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 WiseBanyan and SigFig.
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 WiseBanyan and SigFig 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, SigFig has annual fees of 0.00%.
When it comes to fees, both WiseBanyan and SigFig are equal in annual fees.
Let's consider the minimum investment that's required to use both WiseBanyan and SigFig.
At $1, WiseBanyan requires a smaller minimum deposit.
Unfortunately, neither service offers assistance with your 401(k) and you will have to find another service if this is a requirement for you.
|Review||WiseBanyan Review||SigFig Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Account Fees||None — Basic services are free||First $10k managed free; 0.25%/year for $10k+; 0.50% for Diversified Income Portfolio|
|Accounts Available||Taxable, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, SIMPLE IRA|
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||Daily, Weekly, Monthly, Bimonthly and Quarterly|
|Clearing Agency||Apex Clearing||N/A|
|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, Apple Watch, 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–F 6A–6P PT; Live Chat: M–F 6A–6P PT; Email|
|Assets Under Management||$94M||$120M|
|Number of Accounts||25K||3K|
|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.
SigFig is a robo advisor service that offers asset management, diversified income, and portfolio tracking. Altogether, SigFig itself isn't a bad service, and its Portfolio Tracker is free. But the recommendations it makes seem simple at best. There are other robo advisors available with more functionality.