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 TD Ameritrade Essential Portfolios. 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 TD Ameritrade Essential Portfolios 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, TD Ameritrade Essential Portfolios has annual fees of 0.30%.
WiseBanyan wins because their service is free to use.
Let's consider the minimum investment that's required to use both WiseBanyan and TD Ameritrade Essential Portfolios.
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.
Overall, WiseBanyan rates 8.5 out of 10, while TD Ameritrade Essential Portfolios ranks 7 out of 10. For more information on either, you can read our full reviews on WiseBanyan and TD Ameritrade Essential Portfolios.
|Review||WiseBanyan Review||TD Ameritrade Essential Portfolios Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Account Fees||None — Basic services are free||0.30%/year|
|Accounts Available||Taxable, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, Custodial, SEP IRA, SIMPLE IRA, Trusts, 529, Coverdell|
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||Yes|
|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, Android App|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone: M-F 8A-4P PT; Email||Phone — 24/7; Live Chat — 24/7; 100+ Local Branches|
|Assets Under Management||$94M||$0|
|Number of Accounts||25K||N/A|
|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.
About TD Ameritrade Essential Portfolios
With TD Ameritrade's robo advisor, you can take advantage of having at least some of your portfolio professionally managed while you maintain other self-directed investments. The advisory fee is reasonable, and the company offers local branches as a point of contact. However, details of the service's asset allocation remain cloudy.