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 Swell Investing. 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 Swell Investing 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, Swell Investing has annual fees of 0.75%.
Wealthsimple wins because their service is free to use.
Let's consider the minimum investment that's required to use both Wealthsimple and Swell Investing.
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 Swell Investing does not. If you are someone who wants help on your employee-sponsored retirement account, Wealthsimple will be your option.
|Review||Wealthsimple Review||Swell Investing Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Up to $100 Bonus||Get $50 With Promo Code "EARTH50"|
|Account Fees||Under $5k – FREE; $5k-$100k – 0.50%/year; $100k+ – 0.40%/year||0.75%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts||Taxable, Roth IRA, Traditional IRA, SEP IRA|
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||Weekly, Monthly|
|Clearing Agency||Apex Clearing||Folio Institutional|
|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: M-F 9-5 PT; Email|
|Assets Under Management||$2B||$7M|
|Number of Accounts||65K||18|
|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 Swell Investing
Swell Investing was created to help users invest in socially responsible stocks. These include investments in alternative energy, clean water and healthy living. Swell requires a minimum investment of only $50, which makes it appealing and accessible to new and younger investors. On the downside, Swell's management fee runs a bit steep, and the service lacks some features of other robo advisors such as tax-loss harvesting.