Skip to main content

The Largest Robo-Advisors by AUM (2024)

Updated on Apr 28, 2024
Fact checked

Robo-advisors have experienced a rapid expansion over the last decade as investors looked for low-cost automated wealth management services. The industry includes several startups, which have become competitors for large wealth management firms, pushing several banks to integrate this service into their offerings.

Robo-advisors can be compared based on several key metrics, such as fees, services, and the number of users. However, Assets Under Management (AUM) is a valuable indicator to assess the success and reputation of a Robo-advisor.

Here’s the list of the top global Robo-advisors by Assets Under Management (AUM):

Largest Robo-Advisors by AUM 2024

Robo-Advisor AUM Date Reported Reference
Vanguard Digital Advisor $228.2B Oct-2023 Vanguard Digital Advisor AUM
Empower (former Personal Capital) $116.2B Sep-2023 Empower AUM
Schwab Intelligent Portfolios $66.1B Sep-2023 Schwab Intelligent Portfolios AUM
Betterment $36.6B Sep-2023 Betterment AUM
Questwealth Portfolios $30.0B Sep-2023 Questwealth Portfolios AUM
Wealthfront $25.3B Jul-2023 Wealthfront AUM
Wealthsimple $23.4B Jun-2023 Wealthsimple AUM
M1 Finance $7.0B Aug-2023 M1 Finance AUM
Acorns $6.3B Mar-2023 Acorns AUM
Nutmeg £4.5B
(~$5.49B)*
Sep-2023 Nutmeg AUM
Moneyfarm £3.5B
(~$4.3B)*
Sep-2023 Moneyfarm AUM
Zacks Advantage $2.9B May-2023 Zacks Advantage AUM
SigFig $2.1B Aug-2023 SigFig AUM
Ellevest $1.6B Mar-2023 Ellevest AUM

* Based on the spot exchange rate against the GBP stated on September 30th, 2023 (Bank of England Database)

The Robo-advisory market

Robo-advisors are part of the financial technology (fintech) that is reshaping the wealth management industry. Although it is relatively new, this innovative solution has grown remarkably over the years.

According to Statista, the Robo-advisory market is expected to reach $2.76 trillion in AUM at the end of 2023. Moreover, AUM is expected to grow at 13.99% on a yearly basis, reaching $4.66 trillion in 2027.

Vanguard Digital Advisor is the largest Robo-advisor with an AUM of over $228 billion, followed by Empower, formerly known as Personal Capital, at $116.2 billion and Schwab Intelligent Portfolios at $66.1 billion. This high AUM can be attributed to those firms’ reputation in the wealth management and advisory industry over several decades.

On the other hand, Betterment, launched in 2008 and the first Robo-advisor in the US, manages over $36.6 billion of assets.

What are Assets Under Management (AUM)?

In general, AUM refers to the market value of assets managed by a company on behalf of its clients. It is a key performance indicator that measures a firm’s success in attracting customers and increasing its market share.

For Robo-advisors, this metric is essential to determine their revenues. Most platforms charge a fee as a percentage of assets under management (AUM), also known as a “management fee.” Generally, this percentage ranges from 0.25% to 1.00%.

Vanguard Digital Advisor

  • AUM: 228.2B USD
  • Number of clients: 792K+
  • Reporting date: October 2023

Vanguard offers two Robo-advisory services for investors looking for low-cost automatically managed portfolios.Vanguard Digital Advisor with a minimum investment requirement of $3,000 and Vanguard Personal Advisor which is dedicated to High Net Worth Investors (HNWI) with a minimum investment of $50,000.

But how popular have Vanguard wealth management services become, and how much does it hold as assets under management? Let’s take a closer look.

As of October 2023, more than 792,000 clients were onboard and Vanguard’s AUM reached an impressive level 228.2 billion USD. These numbers reflect the trust and confidence that investors have placed in Vanguard, and the success of the company’s commitment to providing advanced wealth management services.

Empower (former Personal Capital Advisors)

  • AUM: 116.2B USD
  • Number of clients: 236K+ investment accounts, 18M+ total customers
  • Reporting date: September 2023

Empower is a popular robo-advisor for high-net-worth individuals, offering advanced personal finance management tools for free and a comprehensive wealth management service that includes access to financial advisors. Wondering what’s the size of the assets managed and number of clients using Empower? Here’s the short answer.

As of September 2023, the assets under management of Empower were at 116.2 billion USD with over 236,000 investment accounts. However, Empower serves more than 18 million customers across all its services with over 82,000 retirement plans under administration. 

Empower has a minimum investment requirement of $100,000, and they charge an annual fee of 0.89% of assets under management (AUM). The fee decreases as the assets grow, and additional services such as estate and tax professional access become available. Although the minimum to start investing may seem relatively high, Empower also offers the Empower Personal Cash product. This program provides the opportunity to earn a higher interest rate on cash, similar to a traditional Checking or Savings account, without any minimum balance requirement.

Schwab Intelligent Portfolios

  • AUM: 66.1B USD
  • Number of clients: 495.3K+
  • Reporting date: September 2023

Schwab Intelligent Portfolio is a Robo-advisory service offered by Charles Schwab. The platform offers both a free, automated portfolio management option and a premium option that includes personal financial guidance from certified financial planners (CFPs).

So, how successful has Schwab been in serving its clients’ investment needs?

As of September 2023, Schwab Intelligent Portfolios assets under management reached 66.08 billion USD, and its client base grew to over 495,000 investors.

Schwab Intelligent Portfolios’ basic plan is free and requires a minimum investment of $5,000 to get started with portfolios constructed using various ETFs while those looking for additional support, the premium option provides unlimited access to CFPs for a one-time planning fee of $300 and a $30 per month as advisory fee after that.

Betterment

  • AUM: 36.6B USD+
  • Number of clients: 1M+
  • Reporting date: September 2023

Established in 2008, Betterment is a pioneering Robo-advisor that provides automated portfolio management services. It uses a combination of Modern Portfolio Theory (MPT) and proprietary algorithms to tailor portfolios to investor’s goals, risk tolerance, and time horizon.

So, how many clients have trusted Betterment with their funds and how much does it manage?

As of April 2023, Betterment reported an AUM of +36.6 billion USD and 1,028,431 clients.

Betterment is suitable for all types of investors. For those who want a low-cost solution, there’s Betterment Digital, with a management fee of just 0.25% of AUM, and the option to access financial advisors for an additional fee. Alternatively, for those looking for a premium experience, there’s Betterment Premium which provides unlimited access to certified financial planners, along with tailored financial planning and portfolio management for an annual fee of 0.40% and a minimum balance of $100,000.

Questwealth Portfolios

  • AUM: 30.0B USD
  • Number of clients: Not disclosed
  • Reporting date: September 2023

Questwealth Portfolios is a robo-advisor service offered by Questrade Wealth Management. It was launched in 2018 and has quickly become a popular investment option in Canada due to its low fees, ease of use, and excellent customer service.The platform is available in both English and French, making it convenient for a wide range of Canadian investors.

As of September 2023, Questwealth AUM reached 30.0 billion USD, but the number of clients is not disclosed. With a focus on transparent pricing and pre-built portfolios that offer a range of risk profiles, including options for socially responsible investing, Questwealth makes it easy for investors to find the right portfolio for their unique goals and risk tolerance. 

Questwealth charges a yearly fee of 0.25% on the first $100,000 and 0.20% on investments over $100,000. In addition to automated portfolio management, Questwealth clients can also access human financial advisors for guidance and support. 

Wealthfront

  • AUM: 25.3B USD
  • Number of clients: 469.2K+
  • Reporting date: July 2023

Wealthfront is a well-known US-based robo-advisor that has been providing personalized investment portfolios to its clients since 2008. To start investing with Wealthfront, a minimum deposit of $500 is required and portfolios are constructed using exchange-traded funds (ETFs). The annual fee for portfolio management is 0.25% of AUM.

It’s no surprise that Wealthfront is one of the best options for investors looking for more than just automatically managed portfolios, but how many customers does Wealthfront have and how much does it have as assets under management?

As of July 2023, Wealthfront’s AUM reached 25.3 billion USD and served over 469,000 clients. The platform offers a wealth of financial products and tools, including a cash management option, a portfolio line of credit, and the free Path tool for personalized financial planning targeting specific goals such as buying a house, early retirement, or saving for college. .

Wealthsimple

  • AUM: 23.4B USD
  • Number of clients: 2.2M+
  • Reporting date: June 2023

Wealthsimple is a fintech company founded in 2014 that offers wealth management solutions that are accessible to all Canadian investors, with a minimum balance requirement of $0. But, what is the AUM of Wealthsimple and the number of clients?

As of June 2023, Wealthsimple AUM reached 23.4 billion USD and over 2.2 million clients were using the platform. The platform offers three solutions: Wealthsimple Invest, a Robo-advisory service that offers automatically managed portfolios and access to financial advisors; Wealthsimple Cash, a debit card that provides a cash back reward of 1% on daily purchases; and Wealthsimple Trade, a commission-free stock and ETF trading application.

Investors can choose from a wide range of investment options, including socially responsible portfolios and halal portfolios. The platform also offers Wealthsimple Generations, a special program for high-net-worth clients with over $500,000 that provides additional benefits and a lower fee structure.

M1 Finance

  • AUM: 7.0B USD
  • Number of clients: 500K+
  • Reporting date: August 2023

M1 Finance is a popular fintech company that provides commission-free investing portfolios and a range of financial services like investing, borrowing, and banking. So how many clients are taking advantage of these services, and how much assets are being managed through the platform?

As of August 2023, the total AUM of M1 Finance was 7.0 billion USD, additionally, it had over 500,000 M1 Finance clients. The platform offers clients the ability to create a personalized portfolio based on their financial goals and preferences, or choose from a variety of pre-built portfolios. The portfolios are presented in the form of pies, with clear allocation for each investment.

The basic app is free,however those seeking additional benefits can subscribe to M1 Finance Plus which includes additional features such as high cash yields, cash back on purchases, and access to a credit line.

Acorns

  • AUM: 6.3B USD
  • Number of clients: 5.7M+
  • Reporting date: March 2023

Acorns is a US-based Robo-advisory firm established in 2014, offering a comprehensive suite of personal finance services, including investment, checking, and retirement accounts all accessible through their mobile app. As of March 2023, Acorns’ assets under management totaled 6.3 billion USD with over 5.7 million clients

With its Robo-advisory service, clients can receive personalized portfolios that are aligned with their long-term financial goals and risk tolerance. One of the unique features of Acorns is its rounding-up investment option, where clients can invest their spare change from purchases. The company operates on a subscription-based model, with fees ranging from $1 to $5 per month, depending on the services chosen. There is no minimum deposit requirement to open an account and users can begin investing with just $5.

Nutmeg

  • AUM: 4.5B GBP (~$5.49B)
  • Number of clients: 200K+
  • Reporting date: September 2023

Founded in 2011, Nutmeg is the largest robo-advisor in the UK offering automatically managed portfolios tailored to an individual’s profile after replying to a simple questionnaire. But what is the size of Nutmeg’s assets and the number of clients?

As of September 2023, Nutmeg’s assets under management were reported at 4.5 billion GBP with over 200,000 clients.

Nutmeg’s portfolios are created based on four investment styles, each with a different level of risk which include Fixed Allocation portfolios, Fully Managed portfolios, Socially Responsible portfolios, and Smart Alpha portfolios. The platform allows investment with as little as £100 for a Lifetime ISA, or £500 for General and ISA products. The fees range from 0.25% to 0.75% per year, depending on the chosen investment style.

Moneyfarm

  • AUM: 3.5B GBP (~$4.3B)
  • Number of clients: 125K+
  • Reporting date: September 2023

Moneyfarm is a UK-based Robo-advisor that was founded in 2012 and has since grown to have over 125,000 active investors, as of September 2023. Furthermore, Moneyfarm AUM reached over £3.5 billion. Moneyfarm offers seven personalized investment portfolios that cater to different risk profiles, including socially responsible ETFs. Their portfolios can either be actively managed, with moneyfarm experts monitoring and rebalancing the portfolio based on market developments, or invested through fixed allocation portfolios, which are rebalanced automatically once per year.

Moneyfarm has a tiered fee structure that ranges from 0.25% to 0.75% per year. They also have investment consultants available to discuss market events and answer any questions you may have about your portfolio and performance.

Zacks Advantage

  • AUM: 2.9B USD
  • Number of clients: Not disclosed
  • Reporting date: May 2023

Zacks Advantage is a Robo-advisor owned by Zacks Investment Management, one of the largest investment research firms in the US. Assets under management of Zacks Advantage were estimated at over 2.9 billion USD as of May 2023, but the number of clients is not disclosed by the company. 

The platform is designed to provide investors with the benefits of a Robo-advisor, including low fees and advanced research technology, combined with an active management approach. The portfolios created for each client are customized based on their investment goals, risk tolerance, and other factors, and are regularly monitored to ensure they meet performance goals. Additionally, tax-loss harvesting is offered on accounts valued over $50,000. 

SigFig

  • AUM: 2.1B USD
  • Number of clients: 64.9K+
  • Reporting date: August 2023

SigFig is a portfolio management and Robo-advisory firm founded in 2012 and partners with TD Ameritrade, Charles Schwab, and Fidelity Investments to offer its services to their clients. According to the company’s August 2023 filing, SigFig’s assets under management were 2.1 billion USD, and it serves over 64,000 clients

SigFig’s account aggregation and portfolio analysis features provide investors with a comprehensive view of their investment portfolio, enabling them to make informed decisions about their investments. The firm also provides access to financial advisors to all clients, and provides a free portfolio tracker to anyone who links their investment accounts to SigFig.

Ellevest

  • AUM: 1.6B USD
  • Number of clients: 146.5K+
  • Reporting date: March 2023

Are you curious about the number of clients and assets under management of Ellevest? According to Ellevest’s Adv filing of March 2023, it had over 146,000 clients and Ellevest’s AUM was 1.6 billion USD. Now, let’s dive into what Ellevest has to offer.

Ellevest is a digital wealth management company targeting women that offers a range of services, including robo-advisory, banking, coaching, and learning. The company’s robo-advisory service creates personalized investment portfolios for clients and offers financial guidance.

Ellevest’s fees are accessible with three membership plans, starting at $1 per month for the Essential plan, $5 per month for the Plus plan, and $9 per month for the Executive plan. The portfolios are built using ETFs that focus on impact investing, prioritizing companies with strong sustainability and ethical standards and those that support women-owned businesses and those in need.

Conclusion

Robo-advisors offer investors a wide range of services and are a convenient wealth management option. Although each company provides its distinct services at varying prices, Robo-advisors’ primary goal is to provide automated investment portfolios at a low cost to investors who may not be able to invest with traditional wealth management firms.

AUM changes over time due to market fluctuations or clients’ withdrawals and is usually updated quarterly. A higher AUM does not imply that the platform has better services or performance than others; alternatively, a lower AUM does not necessarily indicate a less trustworthy Robo-advisor.

We encourage investors to check the company’s financial statements and website and do their due diligence about the services and opportunities before opening an account with any Robo-advisor.

Share this article
On this page
Share this article
About the author
Toni Nasr, CFA, FRM
Fintech Analyst

Toni is a Fintech Analyst with over 8 years of experience in the financial industry where he worked as a financial control analyst at a regional bank and later conducted independent investment research analysis.

Don't miss these