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 Wealthsimple and Betterment.
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 Wealthsimple and Betterment stack up against each other on these features.
To start, we will compare the fees for trading with both robo
advisors. Wealthsimple has
annual fees at 0% fee per year. In
contrast, Betterment has annual fees of 0.25%.
Wealthsimple wins because their service is free to use.
Let's consider the minimum investment that's required to use both Wealthsimple and Betterment.
At $0, both services have the same minimum deposit.
Both Wealthsimple and Betterment have the same $0 minimum deposit.
Both Wealthsimple and Betterment can help assist with your 401(k) plan.
|Review||Wealthsimple Review||Betterment Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Up to $100 Bonus||Up To 1 Year Free|
|Account Fees||Under $5k – FREE; $5k-$100k – 0.50%/year; $100k+ – 0.40%/year||Digital – 0.25%/year; Premium – 0.40%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts, Non-Profit|
|Advice||Human Assisted||Human Assisted|
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 and Monthly||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, 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 9A-5:30P ET; Email||Phone: M-Th 9A-8P, F 9A-6P ET; Live Chat: M-Th 9A-8P, F 9A-6P, Sat-Sun 11A-6P ET; Email|
|Assets Under Management||$2B||$13B|
|Number of Accounts||65K||444K|
|Sign Up||Sign Up|
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.
Betterment is a good starting point for beginner investors. The robo advisor has no minimum deposit and costs 0.25% annually. If you need the assistance, it recently added human advisors, who can assist with your retirement account. Unfortunately, its asset allocation excludes REITs or commodities.