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Ally Invest Cash-Enhanced Robo Portfolio Review
ConsumersAdvocate.org Rating: 5 / 5 (Excellent)
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Ally Financial offers a variety of banking products and financial solutions for consumers and businesses alike. Based in Detroit, Michigan, Ally is one of the largest online banks in the US. Its products and services include bank accounts, credit cards, auto financing, home mortgages, financial advice, and investment vehicles.
How Do We Rate Ally Invest?
Breakdown
5.0/5
Features
5.0/5
Pricing and fees
5.0/5
Reputation
Our Overall Rating: 5 / 5 (Excellent)
Ally is one of the go-to competitors in the robo-advisor market, especially for those who don't mind that the company is almost wholly focused on digital platforms. Its Cash-Enhanced Robo Portfolios make the best out of their technology by combining it with experienced financial advisors who can fine-tune customer investments as needed. A relatively low account minimum and minimal fee schedule also help make the robo-advisor accessible for those with less money to start investing. Lastly, Ally's two layers of insurance ensure that, in the case of anything but a market crash, customers will not lose the hard-earned money they originally committed to investing. We recommend the company for consumers that want a high level of security with their investments and occasional access to financial advisors at an affordable price.
Ally Invest Account Features
Features - 5 / 5
Ally's robo-advisor account, Cash-Enhanced Robo Portfolio, can be set up in three easy steps. Consumers first create a plan by telling the company's advisors what their financial goals are. Ally's financial advisors then suggest a personalized portfolio of ETFs—and their respective stock to bond ratio—that customers can further adjust to fit their preferred balance of risk and return. Finally, the account's automated monitoring and asset allocation kicks in, making changes to the account as necessary. Ally Cash-Enhanced Robo Portfolio may be opened as Individual, Joint, Traditional RIA, Roth IRA, Rollover, or Custodial accounts and require an initial investment of $100. The portfolios can be used for retirement or general investing.
| Robo-advisor Type | Fully Automated Human Assisted |
| Account Minimum | $100 |
| Goals | Save for Retirement General Investing |
| Types of Assets | Stocks Bonds ETF Portfolios |
| Access to Financial Advisors | Yes |
| Automatic Portfolio Rebalancing | Yes |
| Tax Loss Harvesting | No |
| Direct Indexing | No |
Investment Focus
Ally's Cash-Enhanced Robo Portfolio offers the hands-off approach that many turning to robo-advisors are looking for, but with the perk of being fully integrated with the bank's other financial services.
Their online, managed robo-advisement services offer a range of account types, including individual and joint investment accounts, traditional IRAs, Roth IRAs, rollover accounts and custodial accounts. Like many other robo-advisors, Ally helps craft a goal-based portfolio based on a series of questions. The robo-advisor evaluates thousands of low-cost exchange-traded funds (ETFs,) stocks, bonds and cash to help investors diversify their portfolio. Then, Ally further customizes the portfolio based on risk and return the investor is comfortable with by selecting those stocks that align with those goals.
One of the many account feature perks that investors may enjoy is that Ally customers can view their savings, checking, and investments all in one place across different devices. This integration with other banking tools, plus Ally's built-in goal tracking tools, which make checking on investments easier than ever.
Their online, managed robo-advisement services offer a range of account types, including individual and joint investment accounts, traditional IRAs, Roth IRAs, rollover accounts and custodial accounts. Like many other robo-advisors, Ally helps craft a goal-based portfolio based on a series of questions. The robo-advisor evaluates thousands of low-cost exchange-traded funds (ETFs,) stocks, bonds and cash to help investors diversify their portfolio. Then, Ally further customizes the portfolio based on risk and return the investor is comfortable with by selecting those stocks that align with those goals.
One of the many account feature perks that investors may enjoy is that Ally customers can view their savings, checking, and investments all in one place across different devices. This integration with other banking tools, plus Ally's built-in goal tracking tools, which make checking on investments easier than ever.
Ally Invest Fees & Commission
Pricing and fees - 5 / 5
Ally's Cash-Enhanced Robo Portfolio customers don't have to pay fees for the robo-advisor's features. There is no extra charge for consulting the company's financial advisors. The CFPB shows a substantial number of complaints about the company, although this is not out of the ordinary for large, digital corporations. Finally, security is something Ally has an advantage over competitors in, as it enjoys SIPC membership and is backed by an additional insurance policy purchased by its clearing firm, Apex Clearing, through a group of London Underwriters. This additional insurance policy kicks in once SIPC limits are exhausted, covering securities and cash up to an aggregate of $150 million.
| Billing Frequency | Monthly |
| Commission | None |
| Fees | Annual Account Management |
Financial Advisor Charge(s)
Ally's accounts are human assisted and managed by the company's specialists who help to rebalance investor portfolios regularly to make sure they are on track. While some robo-advisors offer consultations packages with financial advisors at an extra-cost, Ally currently does not offer these services. The company does, however, offer free customer service by phone or chat 7 days a week from 7am to 10pm ET.
Ally Invest Reputation & Customer Service
Reputation - 5 / 5
Ally Financial was founded in 1919 by General Motors (GM) as the General Motors Acceptance Corporation (GMAC). The company has good financial ratings across all three rating agencies we consider: S&P, Moody's, and AM Best. It also has a stellar A+ rating on the BBB, despite mixed reviews. On Trustpilot, the company has a poor 4.0 rating. However, only seven reviews are published on the page—which remains unclaimed.
| Year Founded | 1919 |
| Standard & Poor's Financial Rating | BB+ |
| Moody's Financial Rating | Ba3 |
| AM Best Financial Rating | B++ |
| Consumer Financial Protection Board (CFPB) Complaints | 5,063 |
| SIPC Membership | Yes |
| BBB Rating | A+ |
| Trust Pilot Rating | 4.0 out of 10 |
| Contact Methods | Phone Chat Social Media |
| Mobile App | Yes |
| Date Collected | 2018-11-14 |
Free Customer Support
Ally offers free, customer support through chat or phone 7 days a week from 7am to 10pm ET. Ally's representatives can help day or night when it comes to answering any account questions.
Company Profile
| Full Name | Ally Invest Cash-Enhanced Robo Portfolio |
| Company Website | |
| Headquarters | 500 Woodward Ave Fl 16, Detroit, MI, 48226 |
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