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 Merrill Edge Guided Investing (MEGI) and Ellevest.
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 Merrill Edge Guided Investing (MEGI) and Ellevest stack up against each other on these features.
To start, we will compare the fees for trading with both robo
advisors. Merrill Edge Guided Investing (MEGI) has
annual fees at 0.45% fee per year. In
contrast, Ellevest has annual fees of 0.25%.
When it comes to fees, Ellevest is the cheaper service.
Let's consider the minimum investment that's required to use both Merrill Edge Guided Investing (MEGI) and Ellevest.
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 Merrill Edge Guided Investing (MEGI) does not. If you are someone who wants input on your employee-sponsored retirement account, Ellevest will be your option.
Overall, Merrill Edge Guided Investing (MEGI) rates 8 out of 10, while Ellevest ranks 7.5 out of 10. For more information on either, you can read our full reviews on Merrill Edge Guided Investing (MEGI) and Ellevest.
|Review||Merrill Edge Guided Investing (MEGI) Review||Ellevest Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||None||Get up to $750 Cash Back|
|Account Fees||0.45%/year||0.25%/year; Premium - 0.50%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, Custodial, SEP IRA, SIMPLE IRA, 401(k), Solo 401(k), 529||Taxable, Roth IRA, Traditional IRA|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting|
|Retirement Planning Tools|
|Automatic Deposits||Daily, Weekly, Biweekly and Monthly||Monthly, Bimonthly and Quarterly|
|Clearing Agency||Merrill Lynch||Folio|
|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|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone: 24/7; Live Chat: 24/7; Email||Phone; Email|
|Assets Under Management||$0||$91M|
|Number of Accounts||N/A||12K|
|Sign Up||Sign Up|
About Merrill Edge Guided Investing (MEGI)
MEGI is a robo advisor that combines automated investing with active management of your portfolio. It invests your money in index-based ETFs, but it actively manages your portfolio allocation. This gives you an opportunity to both outperform the market and minimize losses in a downturn. The major negative is that the management fee is higher than those of most other robo advisors. But the active management component may very well justify the higher fee.
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.