Vanguard vs Schwab vs Merrill vs E*TRADE Robo-Advisors
Compare four established brokerage robo-advisors by annual cost and account minimums. See portfolio management, tax tools, human help and provider conflicts.
Research by Smart Digital Investing ResearchEditorial responsibility: KrisadaUpdated 2026-10-09
The Short Answer
Vanguard publishes the lowest percentage-based advisory cost in this group. Schwab charges no advisory fee but requires at least $5,000 and keeps part of every portfolio in cash. E*TRADE offers the lowest starting minimum at $500 with a 0.30% fee. Merrill charges 0.45% and makes the strongest case for investors who already value its wider banking and brokerage relationship.
Vanguard Wins the Percentage Fee Comparison
Vanguard says its all-index Digital Advisor option costs about $15 to $16 a year for each $10,000 invested. Its published gross advisory fee is 0.20%, reduced by revenue Vanguard or an affiliate keeps from the portfolio.
That puts the approximate net advisory cost below E*TRADE's 0.30% and Merrill's 0.45%. The estimate does not include fund expense ratios.
Schwab Replaces the Advisory Fee With a Cash Tradeoff
Schwab Intelligent Portfolios charges no advisory fee or program commission. It still has costs. Investors pay the expenses inside the exchange-traded funds, and every portfolio includes cash held at Schwab Bank.
Schwab earns income from that cash. The cost to the investor depends on how much cash the portfolio holds and what that money could earn elsewhere, so a zero-dollar advisory fee does not produce a zero-cost comparison.
E*TRADE Starts Smaller Than Merrill or Schwab
E*TRADE Core Portfolios begins at $500 and charges 0.30% annually. Merrill Guided Investing requires $1,000 for growth-focused strategies and charges 0.45%. Schwab requires $5,000.
The lower minimum gives E*TRADE the cleanest entry point in this four-provider comparison. Vanguard still starts lower at $100.
Annual Advisory Cost at Four Account Balances
Published annual program-fee estimates reviewed October 9, 2026
Provider
$1,000
$10,000
$25,000
$100,000
Vanguard Digital Advisor
About $1.50 to $1.60
About $15 to $16
About $37.50 to $40
About $150 to $160
Schwab Intelligent Portfolios
Below minimum
$0
$0
$0
Merrill Guided Investing
$4.50
$45
$112.50
$450
E*TRADE Core Portfolios
$3
$30
$75
$300
The table compares direct program fees. It does not include fund expenses, taxes or promotions. Schwab's cash tradeoff is also separate. Merrill's $1,000 minimum applies to growth-focused strategies.
The Best Choice Depends on What the Account Must Do
Choose Vanguard when low percentage cost and an index-focused automated service are the priorities.
Choose Schwab when the $5,000 minimum works and the cash allocation fits the investment plan.
Choose E*TRADE when a $500 minimum and brokerage-based ETF automation matter more than the lowest rate.
Choose Merrill when the wider Merrill and Bank of America relationship is worth the higher program fee.
At a Glance
Platform Comparison
Published terms as of 2026-10-09
PlatformBest forMinimumPublished fee
Vanguard Digital AdvisorLow-cost index-focused automation$100Approximately $15 to $16 annually per $10,000 invested
Schwab Intelligent PortfoliosNo-advisory-fee automation at $5,000 and above$5,000No advisory fee; underlying ETF expenses apply
Merrill Guided InvestingGoal-based management inside a Merrill relationship$1,000 for growth-focused strategies; $50,000 for income-focused strategies0.45% annual program fee without an advisor
E*TRADE Core PortfoliosETF automation with a $500 starting minimum$500 to begin; $450 maintenance minimum0.30% annual advisory fee; underlying fund expenses are separate
Our Standard
What We Compared
Published annual program fee
Minimum required to begin
Portfolio construction and rebalancing
Cash allocation and underlying fund costs
Tax-loss harvesting access
Human support and wider account relationship
Detailed Assessment
01
Vanguard Digital Advisor
Best for: Low-cost index-focused automation
A disciplined automated option for investors who value a low published cost and Vanguard's index-investing approach.
Minimum
$100
Fees
Approximately $15 to $16 annually per $10,000 invested
Account access
Eligible taxable and retirement accounts
Strengths
Low published annual advisory cost
Automated fund and ETF portfolio management
Retirement and goal-planning tools
Considerations
This is a digital service without a dedicated human advisor
Underlying fund expenses remain part of the investor's total cost
Best for: Goal-based management inside a Merrill relationship
A professionally managed option for investors who value Merrill's goal-based portfolios and connection to the wider Bank of America relationship more than the lowest advisory fee.
Minimum
$1,000 for growth-focused strategies; $50,000 for income-focused strategies
Fees
0.45% annual program fee without an advisor
Account access
Eligible taxable and retirement accounts
Strengths
Portfolio strategies developed by Merrill's Chief Investment Office
Automatic monitoring and rebalancing
Lower minimum for growth-focused strategies than Schwab Intelligent Portfolios
Considerations
The 0.45% program fee is higher than the standard fees in this comparison
Income-focused strategies carry a $50,000 minimum
The separate Guided Investing with Advisor program costs 0.85% annually
Best for: ETF automation with a $500 starting minimum
A practical middle-ground option for investors who want a low starting minimum, ETF portfolios, and support from an established brokerage without paying for an assigned advisor.
Minimum
$500 to begin; $450 maintenance minimum
Fees
0.30% annual advisory fee; underlying fund expenses are separate
Account access
Most eligible retail brokerage and retirement accounts with a U.S. address
Strengths
$500 initial investment minimum
Daily monitoring with automatic rebalancing when the portfolio drifts
Tax-loss harvesting is available for eligible taxable accounts
Considerations
The 0.30% advisory fee is higher than Vanguard and Wealthfront
No individual financial advisor or portfolio manager is assigned
Fund expenses are charged in addition to the advisory fee