It seems like new digital investment management platforms are sprouting up left and right, and for good reason — there’s a great need for easy, straightforward investment management that doesn’t cost an arm and a leg in fees or to get started. If you’re new to investing or an old hat who wants to make the switch to a virtual manager, deciding which features you need can be confusing if not overwhelming.
If you want a no-frills financial management platform, Axos Invest (formerly WiseBanyan) takes a traditional but sophisticated approach to automated online investing.
- Traditional investors trying out an automated investor for the first time
- New investors that want to take a hands-off approach to portfolio management
- Straightforward automated investing
- Relatively low account minimum and automated investing fee
- A solid roster of available investment account types
- Not a stand-out from other services if you’re someone who likes all the bells and whistles with your digital financial platform
- No direct relationship with a human financial advisor
WiseBanyan Ratings at a Glance
Overview of Axos Invest
Previously known as WiseBanyan, Axos Invest is an easy-to-use robo-advisor offering expert portfolio management since 2009. In 2019, WiseBanyan’s parent company, Axos Financial, rebranded the WiseBanyan investment management platform as Axos Invest. Axos Invest operates in conjunction with Axos Bank, an online banking platform. You can access Axos Invest through its website or the Axos Bank website.
With Axos Invest, you won’t find gimmicks or clever new names for long-standing concepts. You know exactly what you’re getting when you sign on with Axos Invest — professional investment management under the watch of a digital investment advisor.
Axos Invest cuts right to the chase — It offers automated portfolio investment for individuals, especially those just getting started with investing or want to set their portfolio and let a robo-advisor do the heavy lifting. Axos Invest relies on Modern Portfolio Theory and the information you provide to personalize an asset allocation strategy. Modern Portfolio Theory conceptualizes a strategy that focuses on maximizing returns at your particular level of risk tolerance.
Generally, you can expect your custom strategy to have a foundation built on diversification, exchange-traded funds (ETFs), long-term investments, minimizing capital gains to maximize a return, automatic rebalancing and “invest and chill” monitoring. Basically, you can sit back and let Axos Invest take the wheel.
Further dial in your portfolio by using some of Axos Invest’s added features like selective trading and tax-loss harvesting. Also, you can build several portfolios if you’d like, customizing each to your preferred allocation.
With the Rewards Checking account, you get:
- Unlimited ATM fee reimbursements
- Up to 1.00% APY on your balance
- No monthly service fees
- No overdraft or NSF fees
- No monthly balance requirements
- Only $50 deposit to open an account
You can also use the personal finance and debit card management system and add 0.3% APY. With this level of financial education, it’s easier for you to learn about your money and manage your monthly budget. With each additional service, you add to your APY, including:
- A managed portfolio adds 0.10% APY
- Self-directed trading adds 0.10% APY
- Make consumer loan payments with Axos to add 0.10% APY
High Yield Savings Account
The High Yield Savings account from Axos steps up your savings to a new level. The card is functional, and it gives you returns that help you save more every day, including:
- Free debit card upon request
- Digital money management tools to accompany your account
- No maintenance fees or minimum balance requirements
- Only $250 deposit to open an account
- Earn up to 0.61% APY
- Tax-Loss Harvesting
- If you have a well-diversified portfolio, it’s to be expected that securities will fluctuate in price. If you use tax-loss harvesting, your portfolio will monitor and track losses to reduce how much you pay in taxes.
- Selective Trading
- This allows you to exclude ETFs from your portfolio to avoid wash sales, a specific set of actions that disqualify losses from a trade or selling of a security from being tax deductible.
- Selective trading also allows you to structure your asset allocation strategy around your personal values if you’d prefer. Some examples of available Axos Invest ETF categories are Socially Minded or Wonder Woman, each of which can meet the needs of a special interest investment strategy.
- Tailor your retirement strategy by choosing from various retirement accounts that allow you to either save on taxes now or when you withdraw from your retirement account later in life.
- Quick Deposit
- Same or next trading day investments when you make a deposit
- Auto-Deposit Scheduler
- Customize your auto-deposits to your schedule
Although Axos Invest doesn’t offer financial planning directly from a human financial advisor, its personalized financial planning allows you to set milestones or your financial goals. You can also dictate time horizons for each milestone, which calculates your risk tolerance. Axos Invest will offer deposit schedule recommendations, use dynamic rebalancing and progress analytics to help meet your set milestones.
There is no minimum fee for starting an account, however, it takes $500 for trading to begin on your automatically managed portfolio. $500 is the account minimum you have to keep to qualify for their robo-advisory services with Axos Invest. While this may be a bit higher for those with tighter budgets, it’s still a relatively low account minimum for expert investment management.
You’ll have to maintain this balance to invest with your portfolio. This is beneficial to you as well, ensuring that you have enough investing power in your portfolio to make the most of the services Axos Invest offers. If you fall beneath this balance, you’ll have to pay a $1 monthly charge.
As with many financial advisors, Axos Invest charges an annual percentage fee. This fee is 0.24% of your total assets under management. This is a pretty good deal considering most traditional advisors charge around 1% to manage your assets.
This fee is all-inclusive, with no random charges popping up for commissions, transaction fees or rebalancing fees. Without high management fees or hidden costs, more of your investing power goes towards growing your portfolio.
How to Open an Axos Invest Account
Creating an Axos Invest account is super simple — when you visit its website, you can jump right into creating your investment goals by answering a few simple questions about your age, annual income and net worth.
You can get started here or download the Axos Invest app in the Apple App Store or with Google Play.
Axos Invest Investment Style
Your Managed Portfolio comes together under the expert eye of Axos Invest. After you complete a simple questionnaire about your financial situation, investment profile, investment goals and investment objective, Axos Invest will lay out an expertly designed portfolio allocation strategy. Offering a combination of Modern Portfolio Theory and the investment profile generated by the information you provide, Axos Invest uses automated investing to manage your portfolio.
You can opt to use your personalized portfolio recommendation from Axos Invest or tweak it to generate your own allocation. Axos Invest will use your selections to automatically manage your portfolio on your behalf using ongoing monitoring and dynamic auto-rebalancing.
Your Axos Invest portfolio mix includes ETFs and is diversified across a wide range of asset classes, such as real estate trusts and short term high yield corporate bonds.
Once you’ve funded your investment account, you can shift your asset allocation whenever you’d like. Your portfolio will also be adjusted periodically with automatic rebalancing to keep an appropriate weighting in accordance with your investment profile.
Axos Invest provides additional customization options, like tax-loss harvesting and selective trading. By using tax-loss harvesting, your tax obligation will be reduced without affecting expected risk or return goals. With selective trading, you can restrict ETFs from being included in your Axos Invest portfolio with the goal of maximizing tax harvesting services.
As an Axos Invest client, you have the following investment account types to choose from: Individual Personal Investment Accounts and Individual Retirement Accounts (IRAs), such as Roth IRA accounts, Traditional IRA accounts and SEP IRA accounts. Axos Invest does not offer 401(k) management as of yet.
If you’re interested in going digital with your investment management, want a more hands-off approach or are newer to the world of investing, Axos Invest is the perfect platform to start testing the waters. While you won’t find trendy features and gimmicks, Axos Invest covers all your bases.
Signing up is easy and only requires a $500 minimum deposit. For straightforward, simplified auto investing, visit Axos Invest here or download their app. Answer a few simple questions and you’ll be on your way.
Frequently Asked Questions
It’s free to open an account with Axos Invest, however, you must meet a minimum of $500 for trading to begin.
Once they got bought out by Axos Bank I wanted to move my funds to another brokerage, and it's been over a month since I requested the transfer, and they haven't done anything. I'm wondering if I may have to take legal action to get my money from them. Their support is unresponsive, and their website doesn't work about half the time.