Acorns AUM

Acorns Assets Under Management & Number of Customers


2024 Acorns total assets under management (custody). Acorns AUM: client assets and number of customers (brokerage account users).


Acorns Assets Under Management (AUM)


Acorns app offers a very easy online investing solution to clients who are looking for simplicity and don't want to put much time and effort into investing. So how many customers and how much in total assets under management does Acorns investing app have? Here are the numbers:

Acorns assets under management $4.7 billion
Acorns number of customers 4.4 million

Acorns is one of the largest robo-advisors in terms of the number of accounts. Read detailed Acorns review.


Acorns Promotion


Get $20 when you open an Acorns account with this referral link.

Visit Acorns Website


Acorns IRA Account Review


In its list of robo-investing services, Acorns offers Individual Retirement Accounts in a program called Acorns Later. This article has all the details you need.


Acorns IRA Types


Acorns Later offers three IRA versions. These are the Roth, Traditional, and SEP accounts. The latter is a retirement account for small businesses. It can be used by sole proprietorships or larger enterprises. It has no Roth version, though.

Acorns has a rollover service that clients can use to move old retirement plans from previous employers into an IRA of any type with the investment firm. This service is free of charge.


Opening an Acorns IRA


Whether you plant to do a rollover or simply make cash contributions, the first step is to open a new IRA with Acorns. This is trouble-free thanks to the Acorns website. Just look for the green ‘Get Started’ button. Simply enter in the requested details and you’ll be on your way. Make sure you get the IRA type (Roth, SEP, or Traditional) that you want. It’s also possible to open a new IRA on the mobile app.

If you already have an Acorns account, you can log into the website or mobile app and apply for an IRA. Just go to the dashboard and look for the purple button to set up Acorns Later. You’ll need to supply some more information to help the software program choose the right IRA for your financial situation.


Investment Choices


Once the IRA is open and funded, Acorns’ computer algorithm will start buying exchange-traded funds. There are no other securities available besides this small list of ETFs. And we do mean “small,” as this investment program only uses around 20 funds. Examples include:

- iShares Medium Company Stocks (IJH)
- JPMorgan Ultra-Short Income (JPST)
- iShares ESG Aware MSCI USA Small-Cap ETF (ESML)
- ProShares Bitcoin Strategy ETF (BITO)

Acorns does not offer any accounts in self-directed mode, so the automated-investing service is the only option for an IRA.

The good news is that Acorns’ robot utilizes a glide slope to create an investment path for retirement accounts. This means it will gradually sell shares of equity funds and buy shares of bond funds over time. The exact schedule of this process depends on the account owner’s age and expected date of retirement.


acorns aum


Acorns IRA Add-Ons


An IRA at Acorns is eligible for several useful financial services. For example, a recurring deposit schedule can be set up on a weekly or monthly schedule. There is a $5 minimum transfer amount, and the total annual deposits should not exceed the IRA’s yearly contribution maximum.

Then there is Acorns Spend. This is a bank account that can be connected to the investing account. There are no overdraft fees, minimum balance requirement, or other nuisances. A check can be deposited electronically into the bank account (but not the IRA) using the mobile app.

A paycheck can be set up to directly deposit into the bank account, and Acorns will auto-invest a percentage of it into the IRA. The same caveat about exceeding the annual IRA maximum applies here.


acorns Assets Under Management


Cost of Acorns Later


An IRA is available on the Personal tier, which is $3 per month. Upgrading to Personal Plus is an extra $2 per month but comes with live Q&A sessions with financial experts (and custodial accounts).


acorns number of customers


There are no other fees on an Acorns IRA. Trades placed in the account by the software program are commission-free, and there’s no extra charge for the glide slope or the add-ons mentioned above.

Because there is no percent-based management fee, large IRAs will get a great value on either membership plan.


Open Acorns Account



Visit Acorns Website


Acorns Retirement Education


Acorns places a large emphasis on investment education, and some of its resources are geared towards retirement savers. A good place to begin an educational journey is under the Learning tab on the Acorns website (there’s also a Learning icon on the mobile app). On either platform, the resources are the same.

The advantage of using the website is that roughly half-way down the page, there are buttons for filtering by topic. One of these is for retirement. Examples we found in this category include:

- What is a SIMPLE IRA and How Much Can I Contribute? (not available at Acorns)
- 2 Retirement Investment Strategies
- IRA Early Withdrawal: What to Know
- How to Invest in a Roth IRA

The Acorns website and mobile app both have the company’s Potential tool. This is a digital resource that will draw in graphical format an IRA’s projected growth over time based on a few factors, such as recurring deposits and starting balance.


Comparison


Acorns doesn’t offer all IRA types. At Charles Schwab, for example, we found Minor, SIMPLE, Complete, and Beneficiary IRAs. None of these are available at Acorns.

An IRA with Merrill Edge can be managed by actual human advisors if desired. Plus, Merrill also offers self-directed trading in a wider variety of financial vehicles, including stocks and thousands of ETFs (although, there are account minimums and a $49.95 IRA termination fee that Acorns doesn’t have).

The flat monthly fee that Acorns charges works well for large accounts but not for small accounts. M1 Finance, by comparison, provides a robo service that is free for all IRAs. M1 also offers target-date pies for self-directed IRAs.

Other than a simple compound interest calculator, we found no IRA calculators at Acorns. Schwab, by comparison, has several.


Acorns Assets Under Management Summary


Acorns has a decent IRA service that will be sufficient for some investors. The complete retirement package, however, can only be found elsewhere.


Updated on 1/22/2024.


About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.