At Investor Junkie, we reviewed over 100 investing and personal finance services. Our goal is to bring you the most honest, simple, and informative reviews. Turns out, users also want to compare specific services.
This review compares Charles Schwab Intelligent Portfolios and Wealthsimple. 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 Charles Schwab Intelligent Portfolios and Wealthsimple stack up against each other on these threads.
To start, we will compare the fees for trading with both robo advisors. Charles Schwab Intelligent Portfolios has a fees starting at 0% fee per year. To contrast, Wealthsimple has annual fees of 0%.
When it comes to fees, both Charles Schwab Intelligent Portfolios and Wealthsimple are equal in starting fees.
Let's consider the minimum investment that's required to use both Charles Schwab Intelligent Portfolios and Wealthsimple.
At $0, Wealthsimple requires a smaller minimum deposit.
When it comes to support for 401(k) plans, there is a clear line of division. Wealthsimple does offer support for 401(k) plans, while Charles Schwab Intelligent Portfolios does not. If you are someone who wants input on your employee-sponsored retirement account, Wealthsimple will be your option.
Overall, Charles Schwab Intelligent Portfolios gets a 8.5/10 rating, while Wealthsimple gets a 8/10 rating. For more information on either service, you can read our full reviews on Charles Schwab Intelligent Portfolios and Wealthsimple.
About Charles Schwab Intelligent Portfolios
Schwab Intelligent Portfolios is Charles Schwab’s robo-investing service. Like other robo advisors, it provides professional investment management for your portfolio for a minimum investment ($5,000). But what makes Schwab Intelligent Portfolios unique in the industry — and particularly among large brokerage firms — is that Schwab offers the service without charging fees. And with Schwab's family of financial services, it's a one-stop shop: You can have some of your portfolio professionally managed through Schwab Intelligent Portfolios while being free to take advantage of all of the other benefits that Schwab offers.
Wealthsimple is a solid addition to the current slate of robo advisors available. The service offers a socially responsible investment option, as well as assistance from a live representative. However, compared to other firms their fees are on the high side.
|Review||Charles Schwab Intelligent Portfolios Review||Wealthsimple Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||None||Up to $100 Bonus|
|Account Fees||None||Under $5k – FREE; $5k-$100k – 0.50%/year; $100k+ – 0.40%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, Custodial, SEP IRA, SIMPLE IRA, Trusts||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||Yes — All Taxable Accounts||Yes — All Taxable Accounts|
|Retirement Planning Tools||No||No|
|Automatic Deposits||Monthly, Bimonthly and Quarterly||Weekly, Biweekly and Monthly|
|Clearing Agency||N/A||Apex Clearing|
|Socially Responsible Investing||No||Yes|
|Invests in Commodities||Yes||No|
|Invests in Real Estate||Yes||Yes|
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: 24/7; Live Chat: 24/7; Email||Phone: M-F 9A-5:30P ET; Email|
|Assets Under Management||$27B||$1B|
|Number of Accounts||N/A||50K|
|Sign Up||Sign Up|