Robo-advisors in Europe can be worth their fee if you want someone to choose your investments and keep the portfolio on track. For investors comfortable selecting funds and maintaining their own allocation, a low-cost ETF savings plan is usually the cheaper way to do the job.
Start with what that help costs in euros. A 0.75% management charge takes €75 a year from an unchanged €10,000 balance, before additional fund costs or other applicable charges. At €100,000, it takes €750. The same service can feel inexpensive when you start and deserve a closer look a few years later.
Quick answer: who should use a robo-advisor?
Managed investing suits people who want ongoing help with the portfolio itself. If all you need is an ETF purchase on payday, a broker’s savings plan can handle that. The distinction matters: scheduling a purchase leaves the investment choices with you.
| Service | Market context | Published annual management charge | What still needs checking |
|---|---|---|---|
| Scalable Wealth | Germany and Austria | 0.75% on the first €100,000 per portfolio | Product costs; higher-balance fee tiers |
| Finax Global Investing | European service with local markets including Slovakia, Poland and Croatia | 1% + VAT up to €100,000 | ETF costs, residence eligibility and discounts |
| Moneyfarm Gestione Patrimoniale | Italian service compared here | 0.75% + VAT on the first €100,000 | Monthly platform charge, fund costs and spread costs |
| Indexa Capital fund portfolios | Spain-based service accepting residents of specified countries | 0.38% at €10,000, including VAT | Custody and underlying fund costs |
| quirion | German-market service | 0.48%, including VAT, for the basic managed service | Product costs and any additional service package |
| Revolut Robo-Advisor | Available to eligible EEA customers | 0.75%, including applicable VAT in its core-portfolio cost disclosure | ETF costs and possible currency conversion |
Checked on 27 September 2026 for this 2027 guide. These are management charges, not comparable all-in prices. Promotional discounts are excluded. Eligibility and the fee applicable to your chosen portfolio must be confirmed before opening an account.
How we compared them: published fees, investment service, market availability and practical account limitations. We have not tested personal accounts with all six providers. Official sources are linked alongside the relevant figures.
What a robo-advisor actually manages
Opening an account starts with questions about your finances, experience, goals and ability to cope with losses. Those answers help the provider assess suitability and propose an allocation. Under a discretionary management agreement, you then give the manager permission to make investment decisions within an agreed mandate, without approving every trade yourself.
The portfolio can contain equity funds, bond funds and cash, with the mix determined by the strategy. Some services use ETFs; others use conventional index funds. Those choices affect dealing, transfer arrangements and taxation.
Behind the software, investment teams can choose funds, build the models and change the strategy. Moneyfarm describes investment-committee involvement in its portfolios, for example. The amount of human input differs between services. Moneyfarm’s service description
Under EU rules, using an automated system does not reduce the investment firm’s responsibility for the suitability assessment. The questionnaire therefore deserves accurate answers, including when you might need the money and how much loss you could absorb. EU rules on suitability, Article 54
Rebalancing, with a simple example
Suppose a €10,000 portfolio begins with €6,000 in equity funds and €4,000 in bond funds. Equities then rise to €7,200 while the bond allocation stays at €4,000. Equities now account for approximately 64.3% of the €11,200 portfolio.
Restoring a 60/40 allocation would mean moving €480 from equities into bonds, ignoring costs and taxes. Alternatively, new contributions could help correct the drift without selling.
A manager can apply its rebalancing policy automatically, but providers use different thresholds and schedules. Rebalancing controls the allocation; it does not promise a higher return or prevent losses.
Six robo-advisor services: the differences that matter
Scalable Wealth: distinguish it from the broker account
Scalable’s account-opening guidance identifies Wealth as available to German and Austrian clients. Access to Scalable Broker in another country does not establish eligibility for Wealth. Scalable account requirements
Wealth charges its management fee progressively: 0.75% on the first €100,000 in a portfolio, 0.69% on the portion above €100,000 up to €500,000, and 0.49% above that. Product costs are additional. The lower tier does not reprice the entire balance, and separate portfolios are assessed separately. Scalable Wealth fee tiers
An existing broker customer should therefore compare the proposed Wealth portfolio with what they already hold. The extra fee buys management; routine ETF purchases are a different service.
Finax: separate the standard portfolio from pension products
Finax’s Global Investing tariff lists 1% plus VAT up to €100,000, with lower published rates for larger balances. Its standard-fee explanation gives 1.23% including VAT: €123 a year on a constant €10,000 balance, before underlying ETF costs. Discounts can reduce the amount charged. Finax price list, Finax fee explanation
Finax has clients across European markets, including Slovakia, Poland and Croatia. Check whether its standard investment service accepts your residence and provides the reporting you need. Existing international clients do not prove that every product is available everywhere. Finax client-market information
Keep its European Pension, or PEPP, separate when comparing prices. That is a pension product with its own fees and withdrawal framework, so it is not an interchangeable alternative to an ordinary investment account.
Moneyfarm: include the fixed charge
For its Italian Gestione Patrimoniale service, Moneyfarm publishes a 0.75% annual management charge on the first €100,000 and a €1.49 monthly platform charge, both excluding 22% VAT. Fund expenses and spread costs sit on top. Moneyfarm’s Italian service and fees
On a constant €10,000 balance, the calculation is:
- Management: €10,000 × 0.75% × 1.22 = €91.50.
- Platform: €1.49 × 12 × 1.22 = about €21.81.
- Combined: about €113.31 a year, before fund expenses, spread costs and investment taxes. Actual billing can differ slightly through rounding.
The fixed charge matters more on a small balance. These figures concern the Italian service; Moneyfarm’s UK pricing belongs in a separate comparison.
Indexa Capital: index funds change the comparison
Indexa’s fund-portfolio management tariff is 0.52% below €2,000, 0.40% from €2,000 to below €10,000, and 0.38% from €10,000 to below €100,000. These management rates include VAT. Custody and fund costs are separate. Indexa management fees, Indexa cost components
Its accepted-country guidance includes EU countries except Cyprus and Malta, alongside specified non-EU countries. Additional onboarding restrictions still apply. Indexa residence guidance
For a Spanish tax resident, the use of qualifying investment funds can be particularly relevant to tax deferral on transfers. For a resident elsewhere, that Spanish treatment should not be assumed. The tax distinction is explained below.
quirion: compare the package you would actually buy
quirion publishes a basic annual management fee of 0.48%, including VAT, plus product costs. Its own example uses average ETF costs of 0.17% across Global Portfolio strategy variants, producing 0.65% combined. That average is not a fixed quote for every portfolio. quirion’s fee explanation
For a German-market comparison, that makes the basic package a useful reference point. Check the quote for the strategy and support package you would actually buy. Extra access to an adviser has value only if it covers the help you need.
Revolut: the Robo-Advisor is a separate service
Revolut’s Robo-Advisor manages an ETF portfolio for you. Its core-portfolio cost disclosure quotes 0.75% annually and explicitly states that applicable VAT is included. On an unchanged €10,000 balance, that is €75 a year in management charges. Underlying ETF expenses are additional, and converting money into or out of the portfolio currency can create a separate cost. Revolut’s Robo-Advisor cost disclosure
Use the personalised cost statement supplied during onboarding to confirm the terms of your account. Do not add another 21% to the management rate quoted in that core-portfolio document.
The service launched for EEA customers, but your account must be eligible. Having the payments app does not guarantee access to every investment feature. Revolut’s EEA service announcement
How much does a robo-advisor cost in euros?
To estimate the annual bill, start with this formula:
Average portfolio value × effective annual percentage charges + annual fixed charges + additional transaction and currency costs.
Use the effective rate after any balance tiers and weight fund expenses by their share of the portfolio. Count each charge once: dealing costs already covered by management should not be added again.
Include VAT wherever it applies. Then assess investment taxes separately: they depend on the account, instruments and your tax position.
Fund expenses are generally reflected in the fund’s value rather than appearing as a separate platform debit. They still reduce the return you receive. If a provider quotes an all-in number, check what it includes before adding those costs again.
The additional cost of delegation
The following table isolates an extra annual charge compared with your DIY alternative. It is a decision aid, not a tariff for the six providers.
| Average portfolio value | Additional 0.30% a year | Additional 0.60% a year | Additional 1.00% a year |
|---|---|---|---|
| €1,000 | €3 | €6 | €10 |
| €10,000 | €30 | €60 | €100 |
| €50,000 | €150 | €300 | €500 |
| €100,000 | €300 | €600 | €1,000 |
Illustrative constant percentage differences; actual tariffs can change with balance and package. No returns, contributions or taxes are assumed.
Read across the row closest to your balance and put that euro amount next to the work the manager will take off your hands. Include support you will use, rather than every feature listed on the website.
Compare equivalent portfolios
Imagine a managed portfolio costing 0.80% annually in total and a DIY equivalent costing 0.20%, with no other fees. On an unchanged €20,000 balance, that is €160 versus €40: a €120 annual difference.
This example assumes the same underlying exposure. Comparing a cautious stock-and-bond portfolio against a 100% equity ETF would mix differences in service cost with differences in investment risk.
The service can earn its place by saving you work and helping you follow a suitable plan. A claim that it will reliably recover the fee through superior investment returns needs much stronger evidence.
Robo-advisor vs ETF savings plan: which work are you delegating?
| Decision or task | Managed robo portfolio | DIY ETF savings plan |
|---|---|---|
| Choose the asset allocation | Manager proposes it within its service | You decide |
| Select and replace funds | Manager, within the mandate | You decide |
| Invest recurring contributions | Automated under the service | Automated if your broker supports it |
| Maintain the target allocation | Manager applies its policy | You manage it, or choose a fund that handles allocation internally |
| Respond to a change in your goals | You update the provider; portfolio suitability is reassessed | You review your strategy |
| Tax administration | Check the actual local service | Check the actual broker service |
If you already know which fund you want to buy with your next €150 contribution, a savings plan handles the routine. If you are still unsure how much to put into shares or bonds, the choice of allocation needs attention before the payment schedule.
Finorum’s investing apps comparison covers the tools for recurring purchases. The €1,000 ETF portfolio guide explains how a simple portfolio can work without adding unnecessary funds.
What this looks like at different stages of investing
A beginner investing €75 a month
For someone setting aside €75 a month, an unexpected bill can undo several months of saving. Money needed for that purpose belongs in an accessible reserve before it goes into a long-term market portfolio.
Once there is money available for long-term investment, compare the minimum contribution and fixed charges. For illustration, €18 in annual fixed fees consumes 3% of a €600 average balance before percentage fees. Small fixed costs matter early on.
A salaried investor with €10,000 and €250 monthly contributions
At this stage, the investor has a meaningful starting balance and regular contributions. An extra annual cost of 0.60 percentage points would be €60 on a constant €10,000 balance. With €250 added at the start of each month and no market movement, the first-year cost difference would be roughly €70, using an average balance of €11,625.
If fund selection and allocation have kept them from starting, a suitable managed portfolio can solve a practical problem. If they already have a clear plan, automated purchases may cover the task they need.
An experienced professional with €100,000
An experienced investor with a demanding job might happily pay someone else to maintain the portfolio. The useful question is how much work the service removes and whether its support extends beyond that single account.
Employer shares, pension funds and a separate ETF account can create concentrations that are easy to miss when each account is viewed in isolation. Give the manager that information and ask how it affects the proposed allocation.
Someone planning to move between EU countries
A Spanish resident expecting to move to Germany should check ongoing account eligibility, tax reporting and transfer arrangements before choosing a provider. A product’s Spanish tax advantages do not automatically follow the investor abroad.
Keep acquisition records and transaction histories. Also obtain a written answer on whether you can retain the account after the move, continue contributing and transfer holdings without selling them.
Country-specific tax issues worth checking first
Spain: qualifying fund transfers can defer tax
For individuals taxed under Spain’s common IRPF rules, a qualifying fund transfer, or traspaso, can defer tax on the gain. It must follow the prescribed process: withdrawing the proceeds into your bank account and reinvesting them yourself does not qualify on that basis.
The regime covers qualifying Spanish funds and qualifying EU funds registered for marketing with the CNMV; ETFs are excluded. This can make fund-based rebalancing useful for a Spanish resident, although the deferred gain remains relevant when the investment is eventually cashed out. Separate regional tax rules need their own check. CNMV’s guide to fund taxation
This feature is not exclusive to robo-advisors. A self-directed investor using qualifying funds and transfers can also benefit. Compare equivalent account structures before crediting the manager with the entire advantage.
Germany: holding an accumulating fund does not settle the tax question
German investors can face the Vorabpauschale, an advance lump-sum calculation under investment-fund tax rules, even without selling fund units. Its calculation has statutory limits and depends on the applicable annual inputs. This guide does not assume a future 2027 base rate. Investment Tax Act, section 18
For private investors, qualifying equity funds generally benefit from a 30% partial exemption, or Teilfreistellung; qualifying mixed funds receive half that exemption. The treatment follows the fund classification. A mixed portfolio containing separate equity and bond funds does not automatically give every holding the same exemption. Investment Tax Act, section 20
Ask whether the provider handles German tax withholding and supplies the documents you need. This can save considerably more administrative work than the automatic purchases themselves.
Cross-border accounts: establish who files what
Before funding an account abroad, confirm whether the provider withholds local tax, supplies a report for your country, or simply gives you transaction records. These are different levels of service.
Also check how dividends, sales, losses and foreign accounts must be reported where you are tax resident. Avoid treating the phrase “tax-efficient” as a promise that a strategy will suit every EU country.
The risks that automation leaves with you
A managed portfolio can lose money. Diversification reduces exposure to individual holdings, but widespread market falls can affect many holdings together. Bond funds also carry risks, including interest-rate and credit risk.
Automation also leaves you able to stop contributions or sell during a downturn. Before paying for ongoing support, find out whether you can actually speak to someone when markets fall. And keep your profile up to date: a house purchase or a change in income can make an otherwise reasonable allocation unsuitable for the money concerned.
The protection arrangements address a different risk. Asset segregation and investor compensation concern custody and a firm’s ability to return client assets. Compensation schemes do not reimburse ordinary market losses. European Commission: investor compensation schemes
Finally, allow time for withdrawals. The manager may have to sell investments, wait for settlement and transfer the cash to your bank. That sequence is another reason to keep emergency money outside a long-term portfolio.
A practical decision framework
A robo-advisor is a reasonable choice if you want to delegate fund selection and portfolio maintenance, understand the proposed allocation and consider the annual euro cost fair for the help provided.
DIY is a better fit if you already have a suitable plan, can stick to it and need a broker to execute it at low cost.
If your situation includes several tax residences, business assets, inheritance planning or a complex withdrawal strategy, establish whether either service covers that work. Portfolio management alone might be too narrow.
Before committing, complete this five-line comparison for each shortlisted service:
| Check | Write down your answer |
|---|---|
| Eligibility | The legal entity and account available to my tax residence |
| Portfolio | Equity/bond allocation, funds and material currency exposure |
| Price | Total expected first-year cost in euros, with VAT and fund costs included |
| Administration | Who handles tax withholding, reporting and portfolio reviews |
| Exit | Cash withdrawal timing, in-specie transfer availability and charges |
Get any missing answers before funding the account. By then, you should be able to explain both the portfolio you are buying and the service you are paying for.
FAQ
Can I pause contributions without closing the portfolio?
Check the terms for your service. Pausing a standing order does not itself liquidate investments, and management charges can continue on the assets already held. Distinguish stopping new payments from ending the management agreement.
Can I transfer my existing ETFs into a robo-advisor?
Do not assume that you can. The manager might accept only cash, require particular holdings or sell positions that do not fit its model. Ask whether any transfer promotion requires liquidation first, since a sale can have tax consequences.
Does paying for a premium app subscription cover robo management?
Only if the tariff explicitly says so. Revolut, for example, states that its published Robo-Advisor management rate applies regardless of the customer’s plan. Budget for the investment service separately unless your contract provides a specific exemption. Revolut’s fee terms
Should I divide my investments between two robo-advisors?
Compare the combined holdings and fees first. Two services can buy similar funds, while splitting the balance can prevent access to a lower fee tier. Using two providers does not automatically diversify the investments underneath them.
How should I assess a provider’s published performance?
Establish whether the figures represent actual client accounts, model portfolios or a backtest. Then compare the same dates, currency and risk allocation, with the same treatment of fees. A portfolio holding more equities can look better during a rising market simply because it took more equity risk.
Does “personalised portfolio” mean a unique set of funds?
It can mean that you are assigned a suitable model from a predefined range. Ask what is individually assessed and what can be adjusted. A model can be appropriate without being bespoke, but the service should make that distinction clear.
Disclaimer: The information provided on Finorum is for educational and informational purposes only and does not constitute personalised financial, investment or tax advice. Investing involves risk, including the potential loss of capital. Always conduct your own research and, where needed, consult a qualified financial or tax adviser before making investment decisions. Tax treatment depends on individual circumstances and applicable rules, which can change over time.
Iva Buće is a Master of Economics specializing in digital marketing and logistics. She combines analytical thinking with creativity to make financial and investment topics accessible to a broader audience. At Finorum, she focuses on translating complex economic concepts into clear, practical insights for everyday readers and investors.
Sources & References
Investment guides & beginner resources
EU regulations & taxation
- Cnmv.es — CNMV’s guide to fund taxation
- European Commission / Taxation & Customs — European Commission: investor compensation schemes
- EU rules on suitability, Article 54
- Gesetze-im-internet.de — Investment Tax Act, section 18
- Investment Tax Act, section 20
Broker comparisons & investing platforms
- Cdn.revolut.com — Revolut’s Robo-Advisor cost disclosure
- Help.revolut.com — Revolut’s fee terms
- Revolut.com — Revolut’s EEA service announcement
- Scalable Capital — Scalable account requirements
- Scalable Wealth fee tiers
