New to investing? Sick of high account minimums? Tired of paying trading, management, and rebalancing fees? Axos Invest could be the solution to all of your investing frustrations.
After witnessing firsthand the often misaligned values of financial advisors and their clients, combined with too high minimum investment amounts, and unreasonable fees the idea for Axos Invest was born.
This company was founded by Herbert Moore and Vicki Zhou. It was previously called WiseBanyan before being acquired by Axos Bank.
Axos Invest is now the world’s first free financial advisor. But is it too good to be true? Let’s take a look.
Quick Summary
- Free robo-advisor platform
- Very competitive to the existing main-stream platforms
- Previously known as WiseBanyan
Axos Invest Details | |
|---|---|
Product Name | Axos Invest |
Min Invesment | $0 |
Annual Fee | $0 |
Account Type | Taxable, Roth IRA, Traditional IRA |
Promotions | Up to $20 |
How it Works
When you sign up to create an account with Axos Invest you’ll be put on a waitlist (which is pretty instant). You’ll be notified via email when you’re invited to create an account.
Upon creating an account you’ll be prompted to answer several investing related questions. These are scenario type questions in which you choose what you would do in the particular situation. Based on your answers Axos Invest will assign you a risk score from 1-10 with 1 having a low risk tolerance and 10 having a high risk tolerance.
But don’t worry - if you’re not comfortable with the risk score Axos Invest assigned you, you can change it.
Based on your risk score Axos Invest will automatically invest your money for you into a diversified portfolio..
Different Accounts & Initial Investment Amounts
Axos Invest offers several different types of investing accounts you can open, such as:
- Personal Investment
- Roth IRA
- SEP IRA
- Traditional IRA
The minimum investment is only $1 and you can create automatic contributions. Axos Invest will do the rest for you.
Axos Invest in Action
After answering the initial investing questions Axos Invest assigned me a risk score of 7.7. I felt that this was accurate.
Upon creating my account I chose to open up a personal investment account. Since I wasn’t sure how my money would be invested and was slightly skeptical, I chose to only deposit $10.
It took around 2 weeks for my initial deposit to be transferred to my Axos Invest account. I received correspondence letting me know that future transfers would only take around two days, which was reassuring.
After my money was deposited I logged back in to my account to see how it was invested. Here’s exactly where my money went:
I was very impressed. I didn’t know that $10 could be this well diversified!
I think Axos Invest is very cutting edge and I love that everything is free. With my personal investment account I’ll probably keep the stock picking to myself. However, I am going to set up my retirement accounts with Axos Invest and let them do the legwork for me.
From what I’ve seen and experienced so far I’d definitely recommend Axos Invest to others. Sign up for a Axos Invest account for free and get $20 when you sign up and stay for 6 months.
Would you give Axos Invest a try? Any thoughts on their services?
Axos Invest Review
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Commissions & Fees - 100
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Customer Service - 80
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Ease Of Use - 90
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Tools & Resources - 80
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Investment Options - 70
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Specialty Services - 40
Summary
Sick of high account minimums? Tired of paying fees? Axos Invest is the world’s first free financial advisor. Here’s our review.
Vicki says
Hi Alexa, welcome to the WiseBanyan community!
Thank you for your thoughtful review on WiseBanyan. Our team couldn’t be more excited about our mission to help individuals achieve their financial goals! Also thanks for your feedback, we are always working on making the WiseBanyan client experience even better. Since you signed up, we further streamlined the sign-up process and now initial deposits take 3-5 business days. And, like you mentioned, additional deposits are even faster than the initial.
The positive response from our community has been tremendous so far, and we are working on adding more great services onto WiseBanyan. I’m excited to hear more about your experience with WiseBanyan as we add these services. Feel free to reach out at any time!
Vicki Zhou,
Co-founder of WiseBanyan
Alexa Mason says
Thanks, Vicki. Everything has worked out great so far. I wish you nothing but the best!
Austintatious says
Alexa, are you at a point where you can offer a follow up review of WB? Thanks.
Alexa Mason says
It’s a pretty straightforward process. Kind of like a “set it and forget it” thing for me. Is there something specific you’d like to know? Just let me know and I’ll give you my opinion. Thanks!
Remy Wong says
Does WiseBanyan requires clients to set up target dates and target amounts for their goal(s) or is it more general where clients can just deposit/invest their money and let it grow without having a specific target date or target amount?
Robert Farrington says
You set milestones (which are like goals), but one of the goals is simply build wealth – which is the generic answer if you don’t have something specific.