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 SigFig and Wealthsimple. 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 SigFig and Wealthsimple stack up against each other on these threads.
To start, we will compare the fees for trading with both robo advisors. SigFig has a fees starting at 0.00% fee per year. To contrast, Wealthsimple has annual fees of 0%.
When it comes to fees, both SigFig and Wealthsimple are equal in starting fees.
Let's consider the minimum investment that's required to use both SigFig and Wealthsimple.
At $0, Wealthsimple requires a smaller minimum deposit.
When it comes to support for 401(k) plans, there is a clear line of division. Wealthsimple does offer support for 401(k) plans, while SigFig does not. If you are someone who wants input on your employee-sponsored retirement account, Wealthsimple will be your option.
SigFig is a robo advisor service that offers asset management, diversified income, and portfolio tracking. Altogether, SigFig itself isn't a bad service, and its Portfolio Tracker is free. But the recommendations it makes seem simple at best. There are other robo advisors available with more functionality.
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.
|Review||SigFig 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||First $10k managed free; 0.25%/year for $10k+; 0.50% for Diversified Income Portfolio||Under $5k – FREE; $5k-$100k – 0.50%/year; $100k+ – 0.40%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, SIMPLE 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||Yes — All Taxable Accounts||Yes — All Taxable Accounts|
|Retirement Planning Tools||No||No|
|Automatic Deposits||Daily, Weekly, Monthly, Bimonthly and Quarterly||Weekly, Biweekly and Monthly|
|Clearing Agency||N/A||Apex Clearing|
|Socially Responsible Investing||No||Yes|
|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, Apple Watch, 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 6A–6P PT; Live Chat: M–F 6A–6P PT; Email||Phone: M-F 9A-5:30P ET; Email|
|Assets Under Management||$120M||$1B|
|Number of Accounts||3K||50K|
|Sign Up||Sign Up|