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 WiseBanyan and SoFi Wealth Management. 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 WiseBanyan and SoFi Wealth Management stack up against each other on these threads.
To start, we will compare the fees for trading with both robo advisors. WiseBanyan has a fees starting at 0% fee per year. To contrast, SoFi Wealth Management has annual fees of 0%.
When it comes to fees, both WiseBanyan and SoFi Wealth Management are equal in starting fees.
Let's consider the minimum investment that's required to use both WiseBanyan and SoFi Wealth Management.
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, WiseBanyan gets a 8.5/10 rating, while SoFi Wealth Management gets a 8.5/10 rating. For more information on either service, you can read our full reviews on WiseBanyan and SoFi Wealth Management.
WiseBanyan is a free 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, we question if their business model is sustainable.
About SoFi Wealth Management
SoFi Wealth Management is an investment management service that combines robo investing with access to a human financial advisor. Accounts are free for SoFi borrowers and those with a portfolio below $10,000. SoFi Wealth Management focuses only on index fund investments to meet your financial goals, and you won't find tax loss harvesting.
|Review||WiseBanyan Review||SoFi Wealth Management Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Account Fees||None — Basic services are free||Free under $10k and SoFi Borrowers; 0.25%/year|
|Accounts Available||Taxable, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA||Taxable, Joint, Roth IRA, Traditional IRA, SEP IRA|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||Yes — All Taxable Accounts||No|
|Retirement Planning Tools||No||Yes|
|Automatic Deposits||Weekly, Monthly and Quarterly||Weekly, Biweekly, Monthly and Bimonthly|
|Clearing Agency||Apex Clearing||Apex Clearing|
|Socially Responsible Investing||No||No|
|Invests in Commodities||No||Yes|
|Invests in Real Estate||Yes||Yes|
How can you access the sevice? Website only? Via smartphone app?Access
|Website, iOS App, Apple Watch, Android App||Website, iOS App, Android App|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone: M-F 8A-4P PT; Email||Phone: M-Th 7A-5P, F 7A-4P PT; Live Chat: M-Th 7A-5P, F 7A-4P PT; Email|
|Assets Under Management||$94M||$12M|
|Number of Accounts||25K||2K|
|Sign Up||Sign Up|