BackendB-2020年第四季度机器人报告（英文）-2021.3-69页_3mb

Robo Report™ Summary - Fourth Quarter 2020

Core Content Overview

The 18th edition of the Robo Report™ and the 6th edition of the Robo Ranking™ provide a comprehensive analysis of robo advisors, covering 92 accounts across 43 providers. The report emphasizes performance, cost, accessibility, and digital tools, offering investors a reliable resource to evaluate robo advisors.

Main Highlights

• SigFig continues to lead as the Best Overall Robo Advisor for the second consecutive time, driven by strong performance, low fees, and access to live advisors.
• SoFi is a close contender, emerging as the Runner-up for Best Overall Robo, and Fidelity Go ranks third.
• Titan Invest and Morgan Stanley themed portfolios top the performance leaderboards, with Titan delivering a strong 15.89% return in Q4 2020 and a total of 44.42% for the year.
• Walmart's partnership with Ribbit Capital signals potential for new client segments and innovative offerings.
• Direct indexing is noted as a promising future trend, especially for integrating Socially Responsible Investing (SRI) into portfolios.
• Fidelity, Bank of America, and Schwab launched new free planning apps, aiming to attract users who may not yet be ready for paid advisory services.

Key Industry Trends

• Consolidation in the financial services and fintech sectors has accelerated, with major acquisitions like Empower acquiring Personal Capital, Schwab acquiring TD Ameritrade, and Morgan Stanley acquiring E*Trade.
• Digital financial planning is becoming more accessible, with platforms like Wealthfront, Personal Capital, and Schwab leading in this category.
• Low-cost, no-minimum options are increasingly popular, especially for first-time and younger investors, with SoFi and Betterment standing out in this regard.
• SRI performance has been robust, with seven out of eight SRI options outperforming standard counterparts over the past two years, and direct indexing being seen as a potential game-changer for SRI integration.

Robo Ranking™ Summary

The Robo Ranking™ evaluates robo advisors across over 45 metrics, including performance, cost, accessibility, and digital tools. It is the only ranking that includes real and reliable performance data from Backend Benchmarking.

Top Performing Robos

Best Robo Advisors by Category

Best Overall Robo Advisor

• Winner: SigFig
• Runner-up: SoFi
• Honorable Mention: Fidelity Go

SigFig leads due to strong performance, low fees, and access to advisors at lower asset levels. It ties with Wells Fargo in performance against the Normalized Benchmark but has a higher Sharpe ratio. SigFig's equity holdings are diversified, with a significant portion in VTI, and its fixed-income allocations provide stability.

Best Robo for Performance at a Low Cost

• Winner: SigFig
• Runner-up: SoFi
• Honorable Mention: Wells Fargo

SigFig and SoFi both outperformed the average robo in the ranking, with SigFig returning 0.23% above the Normalized Benchmark and SoFi offering a management fee of 0.00% and fund fees of 0.04%.

Best Robo for Complex Financial Planning Needs

• Winner: Vanguard Personal Advisor Services
• Runner-up: Personal Capital
• Honorable Mention: Wealthsimple and Ellevest

Vanguard offers a hybrid model with a low management fee and access to live advisors. Personal Capital combines live advice with comprehensive digital planning tools, including retirement planning and SRI options. Ellevest adds career coaching for female investors, while Wealthsimple provides access to live advisors for all clients.

Best Robo for First-Time Investors

• Winner: Betterment
• Runner-up: Wealthsimple
• Honorable Mention: SoFi

Betterment is ideal for first-time investors due to its low fees, no minimum investment, and user-friendly planning tools. Wealthsimple offers free access to financial experts and SRI options, while SoFi provides a holistic approach to personal finance, including debt management and investment planning.

Best Robo for Digital Financial Planning

• Winner: Wealthfront
• Runner-up: Personal Capital
• Honorable Mention: Charles Schwab

Wealthfront excels in digital planning with features like Autopilot, which automates investment decisions, and a unified plan that integrates all financial accounts. Personal Capital and Schwab also offer robust digital planning tools, including the ability to aggregate external accounts and model life events like home purchases and retirement planning.

Conclusion

The Robo Report™ highlights the growing maturity and accessibility of robo advisors, emphasizing performance, cost, and digital innovation. As the industry continues to evolve, the integration of SRI, direct indexing, and hybrid models is expected to play a significant role in shaping the future of digital financial advice. Investors are increasingly drawn to platforms that offer both affordability and comprehensive planning support, making the robo advisory space more competitive and diverse than ever before.