MARTINSVILLE, NJ / ACCESSWIRE / February 22, 2024 / We are proud to publish the 30th edition of the Robo Report®, covering the fourth quarter of 2023, and the 12th edition of the Robo Ranking®, announced Ken Schapiro, Founder of Condor Capital Wealth Management.
This edition of the Robo Report® tracks the performance of 41 accounts at 26 different providers. The Robo Ranking® Summer Edition provides an in-depth look at both the qualitative factors of robo-advice platforms, as well as the performance of its underlying accounts. It grades robo advisors across more than 45 specific metrics and scores each robo on various high-level categories, such as features, financial planning, customer experience, access to live advisors, transparency and conflicts of interest, size and tenure, account minimums, costs, and performance.
Robo Ranking Highlights:
Best Overall Robo Advisor Winner: Merrill Guided Investing, Runner-up: Schwab Intelligent Portfolios
Merrill Guided Investing stands out as the Best Overall Robo in the Robo Ranking Winter Edition. The service is available in two tiers, with the digital-only tier starting at an accessible $1,000, providing essential services and an ESG-focused investment portfolio. For those investing $20,000 or more, the hybrid tier offers a blend of digital tools and access to live advisors for more detailed financial planning, showcasing a comprehensive approach to robo-advisory.
Schwab Intelligent Portfolios is the runner-up this time. Its Premium suite continues to offer exceptional planning tools that allow users to establish multiple complex financial goals. With access to licensed financial experts and Certified Financial Planners, Schwab provides an exemplary robo-advisory experience at the premium service tier.
Best Robo for Performance at a Low Cost Winner: Wealthfront, Runner-up: Fidelity Go
Investors who focus on strong quantitative metrics, particularly in terms of returns and fees, will find that Wealthfront once again leads the pack. It has demonstrated resilience through the post-Covid recovery, inflation spike, geopolitical disturbances, and a period of rapidly increasing interest rates, all over the three years leading up to December 31st, 2023, according to Goldstone.
Fidelity Go has maintained its high status, with an equity strategy that heavily favors large caps, making up 75% of its equity portfolio. This strategic emphasis on large caps has proven to be a wise decision, as they have predominantly outperformed other market segments, Goldstone notes.
Best Robo for First-Time Investors Winner: SoFi, Runner-up: Fidelity Go
SoFi's comprehensive approach to financial management, which ranges from debt consolidation to offering a holistic view through SoFi Relay, positions it as the preferred option for newcomers to the investment scene. The platform's additional features, such as access to career counseling and live financial experts, along with competitively low fees, render it invaluable for first-time investors.
Best Robo for Digital Financial Planning Winner: Wealthfront, Runner-up: Empower
Best Robo for Complex Financial Planning Winner: Vanguard, Runner-up: Empower
Robo Report Highlights:
One Year Total Performance Winner: SoFi, 2nd: US Bank Automated Investor, 3rd: Stash Smart Portfolio
Three-Year Total Performance Winner: Schwab Domestic Focus, 2nd: Wealthfront (2016), 3rd: Zacks Advantage
Five-Year Total Performance Winner: Wealthfront (2016), 2nd: Fidelity Go, 3rd: Zacks Advantage
Performance is partly based on The Robo Report's innovative method to compare globally diversified portfolios called Normalized Benchmarking. A methodology of Normalized Benchmarking, details of how they create the scores and ranking and the Robo Report (R) and the Robo Ranking (R) are all available for free at condorcapital.com/the-robo-report .
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Disclaimer of Warranties:
Research is provided "as is" with all faults. The Company disclaims all warranties of any kind regarding the Research, either express or implied, including but not limited to, any implied warranty of merchantability, fitness for a particular purpose, ownership, noninfringement, accuracy of informational content, and absence of viruses and damaging or disabling code.
The Company does not warrant the accuracy, completeness, or timeliness of the Research. The Company shall not be responsible for investment decisions, damages, or other losses resulting from use of Our Research.
Past performance does not guarantee future performance. The Company shall not be considered an "expert" under the Securities Act of 1933. The Company does not warrant that this service complies with the requirements of the FINRA or any similar organization or with the securities laws of any jurisdiction."
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SOURCE: Condor Capital Wealth Management
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