The Best Robo-Advisors in 7 Categories

Related: 12 Best & Worst Broker-Dealers: Q2 Earnings, 2021

Digital advisor SoFi takes the top spot in The Robo Report's latest edition, followed by SigFig and E-Trade Core. "SoFi's first place finish can be attributed to its top performance grade, access to financial experts and exceptionally low total cost," according to the report. Those are just three of the many criteria the report uses to rate digital advisors. Other measures include customer experience, costs, financial planning, minimums and transparency and conflicts. The report looked at performance for the three years ended June 30. Unfortunately for SoFi, about a week after the report was released the Securities and Exchange Commission fined the firm $300,000 for failing to inform clients that it had transferred their investments in third-party funds to two new ETFs that SoFi had recently launched without providing "full and fair disclosure of its conflicts of interest" and causing $1.43 million in short- and long-term capital gains. SoFi scored in the bottom half of the 20 digital advisors for transparency and conflicts in The Robo Report. Roughly 20,000 SoFi Wealth clients were affected. The firm agreed to update its policies, procedures and disclosure documents and provide all affected clients a copy of the SEC order. SigFig and E-Trade Core placed second and third in The Robo Report ranking. Check out the slideshow above for more on the report's rankings, including the best robo for performance at a low cost and the best robo for first-time investors.