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 WiseBanyan and Betterment. 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 WiseBanyan and Betterment stack up against each
other on these features.
To start, we will compare the fees for trading with both robo
advisors. WiseBanyan has
annual fees at 0% fee per year. In
contrast, Betterment has annual fees of 0.25%.
WiseBanyan wins because their service is free to use.
Let's consider the minimum investment that's required to use both WiseBanyan and Betterment.
At $0, Betterment requires a smaller minimum deposit.
When it comes to supporting 401(k) plans, there is a clear line of division. Betterment does offer support for 401(k) plans, while WiseBanyan does not. If you are someone who wants input on your employee-sponsored retirement account, Betterment will be your option.
|Review||WiseBanyan Review||Betterment Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||None||Up To 1 Year Free|
|Account Fees||None — Basic services are free||Digital – 0.25%/year; Premium – 0.40%/year|
|Accounts Available||Taxable, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts, Non-Profit|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||— All Taxable Accounts||— All Taxable Accounts|
|Retirement Planning Tools|
|Automatic Deposits||Weekly, Monthly and Quarterly||Weekly, Biweekly 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 8A-4P PT; Email||Phone: M-Th 9A-8P, F 9A-6P ET; Live Chat: M-Th 9A-8P, F 9A-6P, Sat-Sun 11A-6P ET; Email|
|Assets Under Management||$94M||$12B|
|Number of Accounts||25K||393K|
|Sign Up||Sign Up|
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.
Betterment is a good starting point for beginner investors. The robo advisor has no minimum deposit and costs 0.25% annually. If you need the assistance, it recently added human advisors, who can assist with your retirement account. Unfortunately, its asset allocation excludes REITs or commodities.