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Webull Smart Advisor Review
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Webull Smart Advisor Review: Key Findings
- Smart Advisor is Webull’s automated-investing service.
- ETFs from providers like State Street with low expense ratios are used in Smart Advisor.
- Webull charges 0.20% per year for its robo accounts.
Webull Smart Advisor Overview
If you want an investment advisor to make trading decisions in your brokerage account at a low cost, Webull may have a solution for you. The company’s Smart Advisor accounts use software to buy and sell securities. Here are the full details:
Investing Program
Webull’s Smart Advisor is a robo advisor that invests in low-cost ETFs. No other asset classes are available. Many of the funds come from State Street Global Advisors, the well-known company behind the SPDR® funds.
Some ETFs hold stocks, while others focus on fixed income. Accounts with higher risk tolerance will be invested more heavily in equities. There are six broad investment approaches used to create the right allocation:
- Maximum Growth
- Growth
- Moderate Growth
- Moderate
- Moderate Conservative
- Conservative
Here are some sample State Street ETFs that Webull could use:
| Ticker | Fund | Expense Ratio |
|---|
| SPMD | SPDR Portfolio S&P 400 Mid Cap | 0.03% |
| SPEM | SPDR Portfolio Emerging Markets | 0.07% |
| BILS | SPDR Bloomberg 3–12 Month T-Bill | 0.135% |
Webull’s automated-investing program is fully digital. There are no human financial advisors involved in any way, which means there is very little guidance or support. Still, the fees and minimums are very low.
Fees and Minimums
Webull charges just 0.20% annually for Smart Advisor account management. Currently, the investment firm waives this management fee for the first 3 months. Expense ratios from the funds used in the program still apply, although they are generally fairly low.
There is a $100 minimum deposit requirement to start investing with Webull’s robo program.
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Opening a Webull Robo Account
Permanent U.S. residents age 18 and over are eligible to open a Smart Advisor account. During the
application, an online questionnaire must be completed to determine the account’s risk level. It takes only a few minutes on the mobile app to finish the questionnaire. Here are some example questions we were asked:
- Which age group do you belong to?
- If your investments went down 20%, what would you do?
- How much investing experience do you have?
In total, we were given just 7 questions, which we consider very brief. The risk assessment can be retaken during the application process by clicking the “re-assess” link. After it has been submitted, it can be retaken up to twice every 90 days.
After completing the questionnaire and before reaching the actual account-application page, one of the six investment risk levels must be selected. It is possible to choose one level higher or lower than the level Webull recommends. When we took the questionnaire, all three levels had a 2% cash position and a 3% position in GLD, the SPDR gold fund.
To find the Smart Advisor application, open Webull’s mobile app and tap the Menu icon in the bottom-right corner. On the Menu page, choose the Robo icon and follow the prompts on the screen. The questionnaire is built into the account application.
Deposits and Withdrawals
Deposits and withdrawals can be made into or out of a robo account at Webull through ACH or wire transfers. Some clients can also transfer funds using a linked Webull account. Because ETF trades must be executed in either direction, there will be a delay to allow for trade settlement.
Webull Smart Advisor Review Judgement
Webull has put together a good automated-investing program that costs very little. The fully digital
service removes the traditional human financial planner.
Updated on 3/25/2026.
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.
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