Robo advisors in Australia

Traditional financial advice can be very expensive, with an average annual cost of around $4,300.¹

This puts it out of the reach of most people, which is where robo-advice comes in.

Robo-advisors are a kind of digital financial adviser that use modern technology to offer low-cost investment management services and help invest your money for you.

Find a robo-advisor

You can use the table below to compare the top Australian robo-advisors on things like fees, available products and minimum investment amounts.

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Updated regularly

Fees	Minimum investment	Investment product	Number of portfolios
Spaceship Voyager	$3 a month (on accounts over $100)	$0	Stocks, Cash, ETFs	5	Invest in Australian shares, global shares and cash markets.	More info Compare product selection Compare	loading
InvestSMART Robo Advice	From $55 /year	$5,000	ETFs	8	More info Compare product selection Compare	loading
OpenInvest	From $7 per month	$20,000	Stocks, bonds, cash, ETFs	12	More info Compare product selection Compare	loading
Bloom Impact	$4.50/Month	$500	Shares, ETFs	1	More info Compare product selection Compare	loading
Raiz Invest	From $2.50 /month	$5	ETFs	8	Invest in Australian and international stocks, fixed income/bonds and cash.	More info Compare product selection Compare	loading
Stockspot	From $1 /month	$1,000	ETFs	7	More info Compare product selection Compare	loading
QuietGrowth Most Loved	From 0.6% /year	$3000	ETFs	5	More info Compare product selection Compare	loading

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What is robo-advice exactly?

A robo-advisor is an online platform or app that provides the same services as a traditional financial adviser. Using a mix of algorithms and analysis from experts working behind the scenes, these digital advisers create financial plans for customers and automatically manage their investments.

The investment portfolio you receive is based on your financial goals, investment time frame and appetite for risk. Once your money is invested, the robo-advisor manages your portfolio and re-balances it whenever necessary to ensure it remains in line with your risk tolerance levels.

Why use a robo-advisor?

At about one-tenth of the cost, robo-advisors are much cheaper than having a traditional financial adviser actively manage your investments. This makes financial advice accessible to all Australians.

The other advantage of using a robo-advisor instead of making decisions yourself is that it removes emotion from investing, which can often lead you to make the wrong decisions.

For the 80% of the population who either cannot afford or are unwilling to pay the fees to receive traditional financial advice, robo-advisors offer a convenient and affordable alternative.

The top robo-advisors in Australia

Spaceship Voyager

Spaceship Voyager is an investment app that provides 5 different diversified portfolios that offer a range of conservative, balanced and high growth strategies:

• Spaceship Index (High growth)
• Spaceship Universe (High growth)
• Spaceship Origin (High growth)
• Spaceship Galaxy (Balanced)
• Spaceship Explorer (Conservative)

You won't be charged a fee if you have a balance below $100, but will pay a $3 monthly fee above that. You'll also be charged a yearly management fee of 0.15-0.50% depending on which portfolio you invest in.

Stockspot

Stockspot manages thousands of clients, having launched in 2013 as one of thee first robo-advice services in Australia. It offers 7 different investment portfolios that range from conservative to aggressive growth, as well as sustainable options:

• Amethyst (Conservative)
• Sapphire (Moderately conservative)
• Turquoise (Balanced)
• Emerald (Growth)
• Topaz (Aggressive growth)
• Topaz Income (Aggressive growth)
• Topaz Inflation (Aggressive growth)

Stockspot uses a tiered pricing model which vary based on the size of your account balance.

The Silver plan (accounts under $20,000) charges $1/month.

Accounts over $20,000 (Gold, Platinum and Diamond) are charged a percentage fee ranging from 0.396-0.66% depending on the size of your balance.

There are no additional brokerage or administration fees across all account tiers. Clients with balances of $20,000 or more also gain access to "themes", which allow them to add extra ETFs including Bitcoin and Ethereum options at no additional cost.

InvestSMART

Although its robo-advice service was launched in July 2015, InvestSMART has been offering investment advice to Australians since 1999.

When you sign up with InvestSMART, you're asked to provide some details about your investing plan and financial situation and are then given an investment portfolio that matches your goal.

There are 5 investment portfolios available, ranging from conservative to high growth (along with an ethical growth portfolio), as well as 5 single asset class ETFs (exchange-traded funds) including cash, equities and property.

You'll pay a 0.55% p.a. fee for balances up to $100,000, or a capped $550 yearly fee for balances over $100,000.

InvestSMART was named the most loved robo-advisor in Australia in the 2024 Finder Customer Satisfaction Awards.

QuietGrowth

Launched in August 2015, QuietGrowth is an automated online investment management provider.

With a minimum account balance of $3,000, QuietGrowth can manage investments in individual, joint, SMSF and trust accounts. Like other robo-advisors, QuietGrowth will ask you to answer some questions about your investing goals before assigning you a portfolio.

Fees range from 0.36-0.6% p.a. depending on the size of your portfolio, with accounts under $10,000 charged 0.6% p.a..

Raiz Invest

Launched in January 2016 under the name Acorns Australia before rebranding to Raiz Invest, Raiz is the local arm of a US parent company that now has more than 1 million customers.

It offers something a little different to most other robo-advisors by allowing you to link your bank accounts and credit cards to your Raiz account and then investing the spare change from your daily purchases.

You can set aside a recurring investment amount daily, monthly or weekly, or even invest a lump sum with the help of the Raiz app.

Your money can be invested in a choice of 6 diversified portfolios based on your risk tolerance (from conservative to aggressive), or a dedicated property or Bitcoin portfolio.

Fees from $5.50 per month (for accounts under $20,000) or 0.275% p.a. (for accounts over $20,000).

You can also open a Raiz Plus Portfolio, which lets you personalise the investments in your portfolio. Plus Portfolios are charged $6.50 per month (for accounts under $25,000) or 0.275% p.a. (for accounts over $25,000).

Raiz's Plus Portfolios won the Investment Innovation award in the 2024 Finder Innovation Awards.

Finder survey: What do Australians from different states use to invest in the stock market?

What are the downsides of robo-advisors?

Robo-advice for the most part can help investors, especially those who are starting out. But like all things, it comes with some limitations:

• Robo-advisors lack the flexibility that other services can provide. You can't buy individual shares for example through robo-advice.
• They aren't personalised.
• Most robo-advisors are pretty limited with the services they offer. They can't help you with tax or estate planning.

Frequently asked questions

• Is a robo-advisor a good investment?

  A robo-advisor could be a good option for an inexperienced investor looking to potentially benefit from data-driven financial planning without having to pay for a financial planner.

• What is the best robo-advisor in Australia?

  According to the 2024 Finder Customer Satisfaction Awards, InvestSMART, Stockspot and QuietGrowth were the most loved robo-advisors according to Australian customers.

• How much does a robo-advisor charge?

  Most robo-advisors charge a monthly fee of $2-$5, or an annual percentage fee of around 0.5-1%.

• What is the average return on a robo-advisor?

  This will really depend on the type of robo-advice you receive and what your money is invested in.

Written by

Kylie Purcell

Investments Analyst

Kylie Purcell is an experienced investments analyst and finance journalist with over a decade of expertise in a wide range of financial products, including online trading platforms, robo-advisors, stocks, ETFs and cryptocurrencies. She is a sought-after commentator and regularly shares her insights on the AFR, Yahoo Finance, The Motley Fool, SBS and News.com.au. Kylie hosts the Investment Finder video series and actively contributes to the investment community as a judge and panellist. She holds a Master of Arts in International Journalism, a Graduate Diploma in Economics, and ASIC-recognised certifications in securities and managed investments. See full bio

Kylie's expertise

Kylie has written 208 Finder guides across topics including:

• Investment strategies
• Financial platforms
• Stockbrokers
• Robo advisors
• Exchange traded funds (ETFs)
• Ethical investing
• ASX stocks
• Stock and forex markets