We spent over 100 hours testing robo-advisors, opening and funding an account with each robo to acquire a true client experience and find the best robo advisors
. In this comparison, we will compare Betterment vs Merrill Edge Guided Investing to see which robo-advisor is better.
First, let’s take a look at the fees of these two investment advisors. Cost is broken down into both the annual management fee charged each year as well as the expense ratios charged by the ETF holdings themselves. Betterment is a better option with a 4.50 star rating over Merrill Edge Guided Investing's 3.00 star rating.
Looking at both robo-advisors, we can also explore their features. Betterment makes tax-loss harvesting available to clients, while Merrill Edge Guided Investing does not. For running predictions on retirement, clients will want to use a retirement calculator. Betterment offers an advanced retirement calculator while Merrill Edge Guided Investing does not. Tracking personal financial goals can also be important. Betterment makes goal tracking available to clients, while Merrill Edge Guided Investing does not. Finally, the ability to import and aggregate third-party financial accounts for holistic analysis can be particularly useful. Betterment has external accounts analysis, Merrill Edge Guided Investing doesn't.
Lastly, tech savvy Millennials may find it valuable to have access to customer service through phone, email, and live chat. However, not every robo-advisor offers live chat support. Both Betterment and Merrill Edge Guided Investing offer live chat support.
Overall, Betterment takes the upper hand with 5.00 stars over Merrill Edge Guided Investing's 3.00 stars. And, as far as individual category awards go, Merrill Edge Guided Investing posted awards Best in Class - Customer Service, while Betterment found itself with Best in Class - Cost, Best in Class - Investment Approach and Best in Class - Platforms & Tools.