WiseBanyan - Legit Investing Advice? [Review]

Looking for more information on WiseBanyan?

I’ve been taking a closer look at the financial advisors WiseBanyan to learn more about them and see whether they are a legitimate resource for investment advice.

You can find my honest review sharing my findings below.

Before I start…

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WiseBanyan Review

WiseBanyan is one of the lowest-cost financial advisors that provide you with a unique but new approach to investing.

Does it sound like a good idea? Well, the whole idea came about when the founders, Vicki Zhou, and Herbert Moore realized that a number of companies were trying to “appify” their investments.

wisebanyan

After witnessing what looked like often-misaligned values regarding financial advisors with their clients coupled with higher investment amounts and fees, Moore and Zhou came up with an idea of creating something better.

That is how WiseBanyan came into existence.

By the way WiseBanyan is just 1 of many financial advice and investment services I have been writing about lately. If investing is your thing then be sure to take a look at my Roofstock real estate review and Realty Mogul article.

What is WiseBanyan?

According to Simon Lee (Finance Specialist for the WiseBanyan), automation and simplification are the two essential parts of WiseBanyan. Apart from that, he explains that they also give a personalized touch by assigning their clients with a personal finance expert. Despite all that, there is no minimum portfolio balance required to allow investors to lay their hands on their future investment plans.

Apparently, all the annoying parts regarding investing were removed and replaced with some improvement on the good stuff.

This means that WiseBanyan is more of a betterment version that does not require you to pay fees for the taxable accounts. Instead, your money is taken and invested on your behalf by buying the portfolio of ETFs and at the same time, managing all dividends as well as rebalancing in relation to your choices.

Most importantly, WiseBanyan is insured under SIPC and registered with SEC AND FINRA which are financial regulatory agencies. But all your investments with WiseBanyan are not FDIC insured. What happens is that they use Apex Clearing Corp. (their cleaning firm) to hold your investment with them.

However, you will need $10 at the minimum to open an account with them whereby you will not be required to pay an annual fee for the basic services. What is required of you to pay, in this case, is the annual fees for EFTs recommended by WiseBanyan.

WiseBanyan Fees and Features

Tax Protection: WiseBanyan has incorporated several features such IRAs, Selective Trading and WiseHarvesting into a single premium package that is designed to safeguard your returns against taxes. All you need to do is to pay a monthly fee of $ 20, which is 0.02% of your account value on average.

Fully Automated Platform: It performs all the investment selections, identification of trades and rebalancing opportunities.

The Two-Factor Authentication: You will receive a verification code to your mobile phone any time you want to update or have an access to your personal information. For you to activate the two-step verification, you need to access the “Security Information” in the profile settings.

Milestones: It is similar to the Betterment’s goal setting but it is more restrictive. Just step up your financial achievements and let WiseBanyan monitor, automate and rebalance your deposits on your behalf. You can settle for any of the following goals; Rainy Day, Custom, Build Wealth or Retirement.

Creating an account with WiseBanyan

The process is simple and straightforward. What you need to do is to answer a few questions related to investing to assess your financial goals and risks. It is advisable that you answer the questions in an honest manner so that WiseBanyan can award you a risk score between 1 and 10 whereby 1 is the lowest risk tolerance while 10 is the highest. After you have successfully opened the account, WiseBanyan will immediately start investing your cash into a portfolio that is diversified.

WiseBanyan Portfolio

WiseBanyan uses more of the Charles Schwab ETFs in the making of their portfolio. The unfortunate part of it is the bond portion in their portfolio. This portion is centered more into corporate bonds which turn out to be sensitive to inflation and hikes in rates from the Federal Reserve. But on the positive aspect of it, WiseBanyan has REIT ETF that enables it to invest in the real estate which does not normally correlate to bonds or stocks.

After the calculation of your risk score, the next thing you will be required to do is to submit your bank account details. The rest of the tasks will be performed by WiseBanyan for you. The moment your new account is funded (after two weeks), the software will automatically create a diversified portfolio that will be based on your previous answers to the questions asked when creating an account.

Pros

No annual fee
There are fractional shares
Low minimum deposit to open an account
Automatic rebalancing
Cash position

Cons

The same portfolio for all goal
There are no bonds
There is a need to pay for the premium package when investing in IRA

WiseBanyan – Conclusion

You only require $ 10 to get started with WiseBanyan and everything will be done for you. That is why you need to consider starting your investment with WiseBanyan to enjoy their benefits. All in all it’s not a bad service, in fact quite the opposite.

Can I recommend it? If this is what you are looking for then yes you have no reason not to trust them as a company, but it really depends on your own circumstances of which I obviously don’t know.

Before you leave

If you’re tired of scams and want a real solution for making money online check out my recommendation below.

It’s helped me earn over $300k in the last 12 months alone:

Go here to see my no.1 recommendation for making money online

(This is a 100% free training)

Mark Charles

Mark Charles is the founder of NoBSIMReviews and has been making a 6-figure income online for over 10 years.

After reviewing 1000’s of programs, he knows what works and what doesn’t:

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