I recently had the opportunity to use WiseBanyan. What’s WiseBanyan? It’s a free financial advisor that provides wealth management services to clients online.
Why the name WiseBanyan?
Wise: We set out to build the optimal way to help our clients maximize their wealth, so as a company we build, work, and help our clients invest wisely.
Banyan: The banyan tree has two sets of roots: foundational roots that grow into the trunk and aerial roots that strengthen the trunk by growing from the branches into the ground. As such, the banyan tree is seen as a symbol of growth, strength, and stability.
Philosophy behind the App
WiseBanyan uses a combination of algorithms, software and a team of professionals in the background conducting analysis and research. Their goal is to ensure everyone can financial goals.
WiseBanyan invests in the following areas using several ETFs.
- U.S. Equities
- Foreign Developed Market Equities
- Emerging Market Equities
- U.S. Government Bonds
- Investment Grade Corporate Bonds
- Short Term High Yield Bonds
- Emerging Market Bonds
- Municipal Bonds
- Treasury Inflation-Protected Securities
- Real Estate Investments are U.S. real estate investment Trusts
A full list can be found on their site. WiseBanyan is a SEC-registered investment advisor (RIA) and is already working with thousands of clients across all 50 U.S. states.
What I didn’t Like
I didn’t like that the only option for investing what ETFs. However I understand that ETFs may have some advantages like no investment minimums or sales loads.
What I Loved
The software interface is very easy to use and view your progress. You have the ability to add or change funding accounts and monthly auto deposit options. A great feature is their “Milestone” function. You can create and track a milestone event, like a vacation fund, rainy day fund or retirement. You set the criteria, amount to save, initial deposit, time frame to save, etc. and Wise Banyan will do the rest. Here’s an example of a vacation milestone I set up.
Why you should Use the WiseBanyan Application
Over the WiseBanyan application is very user-friendly and a great tool to help track your money goals. Based on my experience I could not find any hidden fees or extra cost, other than the fund fees that average 0.12% and a range of 0.08% to 0.13%. I would recommend that you give WiseBanyan a look and see if it can help automate your investment needs.
Have you ever heard of WiseBanyan? Have you considered using an online investing tool to help automate some of your investing?