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 Fidelity Go vs Merrill Edge Guided Investing 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. Fidelity Go received a rating of 4.00 stars over Merrill Edge Guided Investing's 3.00 stars.
Features are also important to compare when selecting a robo-advisor. Some robos do a much better job than others with technology. Neither Fidelity Go and Merrill Edge Guided Investing offer tax-loss harvesting. To make sure you ready for retirement and will have enough money saved, running a calculator is required. Fidelity Go nor Merrill Edge Guided Investing offers an advanced retirement calculator. Setting financial goals and tracking them is also a feature customers desire. Fidelity Go offers goal tracking while Merrill Edge Guided Investing 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. Fidelity Go makes external accounts analysis available to clients, while Merrill Edge Guided Investing does not.
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 Fidelity Go and Merrill Edge Guided Investing offer live chat support.
Overall, both Fidelity Go and Merrill Edge Guided Investing hold a 4.00 star rating. And, as far as individual category awards go, Merrill Edge Guided Investing finished with awards Best in Class - Customer Service, while Fidelity Go came up with none of these.