Robo-advisor comparison 2026

A robo-advisor takes care of your entire investment: portfolio selection, buying, selling and rebalancing all happen automatically. The most important difference between providers is the annual fee – over 10 or 20 years, even half a percentage point makes a noticeable difference to your final wealth.

Terms updated daily from the FinanceAds comparison calculator for a €10,000 lump sum and a €100 monthly savings rate. The fee shown is the provider's annual fee; the costs of the ETFs used (TER) come on top. Investments are subject to price fluctuations – losses are possible.

A robo-advisor is a digital wealth manager: you answer a few questions about your investment goal, investment horizon and risk appetite, after which the provider automatically invests your money in a broadly diversified portfolio – usually made up of ETFs. The provider handles buying, selling and regularly restoring the target weighting (rebalancing). You need no stock market knowledge and do not have to choose individual securities yourself.

• Service fee p.a. – the provider's annual fee, calculated on your invested assets. It is the largest cost item you can influence.
• Fund costs (TER) – the costs of the ETFs used (total expense ratio) come on top of the service fee and are deducted directly within the fund.
• Minimum investment – some providers start from just a few euros, others require four-figure lump sums.
• Savings plan – if you want to pay in monthly, look for a low minimum savings rate.
• Investment strategies – the more risk levels to choose from, the more precisely the portfolio can be tailored to you.
• Rebalancing – automatic reallocation keeps the risk constant over the years.

An ETF savings plan in your own securities account (Depot) is the cheaper option: you only pay the ETF's TER, with no service fee. In return, you have to choose the ETFs, the allocation and the rebalancing yourself – and keep your nerve when markets are weak. A robo-advisor usually costs around 0.4 to 1% a year extra, but takes all the decisions off your hands. If you do not want to deal with the subject, you are often better off with a robo-advisor than with a securities account you never pay into.

A robo-advisor that takes investment decisions for you generally operates financial portfolio management. Under section 1(1a) of the German Banking Act (KWG) this activity requires a licence and is supervised by BaFin. The credit institution or investment firm offering the service must hold that licence. You can check BaFin's register to see whether a provider is authorised before you transfer any money.

Before you start, the provider carries out a suitability assessment under section 64 of the Securities Trading Act (WpHG): it asks about your knowledge, investment goals, financial situation and risk appetite and proposes a suitable portfolio. It must also disclose the expected costs and incidental costs to you in advance. Read this cost information, because besides the service fee it includes fund costs and custody charges.

Your securities are held separately from the provider's assets with a custodian bank. If the provider becomes insolvent they still belong to you. Where the compensation scheme applies, the Investor Compensation Act covers 90% of the claim up to a maximum of €20,000, but only if the institution fails and not for price losses.

Fees reduce the return every year, and the effect adds up through compounding. If you invest for the long term, you should therefore look at the total cost: service fee, fund costs (TER) and, where applicable, costs for custody or order execution. A provider's website often shows only part of this; you find the rest in the cost information.

A worked example with explicitly chosen assumptions, not a forecast and not a statement about any specific provider: you invest €10,000 and save €100 a month for 20 years, so you pay in €34,000 in total. Assume the portfolio earns 5% a year before costs. With total costs of 0.5% a year this gives roughly €62,500 after 20 years, and with total costs of 1.2% roughly €56,700. The difference is almost €5,800, caused by costs alone.

Actual performance can differ considerably and can also be negative, because prices fluctuate. The example only shows why it pays to compare fees carefully. You can see the providers' current costs in the table, which come live from the comparison calculator.

Income from funds and ETFs is subject to capital gains tax. The flat-rate withholding tax under section 32d of the Income Tax Act (EStG) is 25% plus solidarity surcharge and, where applicable, church tax. The custodian bank pays the tax directly to the tax office. For equity funds the Investment Tax Act provides a partial exemption of 30%, and 15% for mixed funds. As a result only part of the income is taxable.

With an exemption order (Freistellungsauftrag), investment income stays tax-free up to the saver's allowance, currently €1,000 for individuals and €2,000 for jointly assessed couples. Issue the order directly with the provider or custodian bank and make sure the total of all exemption orders does not exceed the allowance. Accumulating ETFs are also subject to the advance lump sum under the InvStG, which can be debited by the custodian bank in January. Keep some balance on the clearing account for this.

With automatic rebalancing, sales can realise gains and thus trigger tax. Ask the provider how it handles this, for example whether it prefers to use new payments for rebalancing. If you manage larger amounts, discuss the tax treatment with a tax adviser where in doubt.

A robo-advisor suits investors who want to invest for the long term but have no time or inclination to choose securities themselves. An investment horizon of several years is important because prices fluctuate and short-term losses are possible. Money you will need in the foreseeable future does not belong in a securities account but in an instant-access or fixed-term deposit account.

To start, you open an account, verify your identity by video ident or Postident and answer the risk suitability questionnaire. You then choose the investment strategy, the lump sum and the monthly savings amount. Most providers let you adjust or pause the savings amount. Check regularly whether the chosen strategy still fits your situation, for example after changing jobs or having a child.

Before signing, read the cost information, the terms and conditions and the risk notices. Note which custodian bank is involved, how you get your money out and what happens if you change provider. Some providers allow the account to be transferred, while with others securities must be sold, which can trigger tax.