Artificial Intelligence has revolutionized every sector, and finance is no different. AI investing apps offer powerful features that help investors make better decisions, automate trading and optimize their portfolios.
In this article, we will explore the 10 best AI investing apps, giving you a detailed overview, including pros and cons for each app.
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What is an AI Investing App?
An AI investing app is a software application that uses Artificial Intelligence (AI) to make informed investment decisions and manage portfolios.
The apps leverage big data, advanced algorithms, and machine learning to provide personalized investment advice, automate trading, reduce human error, and optimize portfolio performance.
9 Best AI Investing Apps For Smart Financial Decisions
| App | Pros | Cons |
| Wealthfont | Automated portfolio management, low fees, financial planning tools | Limited human interaction, requires minimum investment |
| Betterment | User friendly interface, tax efficient investing, low account minimum | Higher fees for premium plans, limited investment options. |
| SigFig | Free portfolio tracking, low management fees, human advisors available | Limited investment types, high minimum for managed accounts |
| M1 Finance | Customizable portfolios, no management fees, fractional shares | Limited financial planning tools, no tax loss harvesting |
| Ellevest | Focused on women, comprehensive services, impact investing | Higher fees, limited customiation |
| SoFi Invest | Diverse investment options, no management fees, additional investment services | Limited customer support, lacks tax loss harnessing |
| Acorns | Easy to use, educational content, low fees | Limited investment choices, small account balance |
| Stash | Fractional shares, educational tools, banking services | Monthly fees, limited investment advice |
| T. Rowe Price | Comprehensive planning, diverse investment options, trusted brand | Complex interface, higher fees |
1. Wealthfront
Wealthfront is a renowned robo advisor that uses AI to deliver customized investment strategies. It is suitable for beginners and experienced investors.
The AI app for investment is available on both the Apple and Google Play Store and it has a friendly interface that makes it easy to use. If you opt for the premium plans you have to pay more.
Key Features:
- Automated Portfolio Management: Wealthfront takes charge of portfolio management by automatically rebalancing investments and conducting tax loss harvesting to enhance returns.
- Financial Planning Tools: comprehensive tools assist users in setting financial goals and planning for future financial needs.
- Low Fees: Wealthfront’s competitive fee structure makes it a cost effective alternative to traditional financial advisors. One of its major problems is that you need a minimum of $500 investment to start using the AI investing app.
2. Betterment
Betterment is an AI investing app that aims to make investment accessible and seamless. The platform uses AI powered systems to automatically create and manage investment portfolios for users based on their risk tolerance. Timeline, and investment goal.
Betterment also provides users with tax efficient investment strategies that reduce risk exposure and allow them maximize return. The AI investing app is suitable for long term financial goals because its AI features are geared towards that.
The App is available on Android and IOS and you can download and start using AI automated investing.
Key Features:
- User Friendly Interface: Designed for ease of use, making it accessible to a wide range of users.
- Tax Efficient Investing: features like tax loss investing and smart rebalancing help maximize returns.
- Low Account Minimum: No Minimum balance requirement, making it accessible to all investors.
3. SigFig
SigFig uses AI to manage your investment portfolio and give your personalized investment guidance. They have licensed financial advisors on the platform. Using SigFig your investment plan will be tailored to your needs, risk tolerance, and timeline. The AI investment app is designed to help keep you on course for a secure future.
You get a comprehensive overview and health of your existing portfolio from the dashboard. They use the report to create a winning investment strategy on your behalf. They connect with over 50 brokerages including Schwab, Fidelity, and others.
Security is top of their priority and the financial information of customers is protected and encrypted. The app is also available on the Google and Apple Store.
Key Features:
- Free Portfolio Tracking: SigFig allows users to monitor their investment without any cost.
- Low Management Fees: Charges only 0.25% annually from managed accounts.
- Human Advisors Available: Access to human financial experts for personalized advice.
4. M1 Finance
M1 Finance is an automated investment app that allows users trade stocks, ETFs, and it keeps you in charge of how you invest. There is no Robo advisor like we have on other investment apps listed below.
Every decision lies in the user’s hands on the app but where Artificial intelligence plays a role on the app is in automation. The app is suitable for medium to long term investors and the interface makes it easy to navigate.
It is easy to design your portfolio on the app by creating a group of pies on the app. They also give you a high interest rate on any cash deposited on the app that isnt invested.
Key Features:
- Customizable Portfolios: Users can quickly create portfolios to match their specific investment preferences.
- No Management Fees: M1 Finance does not charge management fees, making it a cost effective option.
- Fractional Shares: Using the app you can invest in expensive shares through fractional shares. Most AI apps for investment lack that feature.
5. Ellevest
Ellevest is an AI investment app that is built for women investors. There is a unique algorithm and initial questionnaire that focus on gender specific issues of career breaks, gender salary gap, and more.
The account minimum on the app is $0. Women can quickly set up automated investments without putting much work on the app. There are two portfolio options on the app which are Ellevest core and Ellevest impact. You can’t invest in individual stocks on the app and the options you get are based on your answer during the setup phase.
You get to see your proposed portfolio before account funding but there aren’t many changes you can make after creating the portfolio. I think you can only change your risk tolerance level.
Key Features:
- Focused on Women: The investment strategies of the app are tailored to meet the financial needs of women.
- Comprehensive Services: You get career coaching and retirement planning on the app.
- Impact Investing: You get the Opportunity to invest in socially responsible funds.
6.SoFi Invest
SoFi Invest is one of the most versatile AI Investing apps on the list. It is suitable for beginner investors, and you can use it to invest in cryptocurrencies, ETFs, Active trading, and retirement savings.
If you want the automated services there is an option to choose that in the app. You also have to select either taxable investment account or tax advantaged individual retirement account (IRA). They will ask you a few questions to weigh your risk tolerance and its standard practice for automated investment.
What they charge is around $12 per year and it’s at the same level with the competition like Betterment and Wealthfront. There are a lot of other features on the app and you need to check it out on your Android or IOS device.
Key Features:
- Diverse Investment Options: Offers stocks, ETF, and cryptocurrency
- No Management Fees: No fees for automated investing
- Additional Financial Services: Includes Access to loans, insurance and banking services.
7. Acorns
Acorns is one of the best AI Investing Apps for Beginners. It has a good user interface and many educational resources for new users. However, their flat fee is expensive compared to what other platforms like Ellevest charge.
The app is suitable for beginners, but not for beginners looking to start their investment journey cheap. They offer different services like investing in ETFs on your behalf and based on your risk tolerance. You can start with dollar cost averaging or invest as low as $5 if you want.
Using the app, you can start an IRA account for retirement, and they also have Acorn Earn where you purchase items from retailers like Walmart and get some cashback.
Key Features:
- Micro Investing: Automatically invest cashback from everyday shopping
- Educational Content: Provides lots of materials to help beginner investors
- Low Fees: Affordable pricing plans
8. Stash
Stash is another app that aims to make investment easy for beginners. They offer a zero account minimum and you can start investing with as low as $5. Stash charge between $3 to $9 per month depending on the services and type of account you have.
They offer DIY and automated investing as an investor you can choose how involved you want to be with decision making. The app is used by beginner investors and it is available for both Android and IOS. You can buy fractional shares or ETFs but the problem with the app is that it is only suitable for beginners.
Key Features:
- Fractional Shares: Enables investing in expensive stocks with small amounts
- Educational Tools: Extensive library of educational tools to help user make better decisions
- Banking Services: provides additional tools for banking and budgeting
9. T.Rowe Price
T.Rowe Price app is recommended for long term investors who need support in managing portfolio and investment advice. You can use the AI investing app to plan for retirement, and college.
They focus strongly on IRA but they offer other traditional brokerage options. Investors can also use the app for day trading but they offer less features when compared to other dedicated trading apps. The app has a clean user interface that is easy to understand and navigate.
They offer ETFs, Stocks, Mutual Funds, Fixed Income, and listed options for investors to choose from. What they charge for account maintenance is on the high side when compared to other AI investment apps.
Key Features:
- Comprehensive Planning: Excellent tool for planning retirement
- Diverse Investment Options: Wide Range of investment options available on the app
- Trusted Brand: They are established and reputable in the industry
Choosing the Right AI Investing App
Of all the AI investment apps mentioned above, choosing the right one depends on you. There are some factors you need to consider like your investment goals, level of experience, and features you need. Here are some important considerations to help you make the best choice:
1. Identify your Investment Goals
Determine what you want to achieve with your investments. Are you trying to build wealth over the long term, or saving for retirement? Or achieve specific financial goals? Different apps offer different objectives, so it’s best you pick an app that caters for your investment goals.
For example, the T.Rowe Price app will be more suitable for anyone who is trying to save for retirement. The app is focused on IRA which is favorable for anyone who is investing for retirement.
2. Assess Your Risk Tolerance
Consider your risk tolerance and investment horizon. Some apps offer more conservative portfolios while others provide more aggressive options. Ensure the app aligns with your risk tolerance level before you start investing with the AI app.
3. Evaluate Fees and Costs
Compare fees associated with each app. Some apps charge management fees, while others might have additional costs for premium features. Make sure the fees are reasonable for your budget.
4. Look for User-Friendly Interfaces
The ease of use is very important, especially if you are new to investing. Choose an app with an intuitive and user friendly interface to make managing your investments easier. If you go with a complicated interface navigation will be difficult and you might find it difficult to move your investments.
5. Check for Additional Resources
Some apps offer additional features such as tax-loss harvesting, financial planning tools, and access to human advisors. Evaluate these features and see if they add value to your investment strategy.
6. Read Reviews and Testimonials
Look for reviews and testimonials from other users that have used the app. If they have communities try to join and see what users have to say about the app. Check how they respond to customers online. This will give you an insight to the apps reliability, customer service and overall performance.
Benefits of Using AI Investing Apps
1. Efficiency: Automation makes the investment process easy, reducing the time and effort required to manage portfolios.
2. Accuracy: AI Algorithms can analyze a lot of data with precision leading to more informed and accurate investment decisions.
3. Accessibility: User friendly interfaces and educational resources make investing accessible to individuals with little or no experience.
4. Cost Savings: lower entry and management fees, and reduced need for human advisor can lead to significant cost savings
5. Personalization: AI allows for highly personalized investment strategies tailored to individual goals and preferences.
Problems of AI Investing Apps
1. Security Concerns: As with any digital platform, there are potential security risks associated with data breaches or cyber attacks.
2. Limited Human Interactions: While automation is beneficial some users may prefer the personalized advice and reassurance of a human advisor.
3. Over-Reliance on Algorithms: Dependence on AI Algorithms may pose risks if the models are not adequately designed or if market conditions change rapidly.
Read also: 10 Best AI Marketing Tools for Explosive Growth
Conclusion
In conclusion, AI investing apps have transformed the way individuals approach investment, offering a range of powerful tools that cater to both novice and seasoned investors.
By leveraging advanced algorithms, these apps provide personalized investment strategies, automate portfolio management, and offer a level of efficiency that was once only available to professional financial advisors. However, while these apps offer many advantages, it’s essential to carefully consider factors such as fees, user experience, and additional features before choosing the right app for your needs.
Whether you’re looking to automate your investments, access expert advice, or explore new financial opportunities, the right AI investing app can be a valuable addition to your financial toolkit. As the technology continues to evolve, these apps are likely to become even more sophisticated, offering investors even greater opportunities to optimize their portfolios and achieve their financial goals.
