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 Wealthfront and WiseBanyan. 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 Wealthfront and WiseBanyan stack up against each
other on these features.
To start, we will compare the fees for trading with both robo
advisors. Wealthfront has
annual fees at 0.25% fee per year. In
contrast, WiseBanyan has annual fees of 0%.
When it comes to fees, WiseBanyan wins by not charging anything to use their service.
Let's consider the minimum investment that's required to use both Wealthfront and WiseBanyan.
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.
|Review||Wealthfront Review||WiseBanyan Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||$5k Managed for Free||None|
|Account Fees||First $10k managed free; 0.25%/year for $10k+||None — Basic services are free|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts, Non-Profit, 529||Taxable, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA|
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||Weekly, Biweekly, Monthly and Quarterly||Weekly, Monthly and Quarterly|
|Clearing Agency||RBC||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 7A-5P PT; Email||Phone: M-F 8A-4P PT; Email|
|Assets Under Management||$10B||$94M|
|Number of Accounts||244K||25K|
|Sign Up||Sign Up|
Wealthfront is a robo advisor that emphasizes low fees and automated investing. The service shines when you have a taxable account, and the service is free for accounts under $10k. The negative is it doesn't support fractional shares.
WiseBanyan is a 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, you must pay a premium if you want to open an IRA.