The free digital investment advisor, WiseBanyan, is prepping a series of “Premium Packages” for an array of its financial products, Bank Innovation has learned.
The first of the packages, Tax Protection, went live today, according to the company’s co-founder Vicki Zhou. The package includes tax-loss harvesting–dubbed WiseHarvesting, which was the fintech’s first paid service— selective trading, and IRA conversions.
“This product is geared towards clients that want to protect their returns from taxes, so people with higher incomes, or maybe those from states with higher tax brackets,” Zhou said. “We want to make sure that it resonates with different clients, and various needs.”
There is no account minimum for Tax Protection. Clients will be charged 0.02% of their average account value per month, capped at $20. “We have other packages in the works, to be released this year,” which will focus on providing services “for the changing aspects of your life, “ your investment preferences, and your distinct financial needs,” Zhou added.
WiseBanyan, however, will keep its core model unchanged.
“Our core product–automated investing and goal-based investing–is free; that product is designed to be timeless,” she said. “But we believe that clients should have the freedom to choose the experiences, the packages, that they want based on their unique financial needs.”