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 FutureAdvisor. 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 FutureAdvisor 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, FutureAdvisor has annual fees of 0.50%.
Wealthsimple wins because their service is free to use.
Let's consider the minimum investment that's required to use both Wealthsimple and FutureAdvisor.
At $0, Wealthsimple requires a smaller minimum deposit.
Both Wealthsimple and FutureAdvisor can help assist with your 401(k) plan.
Overall, Wealthsimple rates 8 out of 10, while FutureAdvisor ranks 7 out of 10. For more information on either, you can read our full reviews on Wealthsimple and FutureAdvisor.
Robo-Advisor | ||
|---|---|---|
| Review | Wealthsimple Review | FutureAdvisor Review |
| Overall rating as by Investor Junkie. Rating | 8/10 | 7/10 |
| Commissions & Fees | 7/10 | 6/10 |
| Customer Service | 8/10 | 8/10 |
| Ease of Use | 8.5/10 | 8.5/10 |
| Tools & Resources | 8/10 | 8/10 |
| Investment Options | 8/10 | 7.5/10 |
| Asset Allocation | 8/10 | 8/10 |
| Promotions | Up to $100 Bonus | None |
| Minimum Investment | $0 | $10,000 |
| Account Fees | $0 to $100k – 0.50%/year; $100k+ – 0.40%/year | 0.50%/year |
| Accounts Available | Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts | Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, 529, Coverdell |
| Advice | Human Assisted | Automated |
Does the robo-advisor offer assistance with your employer sponsored retirement plan? 401(k) Guidance |  | |
| Tax Loss Harvesting | — All Taxable Accounts | — All Taxable Accounts |
| Portfolio Rebalancing | | |
| Retirement Planning Tools |  | |
| Automatic Deposits | Weekly, Biweekly and Monthly | Daily, Weekly, Biweekly, Monthly, Bimonthly and Quarterly |
| Clearing Agency | Apex Clearing | Apex Clearing |
| Self Clearing | | |
| Smart Beta | | |
| Socially Responsible Investing | | |
| Invests in Commodities | | |
| Invests in Real Estate | | |
| Fractional Shares | | |
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-F 8:30A-5P PT; Email |
| Assets Under Management | $2B | $1B |
| Number of Accounts | 65K | 7K |
Sign Up | Sign Up | Sign Up |
About Wealthsimple
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.
About FutureAdvisor
FutureAdvisor lets you test-drive its service for free and is one of the few robo advisors that can manage your 529 college savings plan. However, the bad news is the service's fees are higher than those of most of its competition.
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