16.0

0.0

FidelityGo

MerrillGuidedInvesting

SoFiAutomatedInvesting

VanguardPAS

Wealthfront

Betterment

SchwabIntelligentPortfolios

Empower

AllyInvestRoboPortfolios

USBankAutomatedInvestor

ETradeCoreportfolios

SigFig

WellsFargo

Acorns

AccesstoAdvisorsBaseTierPointsAdditionalPointsatHigherServiceTier

9TheRoboReport&RoboRanking

BestRoboAdvisors

→FidelityGowinsBestOverallRobo,offeringstellarperformance,competitivefees,nomini-muminvestment,androbustfeatures.

→ThewinnersofBestRoboforDigitalFinancialPlanning,EmpowerandWealthfront,serveasanexampleofsimpleyeteffectiveonlineplanning.

→SoFiwonBestRoboforFirst-TimeInvestors

becauseofitslowfees,anditsabilitytomanagemanyareasofone’sfinanciallifeonasingleplat-formincludingdebtconsolidation,careercoach-ing,andlivefinancialplanning.

BestOverallRoboAdvisor

→Winner:FidelityGo

→Runner-up:MerrillGuidedInvesting

FidelityGoisourwinnerforBestOverallRobointhisyear’sRoboRankingSummerEdition.FidelityGostandsoutforitscompetitivefeesandrobustfeatures.Theplatformchargesamanagementfeeofjust0.35%,withnominimuminvestmentrequirementatthebaseleveland$25,000foraccessingliveadvisors.Thiscostefficiencymakesitanattractiveoptionforinvestorsseekingalow-costroboadvisor.FidelityGoalsooffersaccesstoliveoperationalsupportandlicensedadvisors(series66or65),providingsignificantadvantagestousers.WhileCertifiedFinancialPlanners(CFPs)andded-icatedadvisorsarenotavailableatthebasetier,theplatformexcelsinfinancialplanning,offeringtoolstobuildsingleandmulti-goalfinancialplans,modelvarious"what-if"scenarios,anddetermineretirementspendingneeds.TheinclusionofSocialSecurityestimatesandtheabilitytoincorporatepen-sionincomefurtherenhanceitscomprehensiveapproachtoretirementplanning.Additionally,FidelityGodeliversasupe-riorcustomerexperiencewitheducationalmaterials,afullyintegrateddigitaladviceportal,amobileapp,chatsupport,andaccountaggregationforaholisticfinancialpicture.

FidelityGoachievedexceptionalperformancescores,makingitoneofthetopperformersinourtrackeduniverse.Theplat-form'ssignificantallocationtomunicipalbondsanditsposi-tioningwithabiastowardslargecapshavecontributedtoitsstrongreturnsrelativetobenchmarksandgoodrisk-adjusted

performance.Thelackofacashallocationensuresthattheportfolioisfullyinvested,maximizingpotentialreturns.Overthetrailing3-yearperiod,FidelityGo’sportfoliomanagedtooutperformitsnormalizedbenchmarkby0.75%,showcasingitseffectiveinvestmentstrategy.Despitethechallengesfacedbyequitiesandfixedincomein2022,FidelityGo’sstrategicassetallocationmitigatedtheeffectsofthebroadermarketsell-off,resultinginsolidperformance.Overall,FidelityGoisanexcellentchoiceforinvestors,offeringablendoflowfees,robustfinancialplanningtools,strongperformance,andauser-friendlyexperience.

MerrillGuidedInvestingisourRunner-upforBestOverallRobointhisyear’sRoboRankingSummerEdition.Merrillof-ferstwotiersofservice,adigitalonlytier,MerrillEdgeGuidedinvesting,availabletothosewith$1,000ormoretoinvest,andahybridtier,MerrillEdgeGuidedInvestingwithanAd-visor,availabletothosewith$20,000ormoretoinvest.Itisfairlystandardinitsofferingsatthebasetier,withaccesstoliveoperationalsupport,anESGthemedinvestmentportfoliooption,andasinglegoalperaccountplanningtoolthatcanhelpyouprojectyourfutureaccountvalueandlikelihoodofachievingyourgoal.Atthehybridlevel,investorswillgetaccesstoliveadvisorstohelpwithmorecomplexplanning.

Performancewasanotherdriveroftheirranking,withMerrillscoringinthetophalfofourtrackeduniversethanksinparttoitsrelativelylargeallocationtomunicipalbondsonthefixedincomesideoftheportfolio,aswellasitsbiastowardslargecapsontheequityside.Theimportanceofalargecapbiasisshownoverthetrailing3-and5-yearperiods,wherethe

10TheRoboReport&RoboRanking

Russell1000Indexhasreturned8.73%and14.57%annual-lyonaverageversusreturnsof-2.62%and6.90%fortheRussell2000Index.Merrillisoneofthemoreactiveportfo-liomanagersandisagoodchoiceforthoseseekingamoreactiveapproachtoportfolioconstruction.

BestRoboforPerformanceataLowCost

→Winner:FidelityGo

→Runner-up:Wealthfront

TheBestRoboforPerformanceataLowCostcategoryisdesignedforinvestorsseekingthebestperformingportfolio.Wemeasureperformancebasedontotalportfolioperfor-mancecomparedtoitsNormalizedBenchmarkandSharpeRatio.Forthethree-yearperiodendingJune30,2024,FidelityGoandWealthfrontemergedastopperformers.Thisperi-odencompassedsomeofthepost-Covidrecovery,aswellaselevatedinflation,risinggeopoliticaltensions,andrapidlyincreasinginterestrates.

FidelityGo'sequitypositioningistypicallymarket-neutralconcerningitsgrowthandvaluesplit.However,theyallocatemoretolargecapsonaverage,at76%oftheequityportfolio,comparedtoabout69%onaverageacrossalltrackedrobosoverthetrailingthree-yearperiod.Thisallocationgreatlyben-efitedperformanceaslargecapswerethebest-performingsizeamongequitiesoverthisperiod.

Onthefixedincomeside,FidelityGoallocatesallfixedincomeholdingstomunicipalbonds,oneofthebetter-performingfixedincomeclassesoverthepastthreeyears.WealthfrontalsomaintainsholdingsinmunicipalbondsandTIPS,whichhaveperformedwellrelativetootherfixedincomeclassesoverthepastthreeyears.

Wealthfrontbenefitedsignificantlyfromitsdedicatedener-gyholding,whichwasadvantageousduringtheprolongedinflationperiodandamidthedisruptionofenergymarketsfollowingtheRussianinvasionofUkraine.Fromthestartof2021throughtheendof2022,theenergysector,representedbytheVanguardEnergyETF,postedanaverageannualre-turnofnearly60%,comparedtojust2.6%annualizedfortheS&P500duringthesameperiod.Theoutperformanceofthevalue-tiltedenergysectortrackedtheoveralltrendofvalueoutperforminggrowthduringthattime.Morerecently,how-

ever,growthstockshavesignificantlyoutpacedvaluestocks.Forthetrailingthree-yearperiodendingJune30,2024,theRussell3000GrowthIndexoutperformedtheRussell3000ValueIndexbyover5%peryearonaverage.

BestRoboforFirst-TimeInvestors

→Winner:SoFi

→Runner-up:FidelityGo

SoFiremainsourtoppickforfirst-timeinvestors.Formany,thetruestartofone'sinvestingjourneybeginswithpayingdownstudentloans,orsomeotherformofdebt.SoFiprovidesusersaplatformtoexploreoptionssuchasconsolidatingdebtasafirststeptotheirgoalsofsavingforthelong-term.Theyalsohavemanytoolsavailabletofirsttimeinvestorsoutsideofdebtconsolidation,suchasaccesstocareercoachesandlivefinancialplanners.TheyalsoofferastrongbudgetingtoolintheformofSoFiRelay,whichallowsoutsidefinancialac-countstobetrackedwithinSoFi’splatform,helpingtogiveaholisticviewofone’sbudgeting.TheseabilitiescombinedwithSoFi’slowfeesmakeSoFiatopoptionforfirsttimeinvestors.

FidelityGoearnsthedistinctionofrunner-upinthiscatego-ryduetoacombinationoflowcosts,anaccessibledigitalplatform,andimpressivelong-termreturns.FidelityGouserswillbenefitfromlowfeesthroughacombinationofno-costFidelityFlexfunds,aswellasnomanagementfeeonthefirst$25,000invested,makingitespeciallyattractiveforinvestorswithsmalleramountsofmoneytostartwith.Thiscombinedwithstronglong-termperformancedue,inpart,totheirbiastowardslargecapequitiesmakesthemagreatoptionforfirst-timeinvestors.

11TheRoboReport&RoboRanking

BestRoboforDigitalFinancialPlanning

→Winner:Empower

→Runner-up:Wealthfront

Themostsignificanteffectthatroboadvisorshaveexertedonthefinancialadviceindustryisthedemocratizationofexpertlymanagedportfolios.Roboadvisorshavenotjustfacilitatedwidespreadaccesstoadvisedaccounts,buttheyhavealsoenabledhigh-caliberfinancialplanningtobecomeavailabletoanyoneequippedwithaninternetconnectionandthereadinesstoinvestthetimeintobuildingaplan.

Thewinnersofthiscategoryofferthebestdigitalplannersamongtheroboswetrack.Thetwowinnersofthiscategory,Empower(formerlyknownasPersonalCapital)andWealth-front,offertheirdigitalplanstoanyonewithouttheneedtoopenanaccount.Theseplatformsoffertheabilitytobuildaholisticfinancialplanbycombiningmultiplegoalsintoasingleplan,whilealsoaggregatingoutsideaccountssoinvestorscangetaviewoftheirfullfinancialpicture.Theymakeplan-ningforthefutureeasybyenablinguserstomodelfuturelifeevents,suchasSocialSecurityandotherretirementincome,

aswellaslifeeventssuchaswindfallsandothercustominputs,allwhilepresentingitinaneasy-to-usemannerandofferingitinthestandard,freeversionsoftheirservices.

Empowerremainsatthetopofourlistwhenitcomestofinan-cialplanningtools.Theroboenablesuserstoplanforretire-ment,homepurchase,education,andgeneralsavingamongothergoalswithaplethoraofin-depthtools.Theretirementfeeanalyzerlooksatyourportfolio’sholdingsandestimateswhatportionofyourportfoliowillbelosttoexpenseratios,whiletheplannerallowsyoutosetupmultiplespendinggoalsalongwithprojectedfutureincomeandcalculatesaprobabil-ityofsuccessinthestatedgoals.Theplanneralsoallowsyoutomapoutaplantopaydowndebtalongsideyourcurrentsavings,aswellasanemergencyfund.Itwillaggregateout-sideaccountsandpresentyouwithaconsolidateddisplayofyourmonthlycashflows,overallnetworth,andotherviewsofyourfinancesinasingledashboard.Therobooffersafea-turecalledInvestmentCheckupthatexplainshowandwhyyoushouldberebalancingyourportfolio,whiletakingintoaccountyourage,risktolerance,andportfoliocomposition.Throughitsabilitytoaggregateoutsideaccounts,itisalsoabletoanalyzepositionsheldelsewhere.Overall,Empower

continuestobeourtoppickforrobosrelatedtofinancialplanningduetoitsin-depthplanningtoolsofferings,includingamulti-goalfinancialplanandtheabilitytocustomizeinputsspecifictotheinvestor.

Wealthfront’sdigitalplanningtoolsarerepresentativeoftheirdigital-firstphilosophy,eliminatingtheneedforhumanad-visorsandthehigherfeesattachedtothem.Theplanningtoolallowsforgoalsspecifictoretirement,education,homebuying,andtravel,withthehomebuyingmoduleutilizingRedfindata.WhileitisalittlemorecomplexthanEmpower’s,theplanningtoolcomeswithahighdegreeofcustomizationlikeprojectingretirementincomesuchasSocialSecurity,windfalls,realestate,andotherdetails,allowingforuserstobuildoutcomplexplans.ItalsoutilizesafeaturecalledSelf-DrivingMoney,whichisasetofautomatedorsemi-au-tomatedfeaturesthatenableuserstoinvestexcesscashheldintheirbankaccounts.Thisallowsforuserstointegratetheirspendingandsavinghabitswiththeirlong-termgoals.Wealthfront’splannercontinuestobeapremierexampleofinnovationamongroboadvisors.

BestRoboforComplexFinancialPlanning

→Winner:Vanguard

→Runner-up:Empower

Whilesomedigitalplanningtoolsdoagoodjobmodelingcomplexsituations,thosewithcomplexplanningneedsmaystillbenefitfromaccesstoliveadvisorsalongsideroboplan-ning,orahybridmodel.VanguardwinsthetitleforBestRoboforComplexFinancialPlanning.Theirhybridadvicemodelallowsaccesstoalivefinancialadvisorataminimuminvest-mentof$50,000forjust0.30%inmanagementfees.Fora$500,000investment,investorsgetaccesstoadedicatedadviser,availableforthesamelowfee.Thisallowsinvestorstomodelmultiplefinancialgoalsandgetacomprehensiveviewoftheirassetsatapricepointfarbelowthe1%manage-mentfeetypicallychargedbyatraditionalfinancialadvisor.

Empower,therunner-upforComplexFinancialPlanningcom-binesaccesstoaliveplannerwithoneofthebestdigitalplanningplatformsonthemarket.Empowerhasahighmin-imuminvestmentat$100,000andahighmanagementfeeat0.89%butofferssomestandoutfeatures.Asidefromitsplanningtools,Empoweroffersinvestmentoptionssuchas

12TheRoboReport&RoboRanking

anSRIportfolio,anddirectindexing,andforthosewithmorethan$5,000,000ontheplatform,alternativeinvestmentslikeprivateequityarealsoavailable.Empoweralsooffersafea-turecalledSmartWithdrawalwhichsimplifiestheprocessofdeterminingwheretowithdrawretirementspendingfunds,andhowtodosoinataxefficientmanner.Thisfeaturecanassistwithmorecomplexdecisions,likewhethertaxgainharvestingshouldbeconsidered,orifaRothconversionmay

bebeneficial.ThesefeaturescombinetomakeEmpoweroneofthebestrobooptionsforcomplexfinancialplanning,evenwithitshigherfees.

13TheRoboReport&RoboRanking

RoboRankingFacts

RoboName3-Year

AnnualizedReturn

3-YearReturnAbove/BelowNormalized

Benchmark

3-YearSharpeRatio

AccountMinimumAdvisoryFeeWeighted

AverageExpenseRatio

Acorns1

1.08%

-1.28%

-0.18

Nominimum

$3/monthforPersonal;$5/monthforPersonalPlus;$9/monthforPremium

0.04%

AllyInvestRoboPortfolios9

1.59%

-0.63%

-0.13

$100

0.30%annually;Alsooffers'cash-

enhanced'portfoliowith30%investedincashandnomanagementfee

0.06%

Betterment27

1.50%

-1.10%

-0.13

Digital:Nominimum;

Premium:$100,000

$4/monthor0.25%annuallywith

$20,000inplatformassetsor$250

monthlydeposits;0.65%annualfeeforPremium

0.08%

E*TradeCore21

1.29%

-1.35%

-0.16

$500

0.30%annually

0.05%

FidelityGo33

3.77%

1.53%

0.07

Nominimum;accesstoliveadvisorsrequiresa$25,000minimum

NoAdvisoryfeeonaccountbalances

under$25,000;0.35%onaccountswithbalancesover$25,000

0.00%

MerrillGuidedInvesting31

2.95%

0.75%

-0.01

"GuidedInvesting:$1,000;

GuidedInvestingwithanAdvisor:$20,000"

GuidedInvesting:0.45%annually(digitalonly);GuidedInvestingwithanAdvisor:0.85%annually

0.06%

Empower(PersonalCapital)4

2.37%

-0.93%

-0.05

$100,000

0.89%annually;discountedtieredpricingathigherassetlevels

0.08%

14TheRoboReport&RoboRanking

RoboName3-Year

AnnualizedReturn

3-YearReturnAbove/BelowNormalized

Benchmark

3-YearSharpeRatio

AccountMinimumAdvisoryFeeWeighted

AverageExpenseRatio

SchwabIntelligentPortfolios5

1.68%

-0.47%

-0.14

IntelligentPortfolios:$5,000;Intelligent

PortfoliosPremium:$25,000

IntelligentPortfolios:Nofee(digitalonly);IntelligentPortfoliosPremium:$300initialplanningfee,$30/monthsubscription

0.17%

SigFig6

1.62%

-0.67%

-0.13

$2,000

Nofeeforthefirst$10k;0.25%annuallyforbalanceover$10k

0.05%

SoFi17

3.21%

0.85%

0.02

$1

Nomanagementfee

0.06%

USBankAutomatedInvestor28

1.76%

-0.12%

-0.12

$1,000

0.24%annually

0.09%

VanguardDigitalandPersonalAdvisor43

3.08%

0.79%

0

VanguardPersonalAdvisor:$50,000;VanguardDigital

Advisor:$3,000

VanguardPersonalAdvisor0.30%annually.VanguardDigitalAdvisorcombinedunderlyingfundfeesandmanagementfeescappedat0.20%

0.07%

Wealthfront(Risk4.0;2016)44

3.50%

1.24%

0.04

$500,someadditionalportfoliofeatures

requireahigher

minimum

0.25%annually

0.0