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Home » Money » Financial Planning » Nest Egg Review: Investment Planning For Local Bank Customers

Nest Egg Review: Investment Planning For Local Bank Customers

Updated: July 20, 2020 By Robert Farrington

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nest egg

Does investing in the stock market seem like a black box to you? Sure, you can hire an investment advisor for guidance, but that can get expensive. You can also go the robo-advisor route if you're comfortable with fully-automated advice. Another alternative is Nest Egg. 

Nest Egg is a robo-advisor that also offers the option to speak with a live person when needed. To use its platform, you’ll need to connect with one of its partner banks or credit unions.

Investments and personal assistance are provided through the partner bank while the investment robo-advisor service is provided through Nest Egg. Let’s take a closer look at what it's all about.


Nest Egg logo

Quick Summary

  • Assigns risk score based on your risk tolerance
  • Automated, quarterly portfolio rebalancing
  • Must connect with partner bank to use service
Get Started

Nest Egg Details

Product Name

Nest Egg

Services

Portfolio Analysis

Investment Planning

Wealth Management  

Cost

Free

Promotions

None

Quick Navigation
Who Is Nest Egg?
What Do They Offer?
Are There Any Fees?
How Do I Open An Account?
Is My Money Safe?
Is It Worth It?
Nest Egg Features

Who Is Nest Egg?

Nest Egg (Nest Investments LLC) is a fintech that allows people to determine their risk level and invest based on a risk score. Its CEO and founder is Michael Church. Nest Egg is a Registered Investment Adviser and is based in Philadelphia, PA. 

What Do They Offer?

Nest Egg partners with banks to offer digital investment advice to their customers. Basically, it's a robo-advisor that guides people through building an investment portfolio that is aligned with their financial goals and risk tolerance. In addition to automated portfolio analysis and financial advice, customers connected through a bank can choose to speak with their bank’s advisor.

After answering a few investment-related questions, its software determines your level of risk. The result is a risk score that that it calls your "Nest Egg Number." From that risk score, you'll be provided suggestions for a portfolio.

The portfolio that it recommends will be a configuration of equities, fixed income, alternatives, and cash, all based on your risk score and investment objectives. From there, the software will rebalance your portfolio each quarter. If some goals are coming up short, it will recommend additional contributions to the portfolio. 

Limited List Of Partner Banks

If you want to invest with Nest Egg, you’ll need to connect with a local bank or credit union that it has a relationship with.  One bank it's partnered with is OceanFirst, which also has a stake in Nest Egg of between 10%-25%.

Beyond OceanFirst, its difficult to know for sure which banks work with Nest Egg. You can type your bank into the search box on its home page to see if they're a partner. However, typing in the following didn’t bring up any results:

  • Bank of America
  • Capital One
  • Chase
  • Citi
  • Etrade
  • PenFed
  • Schwab
  • TD Ameritrade
  • Wells Fargo

Perhaps OceanFirst is currently the only available bank? Unfortunately, there's no objective way to know for sure. It would be helpful if Nest Egg would provide a list of available banks for customers to consult.

Additionally, the company would do well to provide more general information about its services on its website, including a full fee disclosure.

Are There Any Fees?

While Nest Egg is free to use, there will be commissions on investments charged by the partner bank.  Banks benefit by signing on as partners since it increases their customer base and fees.

In fact, a Nest Egg press release says, “The platform enables banks to increase fee income and wallet share.” Buy and sell investments for free with these brokers.

How Do I Open An Account?

It appears that you'll need to work with a branch representative at one of its partner banks to take its risk questionnaire and begin using the platform. Or you can visit https://www.mybanknestegg.com to schedule a consultation with a Nest Egg advisor.

Is My Money Safe?

Nest Egg is an investment company and does not offer deposit accounts. This means it is not FDIC-insured. It does use TD Ameritrade as its partner custodian, however, which means Securities Investor Protection Corporation (SIPC) protection is available.

Is It Worth It?

If you’ve tried other robo advisor investment services and weren’t impressed or found they didn’t meet your needs, Nest Egg may be worth a try. With its mix of purely automated robo-advising and the ability to speak with a live person, it could be a good match for those who want a little more human involvement.

Unfortunately, it appears that it has a very small number of partner banks, which might be a deciding factor when choosing the service. Also, it should be understood that while Nest Egg's platform is free, its partner banks are still free to charge their own investment commissions and/or fees. 

If you're looking for a cheap investment platform or robo-advisor that doesn't require you to be a customer of a particular bank or credit union, these are our top choices.

Nest Egg Features

Services

Portfolio analysis
Investment planning
Automated wealth management

Cost

  • No set advisory fee
  • Commissions on investments may be charged by partner banks

Portfolio Analysis

Yes, via Monte Carlo Simulations™

Access to Human Advisors

Yes

Ongoing Wealth Management

Yes

Automatic Rebalancing

Yes (quarterly)

FDIC Insurance

No

SIPC Insurance

Yes

Partner Custodian

TD Ameritrade

Customer Service Number

1-877-472-9200

Customer Service Hours

24/7 availability

Mobile Apps

No

Promotions

None

Nest Egg Review
  • Product Cost
  • Tools and Features
  • Ease of Use
  • Customer Service
  • Availability
Overall
3.1

Summary

Nest Egg partners with local banks and credit unions to help you manage your investment portfolio and reach your financial goals.

Pros

  • Portfolio analysis using Monte Carlo simulations
  • Ongoing portfolio management
  • Access to human advisors
  • No monthly cost

Cons

  • Limited number of partners banks and credit unions
  • Partners may charge their own investment commissions
  • Learn More
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
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