In the financial market, selecting the right investment portfolio management is a significant decision before starting to invest. From the wide array of choices available, Axos Managed Portfolios has emerged as a front-runner in the sector. In this article, we’ll explore its features, benefits, services, products, education, and more.
List of Contents
Overview: Axos Managed Portfolios
Account Minimum: $500
Fees: Start from $12 for the minimum account, and $60 – $240 for an advanced account
Axos Bank serves as an American-based savings and loan institution and direct bank. It was established in 2000 by Jerry Englert and Gary Lewis Evans. The main office is located in San Diego, California, in the United States. In 2019, Axos Bank changed its name to Axos Managed Portfolios after they took over WiseBanyan’s robo-advisor.
Customer Service
- They provide service by email, phone, and live chat.
- They provide FAQs to help customers understand their insights.
- Customer service support is only in English.
Products
Starting its journey as a bank, Axos has grown into an all-inclusive online financial institution. Through Axos Invest, they extend services like self-trading and professionally managed portfolios. The products which are related to Axos Managed Portfolios are as follows.
- Checking Accounts
- Savings Accounts
- Lending Services
Pricing
Axos Invest imposes a fee of 0.24% on the total assets under management, and this amount is withdrawn monthly from the client’s account. This rate is slightly lower than the 0.25% typically charged by its rivals, Betterment and Wealthfront, making it competitive in the robo-advisor market. For core portfolios, there’s an average expense ratio of 0.12%, which is on the lower side. Note that this expense ratio is a charge by the ETF management company, not by Axos.
To start an investment account with Axos, a minimum deposit of $500 is needed. If, however, your balance drops below this threshold due to market fluctuations or withdrawals, a flat fee of $1 will be charged monthly, rather than the 0.24%.
As per a company insider, Axos does not levy any fees for closing taxable brokerage accounts. However, if you wish to liquidate an IRA, there’s a charge of $40. Transferring your Axos account to a different firm will cost you a fee of $75.
Trade Experience
Desktop Experience
Axos Managed Portfolios might not be the first choice for investors who seeking a seamless user experience. While all the necessary details are present, navigating to locate statements, personalization settings, and other special features can be challenging. This is unfortunate, given that the customization capabilities are among the primary advantages of Axos Managed Portfolios.
Mobile Trade Experience
A significant number of users have expressed dissatisfaction, with some suggesting that the quality deteriorated after Axos acquired WiseBanyan. The Axos Invest Managed Portfolios app currently holds a rating of just 1.8 stars from more than 500 reviews on Google Play.
Account and Research Amenities
Axos Managed Portfolios operates entirely as an online investment platform. It allows users to automate their deposits, and notably, there aren’t any charges for withdrawing funds.
Axos serves as a comprehensive digital financial institution, providing self-managed trading and curated portfolios through Axos Invest. Originating as a banking institution, Axos Bank extends common banking solutions, including checkings, savings, and lending options. However, for those involved with the Managed Portfolio, it’s essential to note that lending and cash management services aren’t integrated into the robo-advisory segment. To avail of these services, investors would either have to turn to Axos Bank or another financial entity.
Security and Reliability
Axos Managed Portfolios boasts top-tier security measures, safeguards against fraud, and customer educational resources by anticipating the needs of a bank-affiliated robo-advisor. However, funds held by investors are shielded by the customary SIPC insurance, covering up to $500,000, of which $250,000 can be claimed for cash holdings.
The insurance is designed to shield customers from company fraud or wrongdoings and institutional collapses or bankruptcies. It’s important to note that it doesn’t cover losses arising from regular market movements.
Education
Adjusting your expectations when joining Axos Managed Portfolio for education in investment is crucial. Their blog falls short on articles centered around investment. While the Tools and Calculators segment is handy for banking and lending tasks, it only features a solitary calculator focused on retirement investment planning. However, the platform doesn’t offer any videos or webinars.
Pros & Cons
Pros
- Real-time customer support
- Extensive personalization choices
- A range of asset categories
- Strategies for tax-loss mitigation
- Broadly diversified primary portfolios
Cons
- Inconvenience in mobile use
- Challenging website user interface
- Require registration for a suggested portfolio
- Challenges in locating comprehensive FAQs
- A restricted variety of account options
Is Axos Managed Portfolios Worth Broker to Get?
Axos Managed Portfolios stands out as a worthy option for investors who desire to dictate segments of their investment strategy, coupled with the advantages of low-cost automated portfolio management and tax-loss harvesting. Especially for the clients of Axos Bank, the convenience of consolidating all financial assets in one place is an attractive proposition.
Furthermore, when you get the hang of the platform’s navigation, Axos Managed Portfolios impresses as a commendable product, with its exceptional customer support. Improvements in user-friendliness and more intuitive access to its robust customization options could elevate the product even further.
Conclusion
In the vast sea of financial institutions, Axos Managed Portfolios shines brightly. Their commitment to customers, advanced technological integration, and consistent performance make them a top choice for many traders. While there might be a few areas for improvement, the overall package is compelling. Whether you’re just starting your investment journey or looking to switch platforms, Axos Managed Portfolios deserves serious consideration. Before investing, remember to study and research the company to avoid risk and make beneficial decisions.
FAQs
Axos Managed Portfolios is an online financial institution offering self-trading and professionally managed portfolios, originally part of Axos Bank, which was an American-based savings and loan institution and direct bank established in 2000.
Axos Invest charges a fee of 0.24% on total assets under management, deducted monthly. The core portfolios have an average expense ratio of 0.12%. A minimum deposit of $500 is needed to start an investment account, and if the balance goes below this due to market fluctuations or withdrawals, a flat fee of $1 is charged monthly.
They provide self-trading, professionally managed portfolios, checking and savings accounts, and lending services.
While the platform offers extensive personalization choices, users have reported challenges with its website interface, inconveniences in the mobile application, and difficulties in locating comprehensive FAQs.
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