We've reviewed many investing and personal finance services. We want to help you make the best decision of which service best suits your needs.
This comparison we review Ellevest and WiseBanyan.
From our research, annual fees, minimum deposit, and 401(k) support the most important
features which choosing a robo advisor. Let's look at how Ellevest and WiseBanyan stack up against each other on these features.
To start, we will compare the fees for trading with both robo
advisors. Ellevest 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 Ellevest and WiseBanyan.
At $0, Ellevest requires a smaller minimum deposit.
When it comes to supporting 401(k) plans, there is a clear line of division. Ellevest does offer support for 401(k) plans, while WiseBanyan does not. If you are someone who wants help on your employee-sponsored retirement account, Ellevest will be your option.
|Review||Ellevest Review||WiseBanyan Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Get up to $750 Cash Back||None|
|Account Fees||0.25%/year; Premium - 0.50%/year||None — Basic services are free|
|Accounts Available||Taxable, Roth IRA, Traditional IRA||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|
|Retirement Planning Tools|
|Automatic Deposits||Monthly, Bimonthly and Quarterly||Weekly, Monthly and Quarterly|
|Clearing Agency||Folio||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||Website, iOS App, Apple Watch, Android App|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone; Email||Phone: M-F 8A-4P PT; Email|
|Assets Under Management||$25M||$94M|
|Number of Accounts||5K||25K|
|Sign Up||Sign Up|
Ellevest is a robo advisor investing platform that targets women specifically. It can offer custom plans that are tailored to the needs of women. A good argument can be made for the necessity for taking women's particular situations into accounts. After all, they tend to live longer yet earn less. However, is a completely separate robo advisor really needed? We'll let you be the judge after reading our review.
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.