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 Swell Investing 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 Swell Investing and Wealthsimple stack up against each
other on these features.
To start, we will compare the fees for trading with both robo
advisors. Swell Investing has
annual fees at 0.75% fee per year. In
contrast, Wealthsimple has annual fees of 0.40%.
When it comes to fees, Wealthsimple is the cheaper service.
Let's consider the minimum investment that's required to use both Swell Investing 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 Swell Investing does not. If you are someone who wants input on your employee-sponsored retirement account, Wealthsimple will be your option.
|Review||Swell Investing Review||Wealthsimple Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Invest for Free for 1 Year With Promo Code "MAY5K"||Up to $100 Bonus|
|Account Fees||0.75%/year||$0 to $100k – 0.50%/year; $100k+ – 0.40%/year|
|Accounts Available||Taxable, Roth IRA, Traditional IRA, 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|
|Retirement Planning Tools|
|Automatic Deposits||Weekly, Monthly||Weekly, Biweekly and Monthly|
|Clearing Agency||Folio Institutional||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||Website, iOS App, Apple Watch, Android App|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone: M-F 9-5 PT; Email||Phone: M-F 9A-5:30P ET; Email|
|Assets Under Management||$7M||$2B|
|Number of Accounts||18||65K|
|Sign Up||Sign Up|
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.
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.