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 M1 Finance 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 M1 Finance and WiseBanyan stack up against each other on these threads.
To start, we will compare the fees for trading with both robo advisors. M1 Finance has a fees starting at 0% fee per year. To contrast, WiseBanyan has annual fees of 0%.
When it comes to fees, both M1 Finance and WiseBanyan are equal in starting fees.
Let's consider the minimum investment that's required to use both M1 Finance and WiseBanyan.
At $0, M1 Finance requires a smaller minimum deposit.
Unfortunately, neither service offers assistance with your 401(k) and you will have to find another service if this is a requirement for you.
About M1 Finance
Combining the best of both traditional investment brokerage accounts and robo advisors, M1 Finance is dangerously close to being the perfect all-around investment platform. The only significant negatives are that it does not offer tax-loss harvesting or investment in mutual funds.
WiseBanyan is a free 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, we question if their business model is sustainable.
|Review||M1 Finance Review||WiseBanyan Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Invest for FREE||None|
|Account Fees||None||None — Basic services are free|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts||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||No||Yes — All Taxable Accounts|
|Retirement Planning Tools||No||No|
|Automatic Deposits||Daily, Weekly, and Monthly||Weekly, Monthly and Quarterly|
|Clearing Agency||Apex Clearing||Apex Clearing|
|Socially Responsible Investing||Yes||No|
|Invests in Commodities||No||No|
|Invests in Real Estate||No||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: M-F 9A-5P CT; Email||Phone: M-F 8A-4P PT; Email|
|Assets Under Management||$30M||$94M|
|Number of Accounts||N/A||25K|
|Sign Up||Sign Up|