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 WiseBanyan.
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 WiseBanyan 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, WiseBanyan has annual fees of 0%.
When it comes to fees, both Wealthsimple and WiseBanyan are equal in annual fees.
Let's consider the minimum investment that's required to use both Wealthsimple and WiseBanyan.
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 WiseBanyan does not. If you are someone who wants help on your employee-sponsored retirement account, Wealthsimple will be your option.
|Review||Wealthsimple Review||WiseBanyan Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Up to $100 Bonus||None|
|Account Fees||Under $5k – FREE; $5k-$100k – 0.50%/year; $100k+ – 0.40%/year||None — Basic services are free|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts||Taxable, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||Yes — All Taxable Accounts||Yes — All Taxable Accounts|
|Retirement Planning Tools||No||No|
|Automatic Deposits||Weekly, Biweekly and Monthly||Weekly, Monthly and Quarterly|
|Clearing Agency||Apex Clearing||Apex Clearing|
|Socially Responsible Investing||Yes||No|
|Invests in Commodities||No||No|
|Invests in Real Estate||Yes||Yes|
How can you access the sevice? Website only? Via smartphone app?Access
|Website, iOS App, Apple Watch, Android App||Website, iOS App, Apple Watch, 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 8A-4P PT; Email|
|Assets Under Management||$1B||$94M|
|Number of Accounts||50K||25K|
|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.
WiseBanyan is a free robo advisor service with no hidden charges. The base service includes automatic portfolio rebalancing and low minimum deposit. From our testing, they are the cheapest service in their category. On the downside, we question if their business model is sustainable.