SuperMoney
  OpenInvest Investment Advisor

Best Of Product

OpenInvest Investment Advisor
in Investment Advisors from OpenInvest
Unaffiliated

OpenInvest Investment Advisor

Unaffiliated
in Investment Advisors from OpenInvest
SuperMoney Net Recommendation Score +82  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +82, equating to 4.6 on a 5 point rating scale.

+82

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

Cast your vote

Would you recommend OpenInvest Investment Advisor to your friends?

Thanks for your vote!

You voted: May or may not recommend

Highlights
Community Rating Strongly recommended
Minimum Initial Investment $100
Management Fee 0.5% - 0.88%
Number of Reviews 22

OpenInvest Investment Advisor Review

OpenInvest is founded in 2015 and based in San Francisco, CA.

OpenInvest Pros & Cons

The Good The Bad
  • Broad selection of account types.
  • Competitive investment expense ratios.
  • Does not offer low-cost ETFs.
  • Does not give access to human finance advisors.
  • Tax-loss harvesting not available.
  • Limited investment options.

OpenInvest FAQ

What fees does OpenInvest charge?

OpenInvest uses a fee-only model.

This means OpenInvest gets paid a flat fee regardless of what financial products or services you use. It also means they have a fiduciary responsibility to their clients. Instead of making money on trades commissions or selling products, they recommend an asset allocation and get paid a flat-fee or a percentage of the assets under administration. That requires that they act in their client’s financial best interest at all times.

OpenInvest Investment Advisor Fees
Description
Monthly Fee $0
Annual Fee $0
Account Termination Fee $0
Account Transfer Fee $0
Fee Based?
Investment Expense Ratios 0%
Management Fee 0.5% - 0.88%

What management fees does OpenInvest charge?

OpenInvest charges an annual management fee that starts at 0.5% and ranges up to 0.88%.

Many financial advisors charge based on how much money they oversee by using a fee-structure called “assets under management,” or AUM. For instance, a 0.40% fee translates to $4 per year for every $1,000 an investment advisor manages. Management fees, also known as maintenance fees, cover the operating costs of investment advisors and are typically deducted from your account every month or quarter. The management fee does not cover the underlying expense ratios of the investment vehicles purchased by investment advisors.

What are the investment expense ratios of OpenInvest?

Hiring an investment advisor with competitive investment fees is one of the most important steps to maximizing your portfolio's performance. Investment expense ratios can vary drastically depending on the types of accounts and assets involved. A survey by the ICI puts the average expense ratio for actively managed funds at 0.76% and indexed funds at 0.08%. The investment expense ratios of an investment advisor will vary depending on the type of assets they invest in and whether they attach additional charges to fund fees.

OpenInvest charges an investment expense ratio that averages out at 0%

What type of investment accounts and asset classes does OpenInvest support?

OpenInvest offers the following types of assets and account types.

Accounts Supported
Supported Options Unsupported Options
  • Individual Non-Retirement Accounts
  • Joint Non-Retirement Accounts
  • Roth IRA
  • Traditional IRA
  • Rollover IRA
  • SEP IRA
  • 529 College Savings Plans
  • Custodial Accounts
  • Trusts
  • Employer Sponsored Plans

OpenInvest does not offer any of the investment vehicles that we track.

What is the minimum amount you have to invest to open an account with OpenInvest?

The minimum amount to open an account with OpenInvest is $$100.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

About OpenInvest Investment Advisor

Feature Breakdown

Monthly Fee $0
(Verified 08/04/2023)
Annual Fee $0
Account Termination Fee $0
Account Transfer Fee $0
Fee Based
Investment Expense Ratios 0%
Management Fee 0.5% - 0.88%
Minimum Initial Investment $100
Accounts Supported
  • Individual Non-Retirement Accounts
  • Joint Non-Retirement Accounts
  • Roth IRA
  • Traditional IRA
  • Rollover IRA
  • SEP IRA
  • 529 College Savings Plans
  • Custodial Accounts

OpenInvest Investment Advisor Community Reviews

 

Would you recommend OpenInvest Investment Advisor to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
(will require moderator approval)

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +82, equating to 4.6 on a 5 point rating scale.

+82

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

sorted by

Other Investment Advisors