The list > Financial Engines
Summary: Financial Engines is a roboadvisor geared secifically as a retirement tool purchased by employers as a benefit for employees. This service is targeted to sell a roboadvisory layer over the usual 401 (k) employer retirement account. Financial Engines gives you a personalized plan based on your goals to help you make the most of what you have and help you feel more confident in doing so.
Offering: Financial Engines allows covered employees the ability to have Professional Management services or Online Advice services. Professional Management is a program that allows Financial Engines to create, implement, and monitor a personalized retirement plan. Online Advice is a more Do-It-Yourself approach that gives the investor tools to forecast what their investments might be worth at retirement. This allows the investor to consider different options that they feel is right for them.
Fee: Varies by employer. Professional Management fees are 0.75% of average annual assets or less while Online Advice fees range from $39.95 per quarter to $300 per year.
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There are many roboadvisors to choose from; each with distinct characteristics and a wide variety of services offered. We break down the similarities and differences between these firms here at The List.