I am looking for a robo-advisor that allows for custom indexing and does not just buy standard ETFs.

What you are looking for is called direct indexing —an automated investment strategy where, instead of buying a standard ETF or mutual fund, the platform buys and manages the individual stocks that make up an index (like the S&P 500) directly in your name. This allows for granular tax-loss harvesting down to the single-stock level and, on some platforms, specific customizations or exclusions.

Automated robo-advisors and digital wealth platforms offering direct indexing include:

- **The Feature:** Offers specific standalone direct indexing products like **[Wealthfront S&P 500 Direct and Nasdaq-100 Direct](https://research.wealthfront.com/whitepapers/s-p-500-direct/)** , as well as full **US Direct Indexing** integrated into larger automated portfolios. It dynamically buys a representative sample of individual stocks and executes automated stock-level tax-loss harvesting.
- **Minimums:** The standalone S&P 500 or Nasdaq-100 direct portfolios have an accessible minimum of just **$5,000** . Their broader, fully-integrated US Direct Indexing requires **$100,000**.[](https://support.wealthfront.com/hc/en-us/articles/211005023-Wealthfront-Direct-Indexing-S-P-500-Direct-Nasdaq-100-Direct-and-US-Direct-Indexing) [[1]](https://support.wealthfront.com/hc/en-us/articles/211005023-Wealthfront-Direct-Indexing-S-P-500-Direct-Nasdaq-100-Direct-and-US-Direct-Indexing)[[2]](https://research.wealthfront.com/whitepapers/s-p-500-direct/)[[3]](https://support.wealthfront.com/hc/en-us/articles/211005203-Minimum-account-sizes-for-US-Direct-Indexing-and-Smart-Beta)

- **The Feature:** **[Charles Schwab Personalized Indexing](https://www.schwab.com/direct-indexing)** and **[Vanguard Personalized Indexing](https://advisors.vanguard.com/investments/personalized-indexing)** both build separately managed accounts (SMAs) of individual equities. They allow you to apply specific values/ESG screens, exclude certain sectors or individual securities, and optimize taxes.
- **Minimums:** These are traditionally targeted at high-net-worth investors or require working through an advisor/higher capital thresholds (often starting at $100,000 to $250,000+ depending on the specific program tier).[](https://www.schwab.com/direct-indexing) [[1]](https://www.schwab.com/direct-indexing)[[2]](https://advisors.vanguard.com/investments/personalized-indexing)

- **The Feature:** Betterment offers **[Betterment Custom Portfolios](https://www.betterment.com/resources/custom-portfolios)** which allow you to handpick or swap specific holdings, and they have rolled out direct indexing capabilities within their automated framework to scale stock-level optimization and tax-loss harvesting.[](https://www.betterment.com/resources/automating-your-investing) [[1]](https://www.betterment.com/resources/automating-your-investing)[[2]](https://www.betterment.com/resources/custom-portfolios)

Note on Customization vs. Tracking: True direct indexing aims to mimic the performance of a designated index using a optimized subset of its underlying stocks. If you want to heavily deviate from the index by picking entirely unrelated stocks or unique weightings, you might look into digital platforms offering fractional shares and custom portfolio construction rather than strict index-tracking.

To help narrow down the best fit, could you share:

• Your approximate investment amount (since direct indexing minimums vary wildly from $5k to $100k+)
• Whether you want custom sector/ESG exclusions or are primarily looking for aggressive tax-loss harvesting?

If you want custom indexing rather than a robo-advisor that simply allocates you into ETFs, you are looking for direct indexing (also called personalized indexing or custom indexing). These services buy the individual stocks inside an index in a separately managed account (SMA), allowing things like stock exclusions, factor tilts, ESG screens, concentrated-stock management, and more granular tax-loss harvesting.

Some options to consider:

A few things to watch for:

• Account type matters: Direct indexing is usually most valuable in a taxable brokerage account, because the main advantage is harvesting losses from individual stocks.
• Minimums vary widely: Some services are accessible around the tens of thousands of dollars, while traditional SMA providers often target higher balances.
• Ask what “custom” means: Some platforms only let you exclude industries or a handful of stocks. Others let you create factor tilts, custom benchmarks, or transition around existing holdings.
• Expect some tracking error: A customized portfolio will usually not exactly match the index because your exclusions and tilts change the holdings.

If you want a true robo-advisor feel (automated onboarding, deposits, rebalancing, minimal interaction), I would start by comparing Wealthfront, Public Direct Indexing, and Schwab Personalized Indexing. If you have a larger taxable portfolio (roughly $250k+), the SMA-style solutions from Vanguard, BlackRock/Aperio, or an advisor using direct indexing technology become more compelling.

If you tell me your approximate account size (e.g., <$50k, $50k–250k, $250k+), taxable vs IRA, and what kind of customization you want (exclude stocks, ESG, factor tilts, custom index), I can narrow this down.

Yes. What you’re looking for is generally called direct indexing or custom indexing: instead of buying an ETF such as VTI or SPY, the robo/advisor buys the underlying individual stocks and can potentially customize the portfolio around your preferences.

A few options stand out:

My first choice: Wealthfront

Wealthfront is probably the closest match if you specifically want a robo-advisor rather than a traditional financial advisor.

Its current offerings are interesting because there are actually several levels:

• S&P 500 Direct — minimum $5,000, 0.09% annual advisory fee. It buys individual S&P 500 stocks rather than an S&P 500 ETF and performs automated tax-loss harvesting.
• Nasdaq-100 Direct — minimum $5,000, 0.12% annual fee, likewise holding individual stocks rather than an ETF.
• US Direct Indexing — available in taxable Automated Index Investing accounts at $100,000+. It replaces the broad-market ETF portion with individual stocks plus some completion ETFs. At $500,000+, Wealthfront adds its Smart Beta factor weighting.

The important distinction is that Wealthfront's $100k US Direct Indexing isn't really a "build any index you want" system. The stocks are selected to track the broad U.S. market. You can exclude individual stocks, but you aren't designing an arbitrary index from scratch.

If you mean truly custom indexing

If by "custom indexing" you mean something like:

"Give me the S&P 500, but exclude fossil-fuel companies, my employer, tobacco, and weapons manufacturers, overweight certain factors, and automatically tax-loss harvest the individual stocks." Then Schwab Personalized Indexing is more compelling. It owns individual stocks and allows customization including individual-stock and industry exclusions. It currently has a $100,000 minimum and fees starting at 0.40%.

There are also advisor-oriented platforms such as Alphathena that can construct substantially more customized direct indexes, including factor and ESG customization, but those aren't really consumer robo-advisors in the Wealthfront sense.

Bottom line: If you want hands-off + individual stocks + low cost, I'd investigate Wealthfront first. If you want hands-off + genuinely personalized index construction, I'd look beyond conventional robos toward Schwab Personalized Indexing or an advisor using a custom-indexing platform.

If you tell me roughly how much you'd invest (e.g. $25k, $100k, $500k+) and what kind of customization you want, I can narrow this down to the 3–5 best choices and compare fees, tax-loss harvesting, stock exclusions, and how customizable the actual index is.

What you are looking for is formally known in the industry as direct indexing (or personalized indexing). Instead of buying a fund wrapper like an ETF or mutual fund, the automated platform buys a optimized, representative sample of the actual underlying individual stocks in your account.

While traditional robo-advisors stick strictly to off-the-shelf ETFs , a few major automated platforms now offer direct ownership of individual stocks with varying degrees of customization.

Top Automated Platforms for Direct Indexing & Customization

• Wealthfront: Best for automated tax-optimized direct indexing. They offer specific direct-indexing products like S&P 500 Direct and Nasdaq-100 Direct (which require a lower entry minimum) as well as broad US Direct Indexing integrated into larger portfolios . They feature a Stock Restriction List where you can manually exclude specific individual stocks you don't want the robot to buy or sell (e.g., if you work at that company or hold a concentrated position elsewhere).
  • Minimums: $5,000 for standalone S&P 500 or Nasdaq-100 direct indexing; $100,000 for their fully integrated multi-asset US Direct Indexing.
• M1 Finance: Best if you want absolute hands-on control over building the index yourself rather than letting an algorithm mirror a standard market index . M1 uses "Pies"—custom visual portfolios where you can allocate percentages directly to individual stocks of your choosing or mix individual equities with ETFs . It automates the purchasing and rebalancing like a robo-advisor, but the blueprint is 100% custom-built by you.
  • Minimums: $100 for a standard investing account . Note that unlike Wealthfront, M1 does not provide automated tax-loss harvesting.
• Betterment: Expanding further into direct indexing capabilities (following their acquisition of algorithmic portfolio tech like Rowboat), Betterment allows heavily customized portfolio allocations where you can handpick and tilt specific asset classes or individual holdings while leaving the daily tax upkeep and rebalancing to their automation.

Comparison of Customization Levels

If you'd like to narrow this down, let me know:

• What is your approximate account size?
• Are you looking for automated tax-loss harvesting on individual equities, or do you want to manually select the exact companies yourself?

Yes. What you’re looking for is generally called direct indexing or customized direct indexing. Instead of buying an ETF such as VTI or SPY, the robo/advisor buys the underlying stocks individually, allowing exclusions, tax-loss harvesting, and sometimes more substantial changes to the index.

Here are the options I’d look at:

The important distinction

If by custom indexing you mean:

"I want to construct my own index—e.g., own the S&P 500 but exclude fossil fuels, tobacco, defense, companies I already own, and perhaps overweight certain sectors." then not all direct-indexing products qualify equally.

For example, Wealthfront's $100k US Direct Indexing portfolio is primarily designed to replicate the broad U.S. market using individual stocks, with tax-loss harvesting. Wealthfront Support Its standalone $5,000 products track the S&P 500 or Nasdaq-100 rather than letting you invent an entirely new index.

Fidelity is more interesting for customization. Its Managed FidFolios let you select a collection of stocks and customize it, while Fidelity manages the portfolio and tax optimization. The minimum is $5,000.

Schwab Personalized Indexing is particularly interesting if you want to exclude individual companies or entire industries. It holds the individual stocks in a separately managed account rather than an ETF. The minimum is $100,000 and the published fee starts at 0.40%.

At the high-customization end, Parametric and Aperio (BlackRock) are worth investigating if you're talking about a genuinely bespoke index—for example, custom factor weights, extensive ESG screens, tax-aware exclusions, or integrating existing concentrated stock positions. These tend to be advisor-oriented rather than inexpensive consumer robos.

What I'd recommend

If you tell me roughly how much you'd be investing (e.g. $25k, $100k, $500k, $1M+) and what you want to customize—for example, exclude certain companies, create your own stock universe, overweight sectors, ESG, tax-loss harvesting, etc.—I can narrow this down to the 2–3 providers that actually fit, including fees and minimums.

What you are looking for is called direct indexing (or custom/personalized indexing). Instead of buying a wrapper like an ETF or mutual fund, an automated digital platform buys fractional shares of the individual underlying stocks that make up an index (like the S&P 500). This allows you to customize the holdings—such as screening out specific stocks, eliminating whole sectors, or applying custom weights—while automating individual tax-loss harvesting.

Several automated and digital-first platforms offer direct indexing for retail investors, each with different entry barriers and customization depths:

• • Wealthfront : One of the earliest robos to mainstream this feature. It offers automated direct indexing on indexes like the S&P 500 and Nasdaq-100, allowing you to exclude specific stocks or sectors based on your personal preferences.
  • Account Minimum: Starts at $100,000 for direct indexing features.
• • Public.com : Offers a dedicated direct indexing product with a wide selection of underlying benchmarks. It enables you to pick an index, adjust weighting schemes (market-cap or equal-weighted), and remove individual stocks that don't match your strategy or values.
  • Account Minimum: One of the lowest barriers to entry in the space, starting around $1,000.
• • Frec : Specializes heavily in automated tax-aware and direct indexing strategies. Frec lets you invest directly in classic indices or custom weightings, and even offers more advanced long/short direct indexing strategies previously reserved for high-net-worth individuals.
  • Account Minimum: Typically ranges from $20,000 to $50,000 depending on the specific index.
• • Charles Schwab : Offers Schwab Personalized Indexing separately managed accounts (SMAs) that anchor on broad indexes while letting you layer on specific stock and sector exclusions.
  • Account Minimum: Higher tier, usually intended for wealthier retail clients or those working closely with hybrid digital/human advisor options.

If you tell me your approximate investment budget and whether you are primarily trying to customize for personal values/ESG or optimize for tax-loss harvesting , I can help you pick the best-suited platform.

What you are looking for is called direct indexing (or custom/personalized indexing). Instead of buying a pooled ETF or mutual fund, the automated platform buys and manages the individual underlying stocks of an index directly in your account . This allows for precise customization (like screening out sectors or specific companies) and powerful, automated tax-loss harvesting at the individual stock level.

Several automated and robo-style investment platforms offer direct indexing for retail investors:

• • Wealthfront: One of the pioneers of automated direct indexing for retail investors . They offer direct indexing for accounts starting at lower entry tiers (Connect/Build options for S&P 500 or Nasdaq-100 indexes), scaling up functionality as your balance grows . It allows you to customize stock exclusions and optimizes for daily tax-loss harvesting.
• • Public.com: Offers direct indexing accounts that let you own individual stocks matching a target index rather than buying a fund . They feature a remarkably low barrier to entry for direct indexing compared to legacy wealth managers.
• • Fidelity Managed FidFolios: Fidelity’s direct indexing solution allows you to invest in fractional shares of custom stock baskets or index-tracking models directly, though it carries a higher management fee structure than pure software robos.
• • Charles Schwab: Offers Schwab Personalized Indexing as a separately managed account option for broader index tracking with individual stock ownership, though it generally requires a higher investment minimum (typically around $100,000).

To help me narrow down the best platform for your specific situation , could you share:

• What is your approximate investment budget or account size?
• Are you looking to exclude specific sectors/companies (values-based/ESG) or primarily focused on tax optimization?

What you’re looking for is usually called direct indexing or personalized indexing rather than a traditional robo-advisor. Instead of buying an ETF like VTI or SPY, the service buys a basket of individual stocks designed to track an index, then lets you customize the holdings (exclude companies, add tilts, apply factors, etc.).

Some platforms to consider:

A few things to check before choosing:

• Minimum account size: Direct indexing often requires more assets than a normal robo account because hundreds of positions and tax management add complexity.
• Customization depth: Some services only let you exclude stocks (for example, “no fossil fuels”), while others allow factor tilts, custom weights, or rules-based strategies.
• Taxable vs. retirement accounts: Direct indexing is usually most valuable in taxable accounts because the main advantage is harvesting losses at the individual-stock level.
• Tracking error: A custom index may not exactly match the ETF/index benchmark because you are intentionally changing the holdings.

If you mean “I want to create my own index methodology” (e.g., “own the S&P 500 but exclude 20 companies, overweight profitability, cap tech at 25%, and rebalance monthly”), that narrows the field considerably. The best fits are usually direct-indexing platforms rather than consumer robo-advisors.

If you share your approximate account size (e.g., <$25k, $25k–$100k, $100k+) and whether this is a taxable account, I can narrow the options.

Yes. What you’re looking for is generally called direct indexing or custom indexing—the portfolio owns the individual stocks rather than simply buying an ETF. The important distinction is that some services let you customize an existing index, while others let you actually build your own stock portfolio and automate it.

Here are the strongest options I’d look at:

My top picks

1. Frec — probably the closest match

Frec offers actual direct indexing rather than an ETF-based robo portfolio. Its current offerings include S&P 500, Russell 1000/2000/3000, CRSP indexes, semiconductor, Shariah, ESG and factor-oriented strategies. Fees vary by strategy, roughly 0.09%–0.50%, with minimums generally from $20,000 upward.

The interesting part is that you own the underlying stocks, so the portfolio can do things an ETF cannot—such as security-level tax-loss harvesting and exclusions.

2. Fidelity Managed FidFolios — best if you want a mainstream brokerage

Fidelity Direct Indexing offers Managed FidFolios, where you choose a stock portfolio and Fidelity manages it, including automated rebalancing and tax management. The minimum is currently $5,000.

This is much more accessible than the $100k+ direct-indexing offerings, although the customization isn't as open-ended as M1 or a true custom-indexing SMA.

3. M1 — best if you literally want to design your own index

M1 is actually a very interesting alternative to a conventional robo-advisor.

You can create a Pie containing whatever stocks you want, assign target weights, and let M1 automatically direct new money toward underweight positions. You can create nested Pies as well.

For example, you could create:

"My Custom Index"
25% Microsoft
20% Nvidia
15% Amazon
10% Alphabet
10% Visa
10% Berkshire Hathaway
10% 10 other stocks

Then have M1 automate deposits and maintain the allocation.

The catch: M1 isn't a sophisticated tax-managed direct-indexing service. Its rebalancing can generate taxable sales, and you have more responsibility for designing the strategy.

4. Wealthfront — best traditional robo with direct indexing

Wealthfront has US Direct Indexing for taxable Automated Investing accounts above $100,000. Instead of holding a total-market ETF, it holds individual U.S. stocks and uses them for tax-loss harvesting.

Wealthfront also has a Smart Beta overlay at $500k+, which changes the weights of individual stocks based on factors.

However, if by "custom indexing" you mean "I want to define my own index rules", Wealthfront isn't as flexible as you may be expecting.

One important distinction

If what you mean is:

A. "I want an S&P 500-like portfolio but want to exclude certain companies/industries"

→ Frec, Schwab Personalized Indexing, Fidelity are good candidates.

B. "I want to create my own index methodology — e.g. 500 stocks selected according to my own rules and weights"

→ M1 is probably the easiest retail solution, while Parametric Custom Core is much more sophisticated but generally operates through the advisor/SMA channel. Parametric explicitly allows a customized benchmark or blend of benchmarks and direct ownership of the underlying securities.

C. "I want a completely hands-off robo that builds a custom stock index and does tax-loss harvesting"

→ Frec is one of the first places I'd investigate.

D. "I have $100k+ and want institutional-quality customization"

→ Look at Parametric, Aperio/BlackRock, or Schwab Personalized Indexing. Schwab's Personalized Indexing, for example, starts at $100k and 0.40%, and lets you exclude individual securities and industries while professionally managing the portfolio.

If you tell me roughly how much you'd be investing (e.g. $25k, $100k, $500k+), whether this is taxable or IRA, and how custom you want the index to be, I can narrow this down to the 2–3 best choices and compare their fees, tax-loss harvesting, customization, and minimums.

If you want an automated investing service that bypasses standard pooled ETFs and instead buys the underlying individual stocks of an index—a strategy known as direct or custom indexing —you are looking for a specific tier of fintech platforms.

Direct indexing enables automated, stock-level tax-loss harvesting and allows you to apply personal stock or sector exclusions. The top direct-to-consumer robo-advisors that offer this feature include:

• Wealthfront : A pioneer in automated retail direct indexing. They offer dedicated standalone products like S&P 500 Direct (holding ~500 stocks with a $5,000 minimum and a 0.09% advisory fee) and Nasdaq-100 Direct (holding ~100 stocks with a $5,000 minimum and a 0.12% advisory fee). They also feature US Direct Indexing built directly into larger taxable automated investing accounts once you hit a $100,000 balance. All options allow for automated stock exclusions and daily tax-loss harvesting.
• Frec : A modern automated platform providing true direct indexing across dozens of indices with low fee structures starting around 0.09%. Frec allows for granular portfolio customization, letting you exclude or add specific companies, change sector weights, and even transfer whole shares of individual stocks from other brokerages directly into your index without triggering a taxable sale.
• Fidelity (FidFolios) : Fidelity allows you to invest in direct-indexed stock portfolios that track major benchmarks. Their FidFolios feature has a lower entry barrier with a $5,000 minimum, though it carries a slightly higher management fee (around 0.40%) compared to specialized algorithmic competitors.

If you'd like to narrow down which platform fits best, let me know:

• What is your approximate investment amount?
• Are you looking primarily for tax-loss harvesting optimization , or do you want to exclude specific sectors/companies (like fossil fuels or specific competitors)?