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The Robo Report™ Fourth Quarter 2018

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The Robo Report™ Fourth Quarter 2018 E D I T I O N 1 0 The Robo Report™ Fourth Quarter 2018 e are proud to publish the 10th edition of Te Robo Report™covering the fourth quarter of 2018. Tis report Wis a continuation of an ongoing study that monitors the most well-known robo advisors. We strive to provide a reliable resource for both investors and professionals interested in the digital advice industry. Highlights: ■ Diversifcation helps robos through the fourth quarter downturn. (Performance Commentary, pg. 8) ■ TD Ameritrade runs into tax-loss harvesting hiccup, leaving them heavily allocated to cash. (Trades Commentary, pg. 26) ■ First publication of three-year returns on seven of the most prominent robos. (Taxable Returns, pg. 11) ■ Fidelity Go continues to perform well in the one- and two-year time frame. (Taxable Returns, pg. 11) ■ SEC reaches settlements with two robo advisors in frst actions against robo advisors. (Robo News, pg. 4) Te Executive Summary Te fourth quarter was a tumultuous quarter, SRI and active strategies from E*Trade, a Merrill giving robo advisors plenty of opportunities to Edge SRI strategy, and a portfolio from SRI robo harvest tax losses. With the S&P 500 falling Swell Investing. 13.52% in the quarter, we saw robos making more trades than we ever have before. One portfolio’s We have also made some changes to the Normal- activity was of particular interest. TD Ameritrade’s ized Benchmark this quarter. We have made the SRI portfolio harvested tax losses three times in the benchmark dynamic, meaning the benchmark fourth quarter, and to avoid running afoul of the shifts its weights to match the portfolio’s fxed wash sale rule, their third sale was not replaced with income-to-equity ratio if we detect a strategy shift a similar fund, leaving 35% of the portfolio allo- in the portfolio it is being measured against. Also, cated to cash. Tis trade was done on December we have simulated a 0.30% management fee in the 24th. During the period between December 24th benchmark to represent the costs of a professionally and the end of the year, the S&P returned more managed robo portfolio. than 6%, therefore holding cash created signifcant drag on the portfolio. More details can be found in the Trades section on page 26. Tis portfolio ■ Methodology aside, this quarter saw continued strong returns To get a frst-hand understanding of how the difer- from Fidelity Go, who is emerging as a perform- ent providers operate and invest clients’ money, we ance leader. Te largest news for the quarter was opened, funded, and sought specifc portfolios at surrounding the SEC reaching settlements with various robo advisors. For the taxable accounts, we Wealthfront and Hedgeable. Tis quarter we also sought a moderate allocation of approximately spoke with Wealthsimple in our robo interviews 60% stocks and 40% bonds for an investor in a section. Details of the highlights can be found in high tax bracket. As for the retirement accounts, their respective sections. our goal was to have the most aggressive (highest equity) allocation. Starting with a similar baseline ■ Robo Report Housekeeping allocation across the portfolios allows us to measure In the second half of 2018, we were busy expanding performance and compare how our funds are the number of robos we cover. Tis report has frst invested as equally as possible. For comparability returns data from US Bank and Interactive Brokers, between portfolios that have diferent target alloca- while also adding a TD Ameritrade socially respon- tions, we track the equity-only and fxed income- sible investing (SRI) strategy and active strategies only portions of the portfolios and encourage from Morgan Stanley and TIAA. Next quarter, investors to look at diferences in target allocations we will be initiating coverage on 12 accounts, and compare asset class to asset class when appro- including oferings from BBVA Compass, Fifth priate. Additionally, in the second quarter of 2018, Tird Bank, Citizens Financial, Edelman Financial we introduced Normalized Benchmarking as an Engines, Goldman Sachs’ Honest Dollar, qplum, alternative way to compare robo portfolios with John Hancock, and Prudential. Next quarter’s difering equity allocations. report will also include portfolios that follow 2 Taxable Top Performers ■ 1-Year Trailing Top Performers M T m o Best 2nd 3rd c . t r o p Total Portfolio Fidelity Go Zacks Advantage TIAA e R o b o R Zacks Advantage Acorns Fidelity Go Equity e h T r o f Fixed Income SoFi Wealthfront Vanguard g n i k r a m h c n ■ e 2-Year Trailing Top Performers B d n e k c a Best 2nd 3rd B y b Total Portfolio Fidelity Go SigFig Vanguard d e c u d o r Equity SigFig Fidelity Go Vanguard P Fixed Income Fidelity Go Wealthfront Schwab ■ 3-Year Trailing Top Performers Best 2nd 3rd Total Portfolio SigFig Schwab WiseBanyan Equity SigFig Schwab WiseBanyan Fixed Income Schwab SigFig WiseBanyan *Total Portfolio winners are based on the portfolio's return above/below the Normalized Benchmark. Robo News Catch up on what you missed in the digital advice Americans will be using a robo advisor to assist in industry over the last quarter. Below are highlights their investment decisions by 2025. Regardless of of the biggest news from the past quarter. what shape tomorrow’s robo solutions will take, fnancial advisors are continuing to adopt robo ■ Digital Investing Landscape Evolving advice. In a recent U.K. survey, 75% of advisors believed robo advice solutions can close the advice In 2018, we saw a continued expansion of robo gap, while 49% of respondents said they planned advice products across the country. While banks on implementing some type of digital advice in the and traditional advice providers continued to next 12 months. Meanwhile, banks adopting robo launch digital advice products, new independent advice is a trend we have seen over the past two entrants to the marketplace signifcantly dropped years and we expect to continue. Tis is evident, of, and some smaller independent providers closed. with 87% of private bank and trust companies Although independent robos will still face hurdles, responding in a recent Cerulli survey that digital digital advice as a whole will continue to cement its advice platforms are the best way to engage younger place in the investment advice landscape. According investors. Cerulli data also shows that, as banks ad- to a study commissioned by Charles Schwab, “Te just to the realities of increasing client demands, Rise of Robo: Americans’ Perspectives and Predic- 45% of private banks are considering adding a dig- tions on the use of Digital Advice,” almost 60% of ital advice platform in the next three years. 3 ■ Regulation a digital advice ofering to their frm. Additionally, Empower Retirement, the second largest retirement As robo advice grows rapidly and is achieving wide- plan recordkeeper in the U.S., teamed up with spread adoption, the frst SEC action against Canadian-based robo advisor Wealthsimple and providers occurred at the end of 2018. Te SEC custodian frm Apex Clearing to develop a digital announced in December that it reached a settle- wealth management platform for individual ment agreement with two robo advice providers. consumers. Also, Guideline, a robo advisor Te SEC order stated that Wealthfront claimed to with growing popularity in the 401k space, just be monitoring outside accounts for wash sales completed a $35M Series C round of funding. related to their tax-loss harvesting product when, in fact, they were not. Te SEC announcement While white-label options continue to increase, reported that 31% of accounts enrolled in tax-loss so do the number of banks ofering a digital advice harvesting experienced a wash sale in the more than ofering. HSBC began a pilot program of their three years that Wealthfront made this claim. Other direct-to-consumer robo advisor called Wealth fndings included re-tweeting prohibited client tes- Track. RBC announced the launch of their new timonials and paying bloggers for client referrals robo product, InvestEase, in the Canadian market. without the proper disclosures and documentation. Also, BBVA Compass launched a robo advice prod- uct. Tis quarter also saw Morgan Stanley recruit a Te SEC also reached an agreement with Hedge- Betterment executive to join the team running their able over the self-published performance of their existing digital advice ofering. direct-to-consumer robo advice product, which was discontinued in 2018. While the SEC took their ■ frst actions against robo advice providers, they also Independent Robos removed robo advisors from the published exam Independent robos continue to try and stay ahead priorities in 2019. of the incumbents by increasing features. Tis quar- ter, Wealthfront made their online fnancial plan- ■ Industry Adoption ning tool, Path, available to the public at no charge. In the meantime, Betterment launched a cash man- As interest and adoption grows among banks and agement product that invests in a low-cost, low-risk, advisors, so does activity in B2B robo advice prod- fxed income portfolio. Tis product is being paired ucts. BlackRock, owner of FutureAdvisor, bought with a “two-way sweep tool” that will move money a minority stake in Envestnet, a major provider in and out of a user’s third-party bank account, tak- of technology to advisors. Tis transaction opens ing funds when the algorithm determines there is doors to increase exposure in the advisor commu- spare cash, and returning funds when a low account nity to FutureAdvisor’s technology. On a similar balance is detected. note, technology provider and custodian Folio Financial introduced a robo advice platform for It has been a busy end to a busy year in the robo advisors named Digital Wealth.
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