Tag: Robo Advisor

Posted on December 4, 2020

Welcome to the Backend Benchmarking company update. In this email, we share news of our most recent Robo Report, the work our Development team is doing polishing the user interface and fixing bugs, an update on our most recent media appearances, and exciting results from our market research study with Columbia University.

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Posted on November 17, 2020

  • Robos have 8% adoption across the US, according to Hearts and Wallets
  • Millennials show higher adoption rates of robos, especially those with more to invest
  • Fidelity, Bank of America, and Schwab launch new, free financial planning tools that are natural funnels to investment management
  • Wealthsimple and M1 raise large sums of new funding despite recent industry closures
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Posted on November 3, 2020

Ranked Top 3 for First Time Investors (Summer 2020 Robo Ranking)

Overview

Originally a consumer lending platform, SoFi has since expanded to offer investment management services.  Although it is significantly smaller than SoFi’s lending platform, SoFi Invest has attracted $138 million in assets under management and over 34,000 accounts, according to its latest ADV filing. SoFi has also introduced four proprietary ETFs, two of which are included in their SoFi Invest portfolios.  SoFi has recently partnered with two fintech insurance firms to offer homeowners, renters, and auto insurance.  Additionally, SoFi offers its customers a zero-commission, self-directed trading platform.   

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Posted on November 3, 2020

Overview

With over three million users, Acorns is the preeminent micro-investing platform that combines saving and investing in one user-friendly application. As opposed to the traditional financial advice industry, Acorns is designed for customers that are just beginning their financial lives.

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Posted on November 3, 2020

Ranked #1 for Best Overall Robo (Summer 2020 Robo Ranking)

Ranked #1 for Best Performance at a Low Cost (Summer 2020 Robo Ranking)

Overview

SigFig started as an offshoot of Wikinvest, a Wikipedia-style resource for investors.  Launched in 2012 as a free portfolio tracking and investment advisor referral service, SigFig is now one of the original robo advisors still in operation.  Between its platform and strategic partnerships with incumbent institutions such as UBS and Wells Fargo, SigFig has grown to over $835 million in assets under management.

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Posted on November 3, 2020

Wealthfront is Ranked #1 for Digital Financial Planning (Summer 2020 Robo Ranking)

Overview

Wealthfront was founded in 2008 as kaChing, a mutual fund analysis company, before pivoting into wealth management.  Wealthfront officially launched in December 2011 and has since raised a total of $205M in venture capital to expand operations.  Between its investment management and cash account offerings, Wealthfront is now one of the largest independent robo advisors, with over $13.5 billion in assets under management and an additional $7+ billion in deposits into its high-yield cash account. 

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