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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
How does it work?
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.
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.
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).
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.
United Income offers phone and email customer service options.
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
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.
United Income vs Future Advisor
Future 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
Betterment 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.
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.
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.
Use the following Quiz and find out which robo advisor is best for you.
If you have any questions, please comment below.
Michael is a senior writer at The Robo Investor. He earned his master’s at the Craig Newmark School of Journalism at CUNY, and is currently taking CFP courses at the University of Scranton. He has been an avid finance enthusiast ever since he started investing at the age of 23. Meet the Team