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 OpenInvest and Swell Investing.
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 OpenInvest and Swell Investing stack up against each other on these features.
To start, we will compare the fees for trading with both robo
advisors. OpenInvest has
annual fees at 0.5% fee per year. In
contrast, Swell Investing has annual fees of 0.75%.
When it comes to fees, OpenInvest is the cheaper service.
Let's consider the minimum investment that's required to use both OpenInvest and Swell Investing.
At $50, Swell Investing 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.
|Review||OpenInvest Review||Swell Investing Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||None||Invest for Free for 1 Year With Promo Code "MAY5K"|
|Account Fees||0.50% (plus an additional 0.22% if you opt for the green bond fund)||0.75%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, Custodial, SEP IRA||Taxable, Roth IRA, Traditional 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, Monthly, Bimonthly, Quarterly and Yearly||Weekly, Monthly|
|Clearing Agency||Apex Clearing||Folio Institutional|
|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: M-F 9A-5P PT; Email||Phone: M-F 9-5 PT; Email|
|Assets Under Management||$0||$7M|
|Number of Accounts||N/A||18|
|Sign Up||Sign Up|
OpenInvest is a low-fee robo advisor that lets investors weigh their portfolios based on their ethical concerns. Instead of customers funding pre-built portfolios, with OpenInvest, they can customize their portfolio to match their values. While it isn’t the cheapest platform out there, it does offer competitive pricing and could be good for passive investors who want a little more say in where their money goes.
About Swell Investing
Swell Investing was created to help users invest in socially responsible stocks. These include investments in alternative energy, clean water and healthy living. Swell requires a minimum investment of only $50, which makes it appealing and accessible to new and younger investors. On the downside, Swell's management fee runs a bit steep, and the service lacks some features of other robo advisors such as tax-loss harvesting.