For some, the thought of putting trust in software when it comes to financial advice likely seems absurd. However, at the very least, software can be trusted to be impartial — which isn't always the case with many brokers who receive commission from mutual fund managers for each sale made. Brokers such as these will often pitch funds based on commission rather than performance.

That is precisely why digital alternatives to brokers exist. Jemstep, for instance, is a money management website that allows retail investors to import their retirement account data and receive automated advice. For one flat monthly fee — starting at $18 per month up to $70, based on the size of the user's portfolio — Jemstep users will receive suggestions about which funds to buy and sell. Meanwhile, users managing less than $25,000 in retirement assets will receive advice completely free.

Since Jemstep doesn't factor commission into the equation, the site tends to recommend inexpensive index funds rather than pricier ones.

“The incentive structure under which brokers operate is designed to serve the interests of institutions, not the interest of investors,” said Simon Roy, president of Jemstep. “Our advice is objective and untainted by any third-party influence.”

Jemstep went public just this past January and has since built up its membership to around 2,000 users, including Google (News - Alert) and EBay employees. Indeed, the popularity of Jemstep — as well as similar online financial services such as SigFig and FutureAdvisor — demonstrates that many investors are fed up with taking biased advice from brokers looking for commission.

Still, many may still be skeptical as to whether Jemstep can actually provider sound financial advice. In response to this, the start-up is simply transparent about how it develops it recommendations, which are largely based on working with Boston-based firm Windham Capital Management, which has about $1 billion invested in stocks. The portfolio manager leverages this information to make general suggestions, telling customers which funds to purchase and which to drop.

"Many people are overwhelmed and intimidated by the complexity of investing," said Jemstep founder and CEO Michael Blumenthal in a statement. "Many have been burned by a broker's recommendations or a 'hot tip.' Many just don't know whom they can trust. Jemstep is for them."