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United Income – Robo Advisor for Retirees | Review 2021

United Income

6.6

Fees & Costs

5.0/10

Minimum Investment

6.0/10

Ease of use

8.0/10

Account Opening

5.0/10

Beginners

9.0/10

Pros

  • Great holistic approach
  • Diversification across 10 asset classes
  • Smart Beta
  • Tax loss harvesting

Cons

  • High fees
  • Sign up is complicated
Disclosure: Please note that this article may contain affiliate links

If you’re looking for a robo-advisor that uses a combination of technology and human advice, check out United Income.

You’ll get personalized plans that work for you and aren’t based on anyone else’s financial goals.

United Income relies heavily on global diversification, which according to United Income, outperforms domestic focused portfolios and is more responsive.

If you’re retiring or are retired and are looking for a robo-advisor that caters to people in your age group, United Income may have what you need.

I review what they offer in detail below.

What is United Income?

Let’s start with where United Income is different than your traditional robo-advisor. When you invest with brokerages like Sofi Invest or TD Ameritrade, they try to mimic the market – they aren’t in it to beat it. That’s where United Income differs – they are in it to outperform the market.

Beyond that, United Income caters to retirees. Most robo-advisors cater to the younger investors looking to save for retirement, so it’s a completely different demographic they entertain.

United Income focuses not only on keeping your retirement accounts intact, giving the funds you need throughout retirement, but they also provide advice on regular retirement income and insurance (Social Security and Medicare). Advisors will help you navigate the required minimum distribution questions and even help you make financial decisions moving forward, such as ‘should you downsize or stay put?’

United Income has two plans, each with a different account minimum and offers:

Premium Plan offers:

  • A personalized financial plan
  • Advice on collecting Social Security
  • Personalized portfolio advice and allocation
  • Technical support
  • Yearly meetings (on the phone) with your investment manager

Private Wealth Plan offers:

  • Everything the Premium Plan offers
  • More advanced investment advice
  • Unlimited meetings with your wealth manager
  • Analyses for refinancing, downsizing, tax optimization, Roth conversion, and estate planning
Premium
Private Wealth
Account Minimum
$10,000
The management fee is between 0.45% and 0.80%. This depends on the add-ons that are chosen. The account minimum is $300,000.
Management Fee
0.50%
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Portfolio
Customized for each client
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Supported Accounts
Individual, Joint, Traditional and Roth IRAs, Trusts
Individual, Joint, Traditional and Roth IRAs, Trusts
Rebalancing
Tax Loss Harvesting
Fractional Shares
Automatic Deposits
Smart Beta
SRI
401(k) Assistance
Human Advice
Best for
Investors who are 50+ years old that are looking to invest for retirement.
Investors who are 50+ years old that are looking to invest for retirement.
Summary
United income has diversified portfolios that attempt to beat market returns.
United income has diversified portfolios that attempt to beat market returns and are in need of extra services such as securtiy planning
Review
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-
Current Promotion
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Premium
Account Minimum
$10,000
Management Fee
0.50%
Portfolio
Customized for each client
Supported Accounts
Individual, Joint, Traditional and Roth IRAs, Trusts
Rebalancing
Tax Loss Harvesting
Fractional Shares
Automatic Deposits
Smart Beta
SRI
401(k) Assistance
Human Advice
Best for
Investors who are 50+ years old that are looking to invest for retirement.
Summary
United income has diversified portfolios that attempt to beat market returns.
Review
-
Current Promotion
-
Private Wealth
Account Minimum
The management fee is between 0.45% and 0.80%. This depends on the add-ons that are chosen. The account minimum is $300,000.
Management Fee
-
Portfolio
-
Supported Accounts
Individual, Joint, Traditional and Roth IRAs, Trusts
Rebalancing
Tax Loss Harvesting
Fractional Shares
Automatic Deposits
Smart Beta
SRI
401(k) Assistance
Human Advice
Best for
Investors who are 50+ years old that are looking to invest for retirement.
Summary
United income has diversified portfolios that attempt to beat market returns and are in need of extra services such as securtiy planning
Review
-
Current Promotion
-

How does it work?

Account opening

United Income has two programs – Premium and Private Wealth. To open a premium account, you need $10,000 and to open a Private Wealth account, you need $300,000.

Before you open an account, you must reach out to United Income to set up a consultation. Together, you’ll decide if United Income is right for your financial needs.

Deposit and withdrawal

All deposits and withdrawals occur without fees.

Accounts

You may open any type of account whether retirement or taxable. Either account may be individual or joint, and they also offer trust accounts.

What can you trade?

United Income trades low-cost index funds from both the US and internationally. They also offer individual domestic and international stocks and bonds.

Costs

As I stated above, United Income has two plans. The premium plan costs 0.50 percent of assets under management and the Private Wealth plan costs 0.45 percent to 0.80 percent of assets under management. The exact cost depends on the amount invested (the more you have invested the lower your fees become).

Additional features

Human advisors

Unlike most robo-advisors, United Income provides the human touch most investors want. They create personalized strategies to help meet your investment goals. Advisors look at your current financial status and asset wealth when determining what investment strategy fits best with your goals.

Customer service

United Income offers phone and email customer service options.

Education

They offer a ‘library’ of advice and tips to help investors make the most of their money during their retirement years.

United Income Pros and Cons

PROs
Uses a smart beta approach – United Income tries to beat the market, not match it, for greater growth and earnings.
CONs
The sign-up process is complicated – You must call United Income to sign up, you can’t sign up online.
Diversification across 10 asset classes – United Income focuses on diversifying funds to keep your risk low and your earnings high
High fees – The management fee is 0.50% of assets under management, which is higher than most.
Offers tax-loss harvesting – All accounts are eligible, not just those with high balances.
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Offers a holistic approach to finances – United Income looks at more than your investments; they help you figure out the big financial picture during retirement.
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PROs
Uses a smart beta approach – United Income tries to beat the market, not match it, for greater growth and earnings.
Diversification across 10 asset classes – United Income focuses on diversifying funds to keep your risk low and your earnings high
Offers tax-loss harvesting – All accounts are eligible, not just those with high balances.
Offers a holistic approach to finances – United Income looks at more than your investments; they help you figure out the big financial picture during retirement.
CONs
The sign-up process is complicated – You must call United Income to sign up, you can’t sign up online.
High fees – The management fee is 0.50% of assets under management, which is higher than most.
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FAQ

Does United Income automatically rebalance my portfolio?

Yes, United Income takes rebalancing seriously. They watch your portfolio to ensure it’s in line with your investment strategy. If it’s changed, they will rebalance it to meet your needs. They also watch your accounts to see if rebalancing is necessary to offset your tax liabilities.

Do you get a financial advisor with United Income?

Yes, you are assigned a wealth manager that you talk to at least once a year (more often with the Private Wealth plan). You also have a robust team of associates that can help you with questions or problems. The platform itself is also robust and can provide plenty of advice and help when choosing your investments.

What is the holistic approach to finances?

United Income looks at more than what you’re investing. They look at your overall finances, which is very important during retirement. They realize that your finances are comprised of more than your investments. They look at your income, future assets (downsizing, estate, etc.) and put it all together to determine the best financial moves given your circumstances.

Does United Income help plan retirement spending?

Yes, as a part of their holistic approach, United Income looks at all aspects of your finances including helping you choose the right spending plan. They’ll help you create a ‘baseline spending amount’ so you know where you stand and can enjoy retirement rather than live in fear of not having enough money.

What is the United Income Paycheck?

United Income can issue you a monthly paycheck from your investment account. They automatically recalibrate your paycheck based on the balance, and your overall spending needs. Discuss your needs with your advisor if you think the amount should be different.

Can United Income help with my Social Security Income?

Yes, the advisors help with all aspects of retirement income, including your Social Security income. They help you determine when to start taking it and how to maximize your benefit. United Income also has Social Security specialists on staff to help you further.

Can United Income help with my legacy gift planning?

Yes, as a part of their financial planning services, United Income helps plan legacy and charitable gifts, helping you make the most of your estate.

How does United Income make money?

United Income makes money off the fee they charge on your assets under management. All clients pay the fee.

Alternatives

United Income vs Future Advisor

futureadvisorFuture Advisor requires a $5,000 investment and charges 0.5 percent of assets under management. They work a little differently, though, you must hold an account at Fidelity or TD Ameritrade for Future Advisors to manage your account.

They offer retirement planning tools and are great for investors that already have an account with TD Ameritrade or Fidelity that wants a second opinion on their investments.

United Income vs Betterment

logo of bettermentBetterment has always been a robo-advisor leader. They have two options, of which the Betterment Premium most compares to United Income. You need a $100,000 account balance and they charge 0.40 percent of assets under management.

Betterment is great for those looking for a hands-off approach to investing as Betterment handles all portfolio management once you answer the risk-based questions.

United Income vs M1 Finance

M1 Finance is a robo-advisor with a twist. You can choose one of M1’s premade ‘pies’ with predetermined allocations or create your own based on the advice they provide. M1 has 2,000 ETFs to choose from and they give you complete control of your portfolio.

It’s best for investors that want a hands-on approach to their investments.

Current Promotions

Currently there are no promotions.

Worth It or a Scam?

If you’re looking for more than an investment service and want an advisor that helps with financial planning too, look no further than United Income.

They help a unique set of investors (those already in retirement or about to be in it). If you want someone telling you how to manage your money during retirement including your investments and retirement income, you’ve found it in United Income.

Summary

The United Income fees are higher than many other robo-advisors, but they offer unique opportunities that other robo-advisors don’t offer.

They are the answer many retirees need as they’ve already achieved their retirement goals, but now need to manage their funds to ensure they still have enough to live out their retirement years and plan for the future generations.

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