WiseBanyan Reviews - What Is It?
WARNING: DO NOT BUY WiseBanyan Until You Read This Review!
Is it a Scam? Does It Really Work?
WiseBanyan is a no-fee robo-advisor available for iOS and Android that increases your invested amount of money through a number of special mathematical equations (algorithms). The latter adjust your portfolio (mixture of bonds, stocks, cash, etc.) in an automatic way. People can put their funds in a personal investment account, Traditional, Roth, or SEP IRA retirement accounts. It is not a revolutionary concept; however, it is new and worth your attention. There are some other robo-advisors on the market (WealthFront, Betterment, Acorns). But is there anything that differentiates WiseBanyan from others? Let's try to answer this question by looking at the features of this robo-advisor. But first of all, let's take a look at its background. Well, it was founded in 2013 by Vicki Zhou, a former financial services VP and analyst, and Herbert Moore, a former financial services CIO and VP. Earlier, these guys worked together at Archipelago Capital management. Both of them have a solid background in the financial sphere and managed to create a unique app that has become the primary platform of this robo-advisor.
WiseBanyan's app requires your signing up by providing some basic personal information. You will also need to provide access to your bank account through which you are going to make deposits to your investment account. Your account can be launched with a $1 initial deposit. This money is then used to purchase exchange-traded funds (ETFs), a collection of bonds, stocks, and other elements making the growth of funds on the stock market successful. After you have signed up, you will be suggested one of their four investment portfolios called "milestones". The one you choose will provide you with a desired potential return and amount of risk. You can adjust your stock/bond allocation for a milestone any moment, and your auto-deposit will update automatically. These four investment portfolios include Rainy Day, Custom, Retirement, and Build Wealth. Each of them has a certain rate and a certain amount of risk.
Customer Reviews - Does WiseBanyan Really Work?
Before making a decision whether this is a right investment app for you it is wise to take a look at the general opinion of real consumers. Several leading websites have reviewed the WiseBanyan app, thus, you can find plenty of customer reviews, especially when you search the app's Google and Apple download pages. We are going to discuss separately the reviews left by experts and those left by consumers. The experts have given good ratings in general. Investor Junkie's Carrie Smith made his review in Oct. 2016 and gave the app 3.5 stars. Common compliments referenced the app's high functionality, but the woman had a question whether the company is sustainable with their no-fee platform. This was the reason she reduced the general rating. Investment Zen gave WiseBanyan app 4 stars, saying that the ETFs that make up its portfolios are very similar to the ones used by other robo-advisors. The difference in long-term performance of diverse portfolios is miserable, but this claim has not been proven yet. NerdWallet's Arielle Shea gave WiseBanyan app 4 stars, explaining that the four investment options are a little limited, but the app's fee-free IRA management is a great advantage.
Generally, the customers of the app appear to be quite happy with their experience. As it was mentioned earlier, the app's Google and Apple app download pages contain the biggest number of consumer reviews. WiseBanyan's Android app can boast solid reviews, with an average rating of 4.5 stars from 95 customers. Most positive reviews emphasized the ease of using the app, but there were those who weren't as happy with the app, namely returns they were getting on their investment. The app has been installed up to 10,000 times, according to WiseBanyan's Google Play page. iTunes Store offers even better consumer reviews for WiseBanyan. 74 iPhone users gave the app a 5-star rating. Most of them repeatedly remarked how easy the app was to use. People like the fact that it is a no-fee investment service that offers different products that generate income. Those services include Tax-Loss Harvesting that helps to deduct and tack any investment losses automatically. This service comes with a 0.25% monthly fee on your investment amount, with a cap of $20 a month. Another service involves Transferring Your Account to Another Broker. A "broker" is responsible for holding your investment money and processing transactions. This broker is called Apex Clearing. It works with some other robo-advisors. If you invest with WiseBanyan and suddenly decide to move your funds to another broker, Apex will charge you $75. Here are some testimonials left by people who have used the app in real life.
"Wise Banyan seems to be the best option for me. I am a new investor and I was looking for something that would be easy but effective. This app meets my needs completely. I started investing with no account minimums. There are no management fees but I can buy fractional shares for just $10. This helped me to get a highly diversified portfolio that perfectly matches the modern investment market. The account has SIPC protection that covers up to $500,000. I am happy with my choice."
"I was looking for an easy yet reliable way to invest my money online, as I don't have time to go to bans. This was when I found WiseBanyan on the Internet. I found out that it is a strong contender that provides completely automated investment tools. The lack of any management fees makes it even more attractive for me, as I can save a lot of money each month. I also like their easy-to-use website and high investment performance."
"Wisebanyan is the most suitable free robo-advisor service for me, as it meets my financial needs in the sphere of investment. But it won't be very suitable for taxable accounts. Their official website is fully functional and easy-to-use. It delivers on its claim to provide free automated portfolio management. I will certainly recommend this app to all of my friends."
My Final Summary
This robo-advisor presents a new way of investing money. It offers a lot of advantages. You don't have to go to the office and physically meet a financial advisor. All you will need to do is to download an app in a matter of minutes and start investing your funds. The modern financial market is full of robo-advisors, but not all of them can be trusted. WiseBanyan seems to be very reliable, based on numerous positive user reviews.
WiseBanyan comes with a lower AUM - under $50 million, but it doesn't mean the company isn't trustworthy. This robo-advisor is a good choice for people who have extra cash to invest but don't have time to go to banks. WiseBanyan will allow you to set automatic deposits, pick the necessary strategy, and implement tax-loss harvesting. You won't need to do much work. If you feel like this robo-advisor is suitable for you, I am sure that WiseBanyan is a great place to invest money. I do recommend this robo-advisor.
WiseBanyan Pricing and Rates
Technically speaking, this robo-advisor offers no-fee investing; but its broer Apex Clearing charges fees for the following things. Wire transfer to a foreign bank is worth $50, Wire transfer to a domestic bank costs $25, Returned checks, ACH payments or transfers cost $30. You will need to pay $5 for Paper check deposits.