At Investor Junkie, we reviewed over one hundred investing and personal finance services. Our goal is to bring you the most honest, simple, and informative reviews. It turns out; users also want to compare specific services.
This review compares Betterment and WiseBanyan. The better service depends on your needs. So let's dive in!
According to our readers (you!), when it comes to robo advisors, people care most about the
fees, minimum investment requirements, and whether or not the service supports for 401(k) plans.
Let's look at how Betterment and WiseBanyan stack up against each
other on these features.
To start, we will compare the fees for trading with both robo
advisors. Betterment has
annual fees at 0.25% fee per year. In
contrast, WiseBanyan has annual fees of 0%.
When it comes to fees, WiseBanyan wins by not charging anything to use their service.
Let's consider the minimum investment that's required to use both Betterment and WiseBanyan.
At $0, Betterment requires a smaller minimum deposit.
When it comes to supporting 401(k) plans, there is a clear line of division. Betterment does offer support for 401(k) plans, while WiseBanyan does not. If you are someone who wants help on your employee-sponsored retirement account, Betterment will be your option.
|Review||Betterment Review||WiseBanyan Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Up To 1 Year Free||None|
|Account Fees||Digital – 0.25%/year; Premium – 0.40%/year||None — Basic services are free|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts, Non-Profit||Taxable, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||— All Taxable Accounts||— All Taxable Accounts|
|Retirement Planning Tools|
|Automatic Deposits||Weekly, Biweekly and Monthly||Weekly, Monthly and Quarterly|
|Clearing Agency||Apex Clearing||Apex Clearing|
|Socially Responsible Investing|
|Invests in Commodities|
|Invests in Real Estate|
How can you access the sevice? Website only? Via smartphone app?Access
|Website, iOS App, Android App||Website, iOS App, Apple Watch, Android App|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone: M-Th 9A-8P, F 9A-6P ET; Live Chat: M-Th 9A-8P, F 9A-6P, Sat-Sun 11A-6P ET; Email||Phone: M-F 8A-4P PT; Email|
|Assets Under Management||$13B||$94M|
|Number of Accounts||444K||25K|
|Sign Up||Sign Up|
Betterment is a good starting point for beginner investors. The robo advisor has no minimum deposit and costs 0.25% annually. If you need the assistance, it recently added human advisors, who can assist with your retirement account. Unfortunately, its asset allocation excludes REITs or commodities.
WiseBanyan is a robo advisor service with no hidden charges. The base service includes automatic portfolio rebalancing and low minimum deposit. From our testing, they are the cheapest service in their category. On the downside, you must pay a premium if you want to open an IRA.