So much chatter is going around these days in all of my podcasts about those robo advisors. So I decided to open accounts on two of the most known ones. Betterment and Wealthfront. You can read up on bunch of other sites comparing their features and everything. I can’t go into that much detail here. I’m lazy. I’m simply going to compare the numbers periodically and report back here.
Day 1: Both Betterment and Wealthfront have a very easy to use website. I initiated linking my bank account on both. Both Wealthfront and Betterment are waiting on me confirming two tiny deposits.
Day 2: Both Betterment and Wealthfront deposited two tiny amounts to my bank account as promised. I was very quickly able to verify my bank account on both sites. I initiated a transfer of $500 to both and set up recurring auto deposit of $100 per month on the 20th.
Day 7: My initial deposit of $500 was transferred and invested in stocks they seemed appropriate. Looks like Wealthfront made me $2 where as Betterment lost me $1. Of course this doesn’t say much. I’ll check back when my first auto deposit of $100 is transferred.
Day 45: Looks like the markets turned out a bit since last update even despite Brexit 🙂 Let’s see how each of my accounts are doing. So far I’ve only invested $500 initially and another $100 back on June 20th. A total of $600 invested at the exact same time for both accounts. Betterment says I have $606 and Wealthfront says I have $612. Twice as much in earnings. Good job Wealthfront! I will come back and update in 6 months or so.