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 Wealthsimple and Ellevest. 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 Wealthsimple and Ellevest 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, Ellevest 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 Ellevest.
At $0, both services have the same minimum deposit.
Both Wealthsimple and Ellevest have the same $0 minimum deposit.
Both Wealthsimple and Ellevest can help assist with your 401(k) plan.
|Review||Wealthsimple Review||Ellevest Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Up to $100 Bonus||Get up to $750 Cash Back|
|Account Fees||$0 to $100k – 0.50%/year; $100k+ – 0.40%/year||0.25%/year; Premium - 0.50%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts||Taxable, Roth IRA, Traditional IRA|
|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|
|Retirement Planning Tools|
|Automatic Deposits||Weekly, Biweekly and Monthly||Monthly, Bimonthly and Quarterly|
|Clearing Agency||Apex Clearing||Folio|
|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|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone: M-F 9A-5:30P ET; Email||Phone; Email|
|Assets Under Management||$2B||$91M|
|Number of Accounts||65K||12K|
|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.
Ellevest is a robo advisor investing platform that targets women specifically. It can offer custom plans that are tailored to the needs of women. A good argument can be made for the necessity for taking women's particular situations into accounts. After all, they tend to live longer yet earn less. However, is a completely separate robo advisor really needed? We'll let you be the judge after reading our review.