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全球智能投顾市场一览

过去十年里,智能投顾作为创建和调整多样化投资组合的自动化平台,风靡了整个金融咨询领域。智能投顾的收费相较于传统金融咨询机构更加低廉,因而受到了无数的追捧,并且在未来依旧会不断发展。

今天,本文就针对智能投顾市场的主要参与者进行一下简要的介绍。

智能投顾的特点和功能

智能投顾的宗旨是为客户自动创建多样化的投资组合,然后随着时间的推移不断调整(再平衡)投资组合。所以,这里所讨论的所有智能投顾都至少可以做到这一点。

除此之外,在选择智能投顾时还有其他一些事情要考虑。现在列举一些最常见的:

税务策略--如果你投资于一个应纳税账户,你可以从资本利得或者是普通收入中抵减投资损失,这一概念被称为"税收亏损收割(又称税收亏损弥补)"。许多智能投顾服务都会为你提供这方面的服务,有时这项服务会覆盖所有客户,同时还需要支付额外费用。这在应税投资账户领域是智能投顾的主要优势。

半自动化投顾模式--纯粹从术语来看,智能投顾应当是一个完全自动化的过程。然而,"半自动化"模式开始出现,它既包括投资组合的自动化管理,同时还配备一个真人财务顾问。这种模式为高净值客户服务。

直接编制指数--这种情况下,平台帮助投资者购买个股来创建一个投资组合,而非此前的基金构建模式。一些智能投顾机构可以为高余额的账户提供这些服务。这样可以节省基金费用,也更容易利用税收策略。

专有或低成本资金--一些智能投顾机构如果提供自己的资金,则会收取更低廉的管理费用(甚至是不收取任何费用)。其他机构会比竞争对手使用成本更低的指数基金。通过智能投顾机构,管理费仅为总成本的一半。而共同基金和ETF有自己的费用标准,被称为支出比率。

市场主要智能投顾机构

目前市场上有很多智能投顾服务机构,并且整个行业正在迅速发展。这里仅列出一些规模最大和最知名的智能投顾服务机构,并简要阐述他们的特点。

Wealthfront--Wealthfront和Betterment是智能投顾领域的两大先锋机构。 客户投资的前10000美元免受资产管理费,后续资产管理费率为0.25%。该服务为所有应纳税账户提供每日税收亏损收割,并为10万美元或更多的资金提供直接索引服务。

Betterment--Betterment提供长达1年的免费管理服务,后续则收取0.25%的费用。对于希望采取半自动模式进行管理并至少拥有10万美元用于投资的客户,Betterment Premium是很好的选择,它收取0.40%的管理费用,其中包括电话咨询服务。

Wealthsimple--Wealthsimple的独特之处在于它提供对社会负责的投资组合。该平台提供免费的税收亏损收割服务,并有两层结构的收费标准:账户余额在10万美元以下(含10万美元)费率为0.5%,账户余额在10万美元以上费率为0.4%。

WiseBanyan--号称自己是"全球首家免费理财顾问机构",虽然它仍会收取基本费用,但基本的智能投顾服务不会收费。 如果客户需要税收亏损收割服务,WiseBanyan会收取0.25%的费用,但总计每月不超过20美元。

Schwab Intelligent Portfolios--Schwab提供两种形式的智能投顾服务,并且都是免费的。Schwab能够做到这一点,因为它可以通过将客户资产投资于自有资金来赚钱。对余额在50000美元及以上的应纳税账户提供税收亏损收割服务。

Vanguard Personal Advisor Services--作为目前市场上规模最大的智能投顾服务机构,它采取半自动化模式,能够不限次数地使用财务顾问(CFP)。客户如果投资超过50万美元,就可以享受专业的财务顾问服务。Vanguard的在于基金的低成本结构,正因为如此,在采取半自动化模式的机器人投顾中,它的综合成本是最低的。

Schwab Intelligent Advisory--Schwab的半自动化智能投顾服务比起Vanguard来说,管理费用更低,对帐户余额的要求也更低。税收亏损收割服务是免费的,最低账户余额为5万美元。作为一个半自动化智能投顾机构,客户能够通过CFPs得到无限次服务。

Personal Capital--在账户中使用个人证券价值20万美元,最大限度增加税收亏损收割。它的标准费率为0.89%,但超过100万美元的账户可享受优惠费率。Personal Capital的平均费用率为0.09%。所有的账户都可以获得一个财务顾问团队的服务,同时也能享受税收亏损收割服务,账户余额在20万美元以上的客户可以享有两名专职顾问通过电话,邮件或视频来进行咨询的服务。

Wells Fargo Intuitive Investor--针对存款2.5万美元的账户或合计余额5万美元的账户,优惠费率为0.40%,投资选项包括BlackRock iShares ETFs和Goldman Sachs的智能beta产品。由于面向市场的时间尚短,Wells Fargo的智能投顾服务还存在一些未知因素。

Fidelity Go--Fidelity的智能投顾服务最独特之处是其总计投资费用的设计,其中包括基金开支,退休投资组合的0.35%费率,以及应税账户0.40%的费率。该服务使用Fidelity指数基金,但应纳税投资组合增加了BlackRock iShares ETFs。

TDAmeritrade Essential Portfolios--TD Ameritrade的智能投顾提供免费的税收亏损收入服务,而且它的费率仅为0.06%-0.08%,处于同行业最低水平。

E*Trade Adaptive Portfolio-- E*Trade的智能投顾为客户提供由共同基金和ETF构成的投资组合,或者完全由ETF构成的投资组合。共同基金和ETF构成的投资组合的基本费率为0.20%-0.45%,而全部由ETF构成的投资组合费率为0.20%。不同于很多其他机构,E*Trade不提供税收亏损收割服务。

有些投资者希望在尽量减少人工干预的前提下将资产投资模式多样化,那么对于他们来说,智能投顾可能就是最好的选择。不过,每一种服务都会同时存在优势和不足,投资者应当在选择智能投顾平台前把这些问题先想清楚。

相关阅读:

国外智能理财:税收损失收割能否带来期望收益

Direct Indexing: 智能理财税收优化再升级

Over the past decade or so, robo-advisors – automated platforms that create and maintain diversified investment portfolios – have taken the financial advisory world by storm. With lower fees than traditional financial advisors, robo-advisors have surged in popularity and are expected to continue to grow over the next few years.

With that in mind, here's a rundown of the major players in the robo-advisory market, as well as a discussion of the features, perks, and costs that come with each.

Features and perks often offered by robo-advisors

As I mentioned, the general idea of a robo-advisor is a service that automatically creates a diversified portfolio for you, and then maintains (rebalances) the portfolio over time. So, it's safe to assume that all of the robo-advisory services discussed here do at least that much.

In addition, there are some other things to look for when selecting a robo-advisory service that may be important to you. Just to name some of the most common:

Tax strategies – If you invest in a taxable account, you are allowed to deduct an investment loss against your capital gains or even your ordinary income, a concept known as tax-loss harvesting. Many robo-advisory services will do this for you, sometimes included for all clients, and sometimes at an additional cost. This can be a major advantage in a taxable investment account.

Hybrid advisory model – In the pure sense of the term, a robo-advisory is an entirely automated process. However, "hybrid" models have emerged which include an automated portfolio management component as well as access to a real-live financial advisor. Some robo-advisories offer dedicated financial advisors for high-balance accounts.

Direct indexing – This means buying individual stocks to create a portfolio instead of funds. A couple of the robo-advisory services do this for accounts with high-balances. This has the effect of saving on fund fees, and also makes it easier to take advantage of tax strategies.

Proprietary or low-cost funds – Some robo-advisors charge lower management fees (or none at all) if they offer their own funds. Others simply use lower-cost index funds than competitors. With a robo-advisory, the management fee is only half of the cost structure. The underlying mutual funds and ETFs have their own fees, known as expense ratios.

List of major robo-advisors

There are many robo-advisory services on the market, and the industry is evolving rapidly. For that reason, this isn't necessarily an exhaustive list. Rather, this is just intended to be a list of some of the largest and most well-known robo-advisors, and a brief discussion of the features of each (see the list of features in the previous section for descriptions). After the list is a table comparing fees and account minimums for each service.

Wealthfront – Wealthfront and Betterment are the two pioneers in the robo-advisory world. Wealthfront manages the first $10,000 of clients' assets for free and charges a 0.25% fee after that. The service offers daily tax-loss harvesting for all taxable accounts and has a direct indexing servicing for balances of $100,000 or more.

Betterment – Betterment offers up to 1 year of free management, and a 0.25% standard fee on an ongoing basis. For customers who want a hybrid model and have at least $100,000 to invest, Betterment Premium is available with a 0.40% management fee that includes phone advisor access.

Wealthsimple – The thing that makes Wealthsimple unique is that it offers socially responsible investment portfolios. The platform offers free tax-loss harvesting, and has a two-tiered fee stricture: 0.5% fee on balances $100k or less and 0.4% on balances above $100k.

WiseBanyan – Calls itself the "world's first free financial advisor," and the basic robo-advisory service doesn't have a fee, although there are still underlying fund expense ratios. WiseBanyan charges 0.25% if customers want tax-loss harvesting, with a cap of a $20 monthly fee.

Schwab Intelligent Portfolios – Schwab offers two variations of its robo-advisory service, and this is the free one. Schwab can afford to do this, as it makes money by investing client assets in its own funds. Tax-loss harvesting is offered on taxable account balances of $50,000 or more.

Vanguard Personal Advisor Services – This is the largest robo-advisory service in the market by far. It is a hybrid model that includes unlimited access to financial advisors (CFPs). Investing over $500,000 gets you a dedicated financial advisor. Vanguard's appeal is the low-cost structure of its funds, and because of this, its all-in cost is among the lowest of hybrid robo-advisors.

Schwab Intelligent Advisory – Schwab's hybrid robo-advisory product offers lower management fees and lower account minimums than Vanguard. Tax-loss harvesting is free with $50k minimum balance. As a hybrid robo-advisory, clients get unlimited appointments with CFPs.

Personal Capital – Uses individual securities in accounts with $200k, which maximizes tax-loss harvesting. Standard fee is 0.89%, but accounts over $1 million get discounted pricing. Average expense ratio is 0.09%. All accounts have access to a team of financial advisors, and get tax-loss harvesting services, and clients with $200k or more get two dedicated advisors to call, email, or video chat.

Wells Fargo Intuitive Investor– Discounted 0.40% fee with $25k in deposits or $50k in combined balances. Investment options include BlackRock iShares ETFs and some smart-beta products by Goldman Sachs. There are still several unknown factors about Wells Fargo's robo-advisory, since it was just recently announced.

Fidelity Go – The most unique aspect of Fidelity's robo-advisory is its all-in investment fee that includes fund expenses – 0.35% for retirement portfolios and 0.40% for taxable accounts. The service uses Fidelity index funds, but taxable portfolios add BlackRock iShares ETFs. Tax-loss harvesting is not offered.

TDAmeritrade Essential Portfolios – TD Ameritrade's robo-advisory service offers free tax-loss harvesting, and its fund expense ratios of 0.06%-0.08% are among the lowest in the business.

E*Trade Adaptive Portfolio – E*Trade's robo-advisory offers clients a choice between a portfolio of mutual funds and ETFs, or a portfolio made up entirely of ETFs. The hybrid mutual fund and ETF portfolio option has underlying fund fees 0.20%-0.45%, while the all-ETF portfolio's fees are 0.20%, in addition to the management fee. Unlike many of the others, E*Trade does not offer tax-loss harvesting strategies.

Robo-advisors can be an excellent choice for investors who want a diversified portfolio that rebalances over time, but don't need or want the services of a human financial advisor. Different services have different benefits and drawbacks that should be taken into account when trying to find the best robo-advisor for you.


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