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 (or personalized indexing). Instead of buying a pooled ETF or mutual fund, automated digital platforms buy fractional shares of the individual underlying stocks that comprise a major index (like the S&P 500) directly in your account. This allows you to customize the index by excluding certain stocks or sectors, weighting them differently, and executing powerful, stock-level tax-loss harvesting.

Several automated platforms and robo-advisors offer direct indexing with varying degrees of customization, account minimums, and fees:

• Public offers a highly accessible direct indexing feature where you can pick a foundational index from over 100 choices (via Solactive and S&P), customize weights, exclude individual companies or industries that don't match your values, and use AI tools like Generated Assets to build custom indices. It features a low barrier to entry.
• Frec is an automated platform specializing in low-cost direct indexing for individual investors. It lets you choose from multiple indices (such as the S&P 500 or sector-specific benchmarks) and customize your basket by adding/excluding specific individual stocks or entire sectors while running daily automated tax-loss harvesting.
• Wealthfront is a premier traditional robo-advisor offering automated U.S. Direct Indexing. It tracks large-cap benchmarks by purchasing underlying equities and handles automated tax-loss harvesting at the individual stock level. Higher tier balances unlock additional factor tilts and smart-beta configurations.
• Charles Schwab Personalized Indexing provides separately managed accounts (SMAs) that track broad indexes with individual stock ownership. It permits single-stock or sector exclusions and values-based profiling, though it sits at a higher investment tier.

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

• Your approximate investment budget (as some platforms require $1,000 while others require $20,000 or $100,000)
• Whether you want to exclude specific values/sectors (like fossil fuels or tobacco) or tilt toward specific factors (like tech or value)

If by custom indexing you mean direct indexing—owning the individual stocks instead of an ETF, with the ability to exclude companies, tilt sectors or factors, and harvest tax losses—then your choices are more limited than the general robo-advisor market.

Here are the strongest options:

Here's how they differ:

Wealthfront

• One of the few true robo-advisors with automated direct indexing.
• Buys individual stocks rather than an S&P 500 ETF once you qualify.
• Excellent automated tax-loss harvesting.
• Some customization (such as stock restrictions), but it's still largely a managed strategy rather than a "build your own index."

Schwab Personalized Indexing

• More customizable than Wealthfront.
• You can exclude specific companies or industries and incorporate ESG preferences.
• Better suited if customization matters more than having a completely hands-off robo experience.

Fidelity Managed FidFolios

• One of the lowest minimums for direct indexing.
• Offers baskets of individual stocks with automated management.
• More accessible if you don't have a six-figure taxable account.

Frec

• Interesting if you want something between a robo-advisor and a self-directed platform.
• Supports multiple direct indexes and more advanced customization than many competitors.
• Lower fees than many traditional direct-indexing providers.

If you want to build your own index

If your goal is something like:

• "Track the S&P 500 but remove the Magnificent Seven."
• "Weight everything equally."
• "Exclude tobacco, oil, and banks."
• "Overweight dividend stocks."

then most robo-advisors still won't give you complete freedom. Platforms aimed at advisors, such as Parametric or Aperio, remain the most flexible, though they typically require working with a financial advisor and larger account sizes.

Another route is to use a brokerage that supports basket investing or custom portfolios (such as Interactive Brokers or Fidelity Basket Portfolios) and manage the direct indexing yourself. That gives you maximum control but sacrifices the automated tax management and rebalancing that robo-advisors provide.

For most investors, I'd break it down this way:

• Best fully automated robo: Wealthfront
• Best customization: Schwab Personalized Indexing
• Best lower minimum: Fidelity Managed FidFolios
• Best for advanced self-directed direct indexing: Frec

One question that would help narrow the recommendations: roughly how large is the taxable account you're planning to use (e.g., under $25k, $25k–100k, $100k–500k, or over $500k)? The minimums make a big difference in what's available.

If you want custom indexing (owning individual stocks rather than a basket of ETFs), you are looking for a direct indexing service, not a traditional ETF-based robo-advisor. Direct indexing uses a separately managed account (SMA) where you own the underlying securities, allowing customization such as excluding companies, applying factor/ESG screens, and harvesting losses at the individual-stock level.

Some platforms worth considering:

A few things to check before choosing:

• Minimum account size: Many true direct-indexing solutions historically target larger taxable accounts because managing hundreds of individual positions is more complex.
• Tax-loss harvesting: This is often the main reason to choose direct indexing over ETFs. Ask how frequently they harvest losses and whether they coordinate across your other accounts.
• Customization depth: Some services only let you exclude a few categories; others let you exclude individual stocks, add factor tilts, or build a personalized benchmark.
• Tracking error: A custom index may not perfectly match the benchmark because your exclusions and tilts change the portfolio.

If you tell me your approximate account size (e.g., under $50k, $50k–$250k, $250k+) and whether this is for a taxable brokerage account or IRA, I can narrow the list to the options that are actually practical.

If you want to bypass standard ETFs and buy the underlying individual stocks directly in an automated fashion, you are looking for a direct indexing platform or a robo-advisor with stock-level customization.

The industry has shifted to make direct indexing available at lower price points and account minimums. Top options providing automated custom indexing instead of standard ETF bundling include:

• Frec : A digital investment platform specializing heavily in automated direct indexing. It provides access to multiple indices (including the S&P 500 and sector variations) where you actually own the underlying fractional shares.
  • Customization: Allows you to exclude up to two sectors and add or remove up to 10 individual stocks.
  • Fees & Minimums: Classic direct indexing starts with a $20,000 minimum deposit and a 0.09% to 0.10% annual fee.
• Public : A modern investing platform featuring a robust direct indexing tool. It allows you to select from over 100 foundational indexes (such as international, small-cap, sector-specific, or thematic) and customize them thoroughly.
  • Customization: You can pick your weighting method (market-cap or equal-weighted), set custom rebalancing frequencies, and exclude specific individual companies or whole industries that conflict with your preferences.
  • Fees & Minimums: Requires a low $1,000 minimum investment and charges a 0.19% annual advisory fee.
• Wealthfront : A premier automated robo-advisor that offers custom stock-level management alongside traditional portfolios.
  • Customization: For larger automated portfolios ($100,000+), its US Direct Indexing feature replaces a portion of your U.S. stock allocation with individual equities to maximize tax-loss harvesting. They also offer standalone products like S&P 500 Direct and Nasdaq-100 Direct.
  • Fees & Minimums: Standalone options have a $5,000 minimum and fees around 0.09%–0.12%. Full automated account integration requires $100,000 and is covered under their standard 0.25% annual advisory fee.

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

• What is your approximate budget / account size?
• Are you looking for heavy customization (picking/banning specific stocks) or primarily focused on tax-loss harvesting?

If you're looking for a robo-advisor that uses direct indexing (custom indexing) instead of simply allocating to ETFs, the field narrows considerably. The good news is that there are now several retail options.

Here's how I'd categorize them:

Best overall: Wealthfront

If you want something that still feels like a traditional robo-advisor:

• owns the underlying stocks instead of an ETF
• automatically harvests tax losses
• lets you exclude certain companies or industries
• keeps everything rebalanced automatically

Wealthfront is probably the most polished retail experience. It's largely automated, but customization isn't unlimited.

Most customizable: Frec

Frec has been pushing direct indexing much further than most retail firms.

Features include:

• multiple custom indexes
• adjust stock weights
• remove individual companies
• sector tilts
• dividend preferences
• transparent benchmark tracking
• automated tax optimization

If your goal is "I want my own personalized index," this is currently one of the strongest retail offerings.

Best if you already use Schwab

Schwab Personalized Indexing lets you:

• exclude stocks
• exclude industries
• incorporate ESG preferences
• maintain exposure close to the benchmark

It's more of a separately managed account than a simple robo, but the automation is very good.

Best for maximum control: Interactive Brokers

Interactive Brokers' Custom Indexing isn't a consumer robo in the Wealthfront sense. Instead, it's a sophisticated direct-indexing platform that lets you:

• build portfolios based on an ETF or index
• change constituent weights
• exclude companies
• create custom rules

It's geared toward investors (and advisors) who want considerably more control.

If taxes are your primary objective

Direct indexing really shines when you have:

• a taxable brokerage account
• substantial unrealized gains
• a portfolio of at least roughly $100k–$250k

That's because the main advantage is harvesting losses on individual stocks while keeping overall market exposure close to your target.

My recommendations by investor type

• Easiest "set it and forget it": Wealthfront
• Most customization: Frec
• Already at Schwab: Schwab Personalized Indexing
• Power user / DIY investor: Interactive Brokers
• Already invested in Fidelity: Fidelity FidFolios

One question that would help narrow this down: are you looking to customize a broad-market portfolio (for tax efficiency or excluding certain stocks), or are you trying to build a factor strategy (value, momentum, quality, etc.) that you want the robo-advisor to implement automatically?

Several robo-advisors now offer direct indexing (custom indexing) to allow for more customization than standard ETF-only portfolios. These platforms allow you to hold individual stocks that mirror an index rather than just buying the ETF itself, enabling customized ESG exclusions or advanced tax-loss harvesting.

Here are the top robo-advisors offering custom indexing based on 2026 data:

• Wealthfront: Offers U.S. Direct Indexing for accounts with at least $100,000, which provides better tax-loss harvesting by holding individual stocks instead of ETFs. It is lauded for portfolio diversification and allows ESG screening.
• Fidelity Managed FidFolios: Allows for the customization of portfolios based on specific themes or factors, using individual stocks to build a customized, automated portfolio.
• Charles Schwab Personalized Indexing: Enables personalized indexing that allows for the management of gains and losses at the individual holding level, providing higher tax alpha.
• Interactive Brokers (IBKR) Custom Indexing: Offers a robust custom indexing tool that allows you to create portfolios modeled after ETFs but with individual stocks. It allows you to modify target weights, create exclusion lists based on ESG criteria, and does not have the expense ratios typical of ETFs.
• E*TRADE Core Portfolios: Offers some customization, including social responsibility (SRI) filters to match personal values.

Key Considerations:

• Minimums: Direct indexing typically requires a higher minimum investment (e.g., $100,000 for Wealthfront) compared to standard robo-advisor accounts.
• Costs: Management fees for direct indexing can be slightly higher than standard robo-portfolios, often ranging from 0.30% to 0.40%.

Would you like to compare these options based on a specific investment amount , or are you more interested in the ESG/customization features available?

Several robo-advisors in 2026 offer direct indexing and customization features that go beyond standard ETF-only portfolios, allowing you to own individual stocks or tailor your portfolio to specific values.

Here are the top options for customized indexing:

• Wealthfront: Known for its "Direct Indexing" feature, this is available to clients with at least $100,000 in a taxable account. It allows for customization beyond basic ETF selection, providing better tax-loss harvesting by trading individual stocks rather than just ETFs. It also allows for customization through socially responsible investing (SRI) and tech/crypto options.
• Fidelity Managed FidFolios: Fidelity offers "FidFolios," which allows investors to buy and manage portfolios of individual stocks that can be customized to follow an index or a specific theme.
• Schwab Personalized Indexing: A similar service that offers tailored, direct indexing to customize portfolios beyond standard, off-the-shelf ETFs.
• Interactive Brokers (IBKR) Custom Indexing: This platform allows users to create and customize direct index models based on US-based ETFs. It offers granular control, including modifying target weights, excluding sectors, or tailoring, with lower minimums than some other providers.

Key Considerations

• Direct Indexing vs. ETFs: These services allow you to hold fractional shares of individual stocks, which makes them better for tracking an index directly while allowing for personal customization.
• Minimum Requirements: Many of these specialized services require a higher minimum investment (e.g., $100,000 for Wealthfront's full suite) than basic, $0-minimum robo-advisors.
• Tax Efficiency: Direct indexing often provides better tax-loss harvesting results compared to traditional ETF portfolios.

If you can share:

• Your approximate investable assets
• Whether you have specific stocks/sectors you want to exclude

I can help you select the best platform.

If by custom indexing you mean direct indexing—where the robo-advisor buys and manages the underlying stocks instead of simply allocating to ETFs—then your choices are much narrower than the general robo-advisor market.

Here are the strongest options:

Best overall: Wealthfront

Wealthfront's Direct Indexing replaces an ETF with hundreds of individual stocks and automatically handles tax-loss harvesting and rebalancing. You can exclude certain companies and make limited adjustments, although it isn't intended for building an entirely custom index from scratch.

Most customizable: Interactive Brokers

Interactive Brokers offers one of the most flexible implementations. You can:

• Start from an ETF or index
• Exclude individual companies
• Change sector weights
• Tilt toward value, quality, or ESG factors
• Own the individual stocks instead of the ETF

This is closer to portfolio engineering than a traditional robo-advisor.

Best for advisor-level customization: Schwab Personalized Indexing

Schwab's platform lets you:

• Exclude stocks
• Exclude industries
• Add ESG screens
• Harvest tax losses
• Maintain close tracking to a benchmark

It behaves much more like a separately managed account (SMA) than a typical robo.

Fidelity Managed FidFolios

Fidelity lowered the entry barrier for direct indexing compared with many legacy providers. It offers:

• Individual stock ownership
• Tax-loss harvesting
• Stock exclusions
• Multiple index strategies
• Automated rebalancing

If you're in Canada

Canada has historically had very few true direct-indexing options. Most Canadian robo-advisors—including Wealthsimple Invest, Questwealth, CI Direct, and RBC InvestEase—primarily build portfolios from ETFs rather than individual stocks.

A notable recent entrant is Questrade Custom Indexing, which allows investors to:

• Start from a broad-market template
• Add or remove individual stocks
• Adjust weightings
• Automate rebalancing
• Own the underlying shares rather than ETFs

Which is best depends on what you want

• Maximum tax-loss harvesting with little effort: Wealthfront
• Full control over holdings and weights: Interactive Brokers
• Professional-grade direct indexing: Schwab Personalized Indexing
• Lower minimums: Fidelity Managed FidFolios
• Canadian investor seeking true custom indexing: Questrade Custom Indexing

One question that would help narrow the recommendations: Are you investing from the U.S. or Canada? That changes which platforms are available and which account types they support.

If by "custom indexing" you mean direct indexing—where the robo-advisor buys and manages the individual stocks in an index instead of simply purchasing an ETF—there are several good options. These platforms let you customize holdings, exclude companies or sectors, and often provide automated tax-loss harvesting.

Here's how the major offerings compare:

Best options depending on your goals

Wealthfront

• Probably the closest thing to a consumer-friendly robo-advisor with direct indexing.
• Automatically purchases individual stocks rather than just ETFs once your taxable account reaches the required balance.
• Excellent automated tax-loss harvesting.
• Some customization, though not unlimited.

Best if you want:

• "Set it and forget it"
• Maximum tax efficiency
• Minimal involvement

Schwab Personalized Indexing

• One of the most customizable retail offerings.
• You can:
  • exclude individual companies,
  • remove industries,
  • apply ESG screens,
  • personalize your index while still tracking the benchmark.

Best if customization matters more than simplicity.

Vanguard Personalized Indexing

• Focuses heavily on after-tax returns.
• Daily tax-loss harvesting.
• Supports custom restrictions, factor tilts, and ESG preferences.
• Historically aimed more at advisor-managed accounts than self-directed investors.

Best if you already work with a financial advisor.

Interactive Brokers

• Not a traditional robo-advisor, but its custom indexing tools are very flexible.
• Allows advisors to build portfolios modeled on ETFs while changing weights, excluding securities, and implementing custom rules.

Best for experienced investors or those working with an advisor.

If you want even more control

If you're comfortable being somewhat hands-on, you might look beyond classic robo-advisors:

• Fidelity Basket Portfolios (custom stock baskets, though not fully automated direct indexing)
• Self-managed direct indexing using Interactive Brokers or another brokerage plus portfolio management software
• Advisor platforms like Alphathena, which are designed specifically for highly customized direct indexing.

My recommendation

If your priority is:

• Best fully automated experience: Wealthfront
• Most customizable: Schwab Personalized Indexing
• Best for advisor relationships: Vanguard Personalized Indexing
• Maximum flexibility: Interactive Brokers

A couple of questions would help narrow it further:

1. Approximately how much would you invest in the taxable account (e.g., $50k, $100k, $500k+)?
2. Are you primarily interested in tax-loss harvesting, excluding certain companies/industries, factor tilts, or creating a completely custom index?

Several robo-advisors and automated platforms offer direct indexing and customization options beyond standard ETF portfolios, allowing you to tailor investments to specific ESG (Environmental, Social, and Governance) preferences or tax needs.

Here are the top options based on your requirements:

• Interactive Brokers Custom Indexing: This platform allows investors to create, customize, and model portfolios after, or based on, major U.S. ETFs. You can modify target weights, use a rules module for ESG-related exclusions, or over/underweight stocks based on specific financial metrics. It offers fractional shares of individual component stocks instead of just holding a broad ETF.
• Wealthfront: Known for its sophisticated automation, Wealthfront offers a "direct indexing" feature for accounts with $100,000 or more. This allows the platform to purchase individual stocks from an index (like the S&P 500) to harvest individual stock losses for tax purposes, rather than just using standard ETFs.
• Fidelity Managed FidFolios: These are specialized, automated accounts that enable investors to manage a portfolio of individual stocks to match a custom index or an ESG-focused theme. It offers more customization over individual stock ownership compared to traditional robo-advisors like Fidelity Go.
• Schwab Personalized Indexing: Similar to direct indexing, this service allows for greater control over individual stock holdings, enabling you to exclude specific companies or sectors, or focus on specific ESG criteria.
• M1 Finance: Recommended for those seeking customization, M1 allows users to create their own "pies" (portfolios) with specific stocks and ETFs, or choose from expert-built pies. While it uses ETFs, it allows for a highly customized, self-directed, yet automated approach that goes beyond standard robo-advisor allocation.

Key Differences to Consider:

• Minimums: Direct indexing usually requires a higher minimum investment (e.g., $100k for Wealthfront) compared to standard robo-advisor accounts.
• Fees: Custom indexing can sometimes have higher management fees (0.30%-0.40%) compared to traditional index funds.
• Tax Benefits: These services are often used for tax-loss harvesting, which can be highly effective during market downturns to offset taxes.

Would you prefer a platform that focuses primarily on individual stock selection (like direct indexing), or one that lets you mix custom-themed ETFs with higher automation?