Rating Methodology for Robo-Advisors

Opening an investment account is daunting, especially with so many choices. We’ve done rigorous research and product testing to successfully rate Robo-advisors. SimpleMoneyLyfe’s evaluates Robo-advisors based on the following criteria:

SimpleMoneyLyfe's robo-advisor rating methodology

The Robo-Advisor Rating and Review Process

The product team currently reviews over 11 Robo-advisors. The advisors we select and review have substantial assets under management, have large balance sheets and comply with the U.S. Securities and Exchange Commission.

Analysts utilize third-party sites and platforms to gauge industry reputation. These sites include Google Reviews, Better Business Bureau, Consumer Financial Protection Bureau, and Trustpilot. Moreover, analysts also collect data from the Robo-advisors website. When partnering with a select Robo-advisor analysts partake in product demonstrations. However, this is often unnecessary. Chances are someone on our team is a customer of the platform we are reviewing, so we easily get a behind-the-scenes view of the product in question. Our first-hand experience and rigorous product testing are what make SimpleMoneyLyfe different.

Scheduled Product and Information Updates

Analysts constantly update the content we publish. This ensures the criteria we are evaluating remain relevant, accurate, and fresh.

Robo-Advisor Review Team

The Robo-Advisor review team is made up of financial industry veterans. Some of our writers have previously served as private wealth managers and analysts at beloved financial institutions and firms. Additionally, a few members of our editorial team are licensed Chartered Financial Analysts and Certified Financial Planners. The investment and Robo-advisor review team has been featured in CNBC, WSJ, Nasdaq.com, Forbes, Business Insider, and MarketWatch. This industry experience and deep knowledge of the financial ecosystem ensure our reviews are objective, calculated, and concise. Read more about our editorial guidelines and the team that helps consumers make simple financial decisions.