Covestor was / is a FA replacement; they take 12 months to onboard an Lead leader and charge management fees (make money regardless; +2% of AUM) Additionally, Covestor has a completely different customer who wants a passively managed account The Covestor account typically has $50,000 - $100,000 minimums.

Instavest is transactional and you get to invest in curated investments. No management fees, no upfront fees, and tips are optional. People want to retain control of their assets. If they didn't they would just rather give it to a FA at Morgan Stanley. .