The incumbents are striking back in automated investing, that is according to Backend Benchmarking's Winter 2019 Edition. In this latest version of the firm's rankings, Fidelity Go took the title of "Best Overall Robo," while SigFig was ranked second overall, followed by Vanguard. Acorns came in last across the 13 automated investing platforms that were ranked.
Fidelity Go received high marks for its 35bp fee and access to "quality financial planning tools," according to analysts. It was knocked for its proprietary funds, which made it difficult to evaluate product transparency and potential conflicts of interest, as well as the inability of its financial planning modules to produce a single financial plan. The service also lacks automated tax-loss harvesting.
SigFig received acknowledgment for its strong returns against Backend's benchmark and its simple interface, as well as access to live advisors as soon as investors' managed assets reach $10,000. SigFig offers automated tax-loss harvesting.
The inclusion of Fidelity Go in the 13 overall-ranked robo advisors reflects two years of portfolio history available to analysts at Backend Benchmarking. Joining Fidelity are TD Ameritrade and Ellevest, ranked sixth and ninth, respectively. Industry pioneers Wealthfront and Betterment could do no better than middle of the pack, ranking fifth and seventh, respectively.
