MARTINSVILLE, NJ / ACCESSWIRE / February 21, 2023 / We are proud to publish the 26th edition of the Robo Report®, covering the fourth quarter of 2022, and the 10th edition of the Robo Ranking®, announced Ken Schapiro, Publisher, Founder of Condor Capital Wealth Management.
"These analysis come at a time when according to some historians, 2022 was the worst year for bonds in over 250 years," points out Schapiro.
This edition of the Robo Report® tracks the performance of 57 accounts at 32 different providers. Robo Ranking® Winter 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: Wealthfront; Runner-up: SoFi
"The digital experience offered by Wealthfront is top-tier and strikes an impressive balance between simplicity, functionality, and customization," said David Goldstone, CFA®, Manager of Investment Research, Condor Capital Wealth Management. "Wealthfront has had a strong platform that has been a leader in innovation since its founding over a decade ago."
"SoFi has greatly expanded the types of financial products it offers over the past few years as it ambitiously looks to compete with national banks for retail investing and banking business. All SoFi members get free access to live financial planning services, which is one reason we like the investing platform," notes Goldstone.
Best Robo for Performance at a Low Cost Winner: Wealthfront; Runner-up: Fidelity Go
"This category is designed to reward those investors that seek the best bottom-line quantitative metrics, specifically, returns and fees," explains Goldstone.
Best Robo for First-Time Investors Winner: SoFi; Runner up: Fidelity Go; Honorable Mention: Betterment
"The ability to manage many areas of one's financial life on this single platform, budgeting, career coaching, live planning, and low fees combine to make SoFi the winner for Best Robo for First-Time Investors. It's also a platform where student borrowers can explore options to consolidate debt as a first step and work their way towards saving for long-term goals over time," offers Goldstone.
He continued, "We award Fidelity Go with the Runner-up in this category thanks to exceptionally low costs, an evolving and accessible digital platform, and strong long-term returns. We have moved Betterment to the Honorable Mention category due to its change in fee structure."
Best Robo for Digital Financial Planning Winner: Personal Capital; Runner-up: Wealthfront; Honorable Mention: Schwab Intelligent Portfolios Premium
"Not only have robos democratized managed accounts and access to advice, but they have also brought high-quality financial plans to anyone with an internet connection and willingness to spend some time building a plan. Personal Capital and Wealthfront make their digital plans available to anyone without needing to open an investment account. While Wealthfront continues to be a digital-first product with the goal of eliminating the need for human advisors and the higher fees that typically come with them," notes Goldstone.
Best Robo for Complex Financial Planning Winner: Vanguard Personal Advisor; Runner-up: Personal Capital (now Empower)
David Goldstone, said, "Vanguard Personal Advisor championed the 'hybrid' advice model and remains our top choice for those with complex planning needs. On top of the comprehensive retirement planning features, Personal Capital offers a feature called Smart Withdrawal."
Robo Report Highlights:
One Year Total Performance Winner: Wealthfront portfolio (2016 vintage), 2nd, Schwab's Domestic Focus, and 3rd, Morgan Stanley Inflation Conscious.
"From an equity standpoint, Wealthfront's portfolio was the winning account thanks to its allocation to energy stocks," said Thomas Leahy, CFA®, Senior Financial Analyst, Condor Capital Wealth Management. "The robo's allocation to VDE, the Vanguard Energy Fund, was a significant boon to portfolio performance."
Three-Year Total Performance Winner: Wealthfront, Zacks, and Schwab Domestic Focus portfolios posted first, second, and third place finishes, respectively.
According to Leahy, "The top performers tended to tilt significantly towards domestic equities while underweighting foreign stocks. Additionally, the winners tended to allocate to municipal bonds over taxable options."
Five-Year Total Performance Winner: Wealthfront (2016); 2nd, Zacks Advantage, and 3rd, Fidelity Go.
"This five-year period was characterized by a low-interest-rate regime and a robust demand for technology, supporting the growth portion of the market. Both Fidelity and Zacks are slightly tilted towards growth equities compared to the average of our other robo portfolios," observed Leahy.
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® and the
Robo Ranking® are all available for free at https://www.theroboreport.com.
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SOURCE: Condor Capital Wealth Management
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