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 Merrill Edge Guided Investing (MEGI) 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 Merrill Edge Guided Investing (MEGI) and WiseBanyan 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, 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 Merrill Edge Guided Investing (MEGI) and WiseBanyan.
At $1, WiseBanyan 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.
Overall, Merrill Edge Guided Investing (MEGI) rates 8 out of 10, while WiseBanyan ranks 8.5 out of 10. For more information on either, you can read our full reviews on Merrill Edge Guided Investing (MEGI) and WiseBanyan.
|Review||Merrill Edge Guided Investing (MEGI) Review||WiseBanyan Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Account Fees||0.45%/year||None — Basic services are free|
|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, 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||Daily, Weekly, Biweekly and Monthly||Weekly, Monthly and Quarterly|
|Clearing Agency||Merrill Lynch||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: 24/7; Live Chat: 24/7; Email||Phone: M-F 8A-4P PT; Email|
|Assets Under Management||$0||$153M|
|Number of Accounts||N/A||35K|
|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.
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.