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 M1 Finance.
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 M1 Finance 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 0.40% fee per year. In
contrast, M1 Finance has annual fees of 0%.
When it comes to fees, M1 Finance wins by not charging anything to use their service.
Let's consider the minimum investment that's required to use both Wealthsimple and M1 Finance.
At $0, both services have the same minimum deposit.
Both Wealthsimple and M1 Finance have the same $0 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 M1 Finance does not. If you are someone who wants help on your employee-sponsored retirement account, Wealthsimple will be your option.
|Review||Wealthsimple Review||M1 Finance Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Up to $100 Bonus||Invest for FREE|
|Account Fees||$0 to $100k – 0.50%/year; $100k+ – 0.40%/year||None|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts||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, Biweekly and Monthly||Daily, Weekly, 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-F 9A-5P CT; Email|
|Assets Under Management||$2B||$30M|
|Number of Accounts||65K||N/A|
|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.
About M1 Finance
Combining the best of both traditional investment brokerage accounts and robo advisors, M1 Finance is dangerously close to being the perfect all-around investment platform. The only significant negatives are that it does not offer tax-loss harvesting or investment in mutual funds.