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An online brokerage is generally a place to choose and trade investments yourself; a robo-advisor is an automated advisory service that uses information about you to build and manage a portfolio. The better fit depends on how much control and ongoing management you want, what each account actually provides, and its total cost—not simply whether trades are commission-free.
Brokerage or advisory account: what is the difference?
A broker typically accepts and carries out orders to buy and sell securities. In a self-directed brokerage account, you choose the investments and decide when to trade. A brokerage firm may also offer advisory services, so the word “brokerage” alone does not tell you every service or capacity involved. Investor.gov explains the broker role and related costs, while FINRA describes factors to consider when choosing an account type.
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A robo-adviser is a digital investment advisory program. It commonly asks about your goals, time horizon, finances, and risk tolerance, then uses your answers to recommend or manage a portfolio. The service may monitor or rebalance investments, but its actual scope depends on the provider and account agreement. Its recommendation is also limited by the information it asks for and receives, so check whether and how you can update your answers. Investor.gov defines robo-advisers; its robo-adviser bulletin discusses how services can vary.
Who makes the decisions and manages the account?
In a self-directed brokerage account, you select investments and place or authorize trades. That can suit someone who wants to make decisions and monitor the portfolio personally, but it also means the investor is responsible for those choices. Do not assume every brokerage account is self-directed: ask whether the account is brokerage, advisory, or offered in both capacities.
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A robo-adviser automates some investment decisions according to its process and the information you provide. Before enrolling, find out how portfolios are selected, whether the service rebalances or monitors them, what discretion it has to trade, and what the agreement says it will do. Preset portfolios, customization, and the ability to contact a person differ by provider and service tier.
How much does a robo-advisor cost—and what should you compare?
There is no single market-wide price that can responsibly be called typical for either service type. Brokerage costs may include transaction charges and other account or investment expenses. An advisory charge may recur even in months when you do not trade. Fund expenses, cash or service costs, minimums, transfer or closure charges, and potential tax consequences can also affect the overall cost. Review the firm’s Form CRS, relevant Form ADV materials, account agreement, and fee schedule; the SEC’s fee and expense guidance explains why costs matter.
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In 2023, the SEC Office of Investor Education and Advocacy used $3, $5, and $10 per month as examples of subscription-based advisory fees a robo-adviser might charge a smaller account, and 0.25%, 1%, and 2% annually as examples of asset-based fee rates. These are illustrative examples, not current quotes or claims about what providers generally charge. A monthly charge can take a substantial share of a small balance: convert any quoted fee into dollars for your balance and check exactly which services it covers. See the SEC’s subscription-based advisory fee alert.
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Which service fits your circumstances?
Rather than deciding on the label, compare the actual account and service against your needs:
- Decision-making: Do you want to select investments and direct trades, or delegate portfolio choices within an automated process?
- Ongoing management: Do you want monitoring or rebalancing? Confirm what the provider promises, rather than assuming it is included.
- Human access: Would you want to speak with a person? Check when support is available and whether access depends on the service tier.
- Investment menu and customization: Check which investments or portfolios are available and whether you can tailor them.
- Personal circumstances: Consider your goals, debts and assets, risk tolerance, time horizon, liquidity needs, investment experience, and capacity to monitor decisions.
- Total projected cost: Include recurring advice or subscription charges, trading and account costs, fund expenses, cash or service charges, minimums, transfer or closure costs, and possible tax consequences.
- Account terms: Identify the account type, provider capacity, conflicts, and conditions in the disclosures and agreement.
These factors help you evaluate an account recommendation; they are not a substitute for individualized financial advice. FINRA’s account-choice guidance also emphasizes circumstances, trading frequency, fees and expenses, and desired service level.
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How to check a provider and understand its role
In the United States, brokers generally must register with the SEC and become FINRA members. U.S. robo-advisers must comply with securities laws applicable to SEC- or state-registered investment advisers. Use the relevant regulator tools to check the firm and professional, then confirm which capacity applies to your account. Registration is not a guarantee of performance or protection from investment losses.
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- Read the provider’s Form CRS and relevant Form ADV materials, along with the account agreement and current fee schedule.
- Use Investor.gov to check firms and professionals. For investment advisers, consult the SEC’s Investment Adviser Public Disclosure (IAPD) database; for brokers, check the appropriate broker and FINRA records.
- Ask whether the firm or professional is acting as a broker, investment adviser, or in both capacities for the specific service, and review the related terms and conflicts.
The standards and services applicable to a recommendation depend on the capacity involved. An SEC staff bulletin dated March 30, 2022, states: “Both Reg BI and the IA fiduciary standard require your account recommendations to be in the retail investor’s best interest and require you not to place your or your firm’s interests ahead of the retail investor’s interest.” Read the SEC staff bulletin on standards of conduct for its discussion of account recommendations.
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SIPC protection described by Investor.gov concerns specified brokerage-firm failures or missing securities; it does not protect against market declines. Check Investor.gov’s broker information for the scope of that protection.
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