The Best Investment Advisors of 2023

Charles Schwab is our pick for the top investment advisor in 2023 partly due to its stellar customer satisfaction. The company is rated at the top of the JD Power Investor Satisfaction Study by a significant margin and has established a years-long track record of success for its clients.

Its services are numerous as well, making it a potentially strong choice for many different types of investors. The company offers a low-cost and effective robo-advisor, as well as diverse investment choices and strategies ranging across mutual funds, ETFs, stocks and bonds.

The company features enticing options for high net worth individuals, such as the Schwab Wealth Advisory package that starts at a 0.80% fee and with an account minimum of $1 million. The company’s website is also largely transparent about fees and services offered and features straightforward ways to get started.

If you’re new to investing or starting from scratch, Fidelity may be an option to consider. The company has the size and variety of services as many of its competitors but features intuitive services that help make it easy to get started, along with a website packed with helpful information.

Fidelity also offers the Fidelity Starter Pack, a ready-made method to getting started in investing that includes the creation of both an investment account and an everyday spending account. The company is transparent about services and pricing, which compare favorably with the industry.

Fidelity also scored an above-industry-average ranking in the J.D. Power Investor Satisfaction Survey, but still trailed Charles Schwab.

Many investment firms and portfolio managers offer low and competitive pricing on various services, and Vanguard is no different. One area where the company truly stands out is on mutual funds.

According to Vanguard’s website, its average mutual fund expense ratio is 82% below the industry average. But the lower costs don’t correlate to lower returns, with 100% of Vanguard funds outperforming peer averages.

Vanguard also offers a robo-advisor at a low cost (though not at an industry low) for those looking for an automated option.

But despite the lower prices and variety of services offered, Vanguard does trail in customer satisfaction. It came in below the industry average in the J.D. Power Investor Satisfaction Study, trailing both Charles Schwab and Fidelity.

Robo-advisors have grown in popularity in recent years, giving consumers a new and effective way to take part in investing.

Wealthfront stands out in part due to its history of sizeable returns on its clients’ investments. According to the company’s website, portfolios with the most commonly selected risk score grew by 6.64% since 2011.

As far as automated options, Wealthfront allows for a solid amount of customization to help users settle on the appropriate amount of risk and size of investment before letting the service go to work and start investing those assets in places that make sense.

It can be an effective option for those looking to grow their investments in a more hands-off approach than opting for a traditional portfolio management company. But, as with other robo-advisors, it’s important to remember that Wealthfront naturally may offer services less specifically catered to your needs than working with an advisor through a major investment firm.

With a companywide AUM in the trillions, BlackRock is the largest option available to consumers looking for investment advisors. While the company may be more well known for its work with corporations and companies, it does offer strong individual services through its investment management arm that can be appealing to high net worth individuals.

The company offers a wide range of investment options at varying levels, ranging from cash funds to real estate investments. Its diversity of services allows it to meet the needs of many different clients depending on what they are looking for, whether that’s full-on asset management or making more focused investments.

BlackRock also offers an automated investment option through Aladdin, its robo-advisor. The cost of BlackRock’s portfolio management and investment options can vary significantly depending on the service, along with the account minimum.

The company’s website is also not as readily transparent and easy to navigate for prices and options as their competitors are. But BlackRock’s financial backing and size can provide attractive security to those looking to work with a large company.