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Why Should Students Invest in Robo Advisors?

Robo-advisors are low-cost AI-based financial advisors that can help students with anything from basic investment and financial planning challenges to building an investment portfolio. College students who can’t afford expensive financial advisors can find robo-advisors and their comprehensive digital financial planning tools quite valuable in living within the budget and start building a portfolio at an early age.

Tutor.help Club financial experts highly recommend following robo platforms to college students for handling personal financial challenges wisely:

  1. Wealthfront: Wealthfront is a leading digital wealth advisor with over $9 billion in assets under management. The company provides automated, personalized advice to help people make the most of their money. Wealthfront offers free financial planning and investment management services. College students can use it to create a personalized investment plan, get investment advice, and track their progress over time. You need to have at least $500 in your Wealthfront account. You can manage assets worth $5000 for free. This robo-advisor charges 0.25% management free.
  2. Betterment: Betterment is the largest independent robo-advisor with more than $13 billion in assets under management. The company offers a wide range of services, including portfolio management, financial planning, and goal-based saving. One of the top-ranked robo-advisors, Betterment also charges a 0.25% management fee. But unlike Wealthfront, you don’t need to maintain a minimum account balance here. You can manage a qualifying deposit for free up to 1 year.
  3. Sofi: SoFi is a student loan refinancing company that also offers robo-advisory services. SoFi’s platform, SoFi Wealth, offers automated investment advice for people with different levels of investing experience. SoFi Wealth has no account minimums or management fees. If you make a qualifying deposit here, you can get free career counseling as well as loan discounts.                 
  4. E*Trade: E*Trade is a full-service online broker that offers a wide range of investment products, including stocks, bonds, ETFs, and mutual funds. The company’s robo-advisory service, E*Trade Core Portfolios, provides automated portfolio management for investors with different levels of investing experience. E*Trade Core Portfolios has an account minimum of $500 and charges a 0.30% management fee.
  5. Axos invest: Axos Invest is a new robo-advisor that offers low-cost, automated portfolio management services. The company has an account minimum of $500 and a 0.24% management fee. Axos Invest offers a wide range of investment options, including stocks, bonds, and ETFs.
  6. Blooom: Blooom is a unique robo-advisor that specializes in retirement account management. The company has no account minimums. Blooom offers a wide range of services, including portfolio management, financial planning, and goal-based saving. It charges a management fee of $45-$250 per year. You can get $10 off if you register for this service right now with the discount code ‘REEETIRE10’.
  7. Acorns: Acorns is a micro-investing app that allows you to invest your spare change. The company has no account minimums and charges $3-$5 per month. Acorns offer a wide range of investment options, including stocks, bonds, and ETFs. Currently, you can even get a sign-up bonus of $10 on Acorns.
  8. Ellevest: Ellevest is a unique women-focused robo-advisor. The company has no account minimums and charges $1-$9 per month as a management fee. Ellevest offers a wide range of investment options, including stocks, bonds, and ETFs. You can use it for free for two months using the code ‘nerdwallet’.
  9. Ally Invest: Ally Invest is a full-service online broker that offers a wide range of investment products, including stocks, bonds, ETFs, and mutual funds. The company’s robo-advisory service, Ally Invest Advisor, provides automated portfolio management for investors with different levels of investing experience. Ally Invest Advisor has an account minimum of $100 and charges a 0.30% management fee. No fee is charged for cash-enhanced managed portfolios.
  10. Charles Shwab: Charles Schwab is a full-service online broker that offers a wide range of investment products, including stocks, bonds, ETFs, and mutual funds. The company’s robo-advisory service, Schwab Intelligent Portfolios, provides automated portfolio management for investors with different levels of investing experience. Schwab Intelligent Portfolios has an account minimum of $5,000 and does not charge any management fee.Robo-advisors are becoming increasingly popular with the advent of digital financial planning tools and apps. They offer a low-cost, easy way for people to get started with investing and managing their money. Robo-advisors are especially good for people who don’t have a lot of experience with investing or who want to outsource the management of their portfolio.

    Our experts advise college students to start investing in robo-advisors as soon as they can. Robo-advisors are a great way to learn about investing and to get started with building your portfolio. They are low-cost and offer a wide range of investment options. You can find a robo-advisor that fits your needs and start investing today.

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April 26, 2022

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