Fruitful Review: A High-Level Financial Advisor Service
Written by
John Csiszar
Edited by
Melanie Grafil
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GOBankingRates Score
Fruitful
-
Benefits
4.0
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APY
5.0
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Products
4.0
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Customer Service
4.0
Pros
- Competitive APY on its high-yield savings account
- Unlimited access to CFP investment professionals
- $0 management fee for its automated investment platform
Cons
- The high monthly fees may deter small account investors
- No access to individual investments like stocks
What Is Fruitful and How Does It Work? Overview
Fruitful is an app that offers an interesting blend of a high-paying savings account, full-service access to CFP professionals and automated investment management. With fees ranging from $83 to $98 per month, Fruitful can be a good deal for those with larger account balances.
Why is that? Investors can take full advantage of the entire platform’s services, saving potentially thousands of dollars over working with a CFP in a more traditional setting.
CFP consultations include 1-to-1 video sessions on topics ranging from creating financial blueprints to organizing finances and growing long-term wealth. Ongoing check-ins are a regular feature, but customers can message their advisors at any time for additional assistance.
Key Features
Here are some of the top features that Fruitful offers its customers.
Benefits: Access to CFP Professional
Most financial apps don’t offer access to investment advisors at all. Fruitful not only provides customers with unlimited, full-service advisors, all are Certified Financial Planners.
CFPs must adhere to ethical and fiduciary standards, something that sets them apart from other types of financial professionals. Some competitors do provide CFP access, but that usually comes at a much higher cost. The Fruitful app’s all-in-one cost includes CFP access at no additional charge.
APY: High-Yield Savings Account
Fruitful offers a high-yield savings account that pays an outstanding APY. Although this rate is subject to change — and will likely fall once the Fed begins cutting interest rates — it’s currently one of the best yields you can get on a savings account.
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Products: No-Cost Automated Investing Portfolios
Fruitful customers can work with their CFP advisors to develop automated investing portfolios that are custom-tailored to their personal investment objectives and risk tolerance.
Fruitful is one of the few apps that doesn’t charge an annual fee. Most annual fees are a percentage of customer assets for this service. Since customers are already paying a monthly charge for access to all of Fruitful’s services, there’s no additional management charge for these portfolios.
Customer Service: M-F Availibility
You can reach the hospitality team at Fruitful by phone Monday through Friday 8 a.m. to 6 p.m. ET. Email responses are read from 8 a.m. to 9 p.m. ET Monday through Friday, with responses promised within 24 hours, although they usually arrive much sooner. Customers can also schedule unlimited video or phone sessions with their own dedicated Fruitful Guide at any time.
How Fruitful Stands Out
Fruitful combines three of the most in-demand features from investors: a high-yield savings account, unlimited access to full-service, fiduciary CFP professionals and no-cost, automated investing through a mobile app.
Comparable App Options
Fruitful offers features that no app currently on the market has, at least all together on one platform. However, two of the most popular robo-advisors have some combination of those services and offer a competitive option.
Facet Wealth
Facet Wealth offers many of the same investment options as Fruitful, although it does lack a robo-advisory service. With Facet, however, investors also gain unlimited messaging access to CFP professionals and never pay commissions. Fees are higher at Facet Wealth, though. Unlike the $998 annual plan offered by Fruitful, fees at Facet Wealth typically range between $2,000 and $6,000 annually, with higher tiers offering additional services. Facet also has a high-yield, short-term strategy option with a current portfolio yield of 5.33%
Range
Range offers all-in-one financial management, including investment, taxes, estate and cash flow planning, all for no commissions or transaction fees. It’s more expensive than Fruitful, charging $2,655, $4,455 or $7,155 annually, depending on the plan you choose. Although the firm uses AI to assist in its advisory services, it also has a range of financial advisors, from CFP professionals to IRS enrolled agents, certified public accountants, equity compensation associates, chartered financial analysts and more. Range also offers a 5.1% APY on its cash account.
How To Apply
You can apply for the Fruitful Financial app on the company’s website. You’ll have to provide basic personal and financial information. This includes your name, address, date of birth, Social Security number and banking information. You would need to provide your current bank account and routing number so you can fund your account.
During the 30-day free trial period, you will choose your own personal Fruitful Guide and schedule your first session. If you choose to continue, you’ll have to choose the payment plan you’re most comfortable with and continue from there.
Who Fruitful Is Best For
Fruitful is best for investors comfortable with a mobile, automated investment experience that still want access to a high-level financial advisor and a top-tier savings account.
Final Take
Customers looking for Fruitful’ three primary offering–a high-yield savings account, unlimited access to CFP professionals and free automated investing–will find the monthly fee to be worth it. However, those with small portfolios, or who simply want a robo-advisor or a 5.00% savings APY bank account, might be better served by other institutions.
FAQ
- Is Fruitful Financial legitimate?
- Yes, Fruitful Financial is a legitimate financial services firm. Fruitful is registered with the SEC , and all of its financial advisors are investment adviser representatives registered with the SEC as Certified Financial Planners. Investments are held and cleared through APEX Clearing Corporation, which is a FINRA and SIPC member.
- How do I cancel my Fruitful subscription?
- Fruitful offers a free 30-day trial when you first sign up. If you want to cancel then or at any other time, simply contact customer service.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 26, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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