Thanks to opening, funding, and spending over 100 hours testing accounts with eight different robo-advisors
, we know our robos inside and out. For this review, we will compare E*TRADE Core Portfolios vs Ally Invest Advisors to see which robo-advisor is better.
When it comes to financial advice and selecting an automated advisor, the total annual cost charged is significant. Most sites just look at the annual account management charge assessed. For an accurate comparison, however, you also have to take into consideration the annual management fees (expense ratios) charged by the ETF holdings themselves. We included both. Ally Invest Advisors received a rating of 4.00 stars over E*TRADE Core Portfolios's 3.50 stars.
Features are also important to compare when selecting a robo-advisor. Some robos do a much better job than others with technology. Neither E*TRADE Core Portfolios and Ally Invest Advisors offer tax-loss harvesting. To make sure you ready for retirement and will have enough money saved, running a calculator is required. Neither E*TRADE Core Portfolios and Ally Invest Advisors offer an advanced retirement calculator. Setting financial goals and tracking them is also a feature customers desire. Ally Invest Advisors makes goal tracking available to clients, while E*TRADE Core Portfolios does not. Finally, syncing data from your other financial accounts (brokers, banks, etc) can open the door to deeper analysis of fees, holdings, and retirement planning. E*TRADE Core Portfolios nor Ally Invest Advisors offers external accounts analysis.
Lastly, some customers want access to customer service via web friendly methods such as live chat as a compliment to the standard phone and email options. Both E*TRADE Core Portfolios and Ally Invest Advisors offer live chat support.
Overall, Ally Invest Advisors comes out on top with 3.50 stars over E*TRADE Core Portfolios's 3.00 stars. And, as far as individual category awards go, neither E*TRADE Core Portfolios nor Ally Invest Advisors were rated Best in Class - Cost, Best in Class - Investment Approach, Best in Class - Platforms & Tools and Best in Class - Customer Service.