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 Merrill Edge Guided Investing (MEGI).
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 Merrill Edge Guided Investing (MEGI) 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, Merrill Edge Guided Investing (MEGI) has annual fees of 0.45%.
Wealthsimple wins because their service is free to use.
Let's consider the minimum investment that's required to use both Wealthsimple and Merrill Edge Guided Investing (MEGI).
At $0, Wealthsimple requires a smaller 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 Merrill Edge Guided Investing (MEGI) does not. If you are someone who wants help on your employee-sponsored retirement account, Wealthsimple will be your option.
Overall, Wealthsimple rates 8.5 out of 10, while Merrill Edge Guided Investing (MEGI) ranks 8 out of 10. For more information on either, you can read our full reviews on Wealthsimple and Merrill Edge Guided Investing (MEGI).
|Review||Wealthsimple Review||Merrill Edge Guided Investing (MEGI) Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Up to $100 Bonus||None|
|Account Fees||$0 to $100k – 0.50%/year; $100k+ – 0.40%/year||0.45%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, Custodial, SEP IRA, SIMPLE IRA, 401(k), Solo 401(k), 529|
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, Biweekly and Monthly|
|Clearing Agency||Apex Clearing||Merrill Lynch|
|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: 24/7; Live Chat: 24/7; Email|
|Assets Under Management||$2B||$0|
|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 Merrill Edge Guided Investing (MEGI)
MEGI is a robo advisor that combines automated investing with active management of your portfolio. It invests your money in index-based ETFs, but it actively manages your portfolio allocation. This gives you an opportunity to both outperform the market and minimize losses in a downturn. The major negative is that the management fee is higher than those of most other robo advisors. But the active management component may very well justify the higher fee.