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 Wealthsimple.
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 Wealthsimple 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, Wealthsimple has annual fees of 0%.
When it comes to fees, Wealthsimple wins by not charging anything to use their service.
Let's consider the minimum investment that's required to use both OpenInvest and Wealthsimple.
At $0, Wealthsimple requires a smaller minimum deposit.
When it comes to supporting 401(k) plans, there is a clear line of division. Wealthsimple does offer support for 401(k) plans, while OpenInvest does not. If you are someone who wants input on your employee-sponsored retirement account, Wealthsimple will be your option.
|Review||OpenInvest Review||Wealthsimple Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||None||Up to $100 Bonus|
|Account Fees||0.50% (plus an additional 0.22% if you opt for the green bond fund)||$0 to $100k – 0.50%/year; $100k+ – 0.40%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, Custodial, SEP IRA||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||— All Taxable Accounts||— All Taxable Accounts|
|Retirement Planning Tools|
|Automatic Deposits||Daily, Weekly, Biweekly, Monthly, Bimonthly, Quarterly and Yearly||Weekly, Biweekly and Monthly|
|Clearing Agency||Apex Clearing||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: M-F 9A-5P PT; Email||Phone: M-F 9A-5:30P ET; Email|
|Assets Under Management||$0||$2B|
|Number of Accounts||N/A||65K|
|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.
Wealthsimple is a solid addition to the current slate of robo advisors available. The service offers a socially responsible investment option, as well as assistance from a live representative. However, compared to other firms their fees are on the high side.