Getting to know i-wize
I-wize is an online financial advisor. We help you plan your financial goals and recommend smart investment choices, so that you save time and gain peace of mind, knowing that your money is working for you. We’re a fiduciary, which means we put your interests first.
When you open an i-wize account, we advise you on what your portfolio should include, while giving you control over how much risk you take on. All of our portfolio strategies are globally diversified and built using index-tracking exchange-traded funds (ETFs). We pick the funds for you, making recommendations that control costs and taxes. We also automatically take care of things like portfolio rebalancing, reinvesting dividends, and tax loss harvesting.
When you make a deposit, we invest all of your money automatically, trading fractional shares for you in the background. That means there’s no extra step to turn your cash into investments, and your returns aren’t dragged down by holding extra cash.
I-wize charges a trading fee of 0.06% per year on all our investment portfolios except our premium plan where we charge 0.08% per year, you can also gain over-the-phone access to our team of CFP® professionals and licensed financial experts who can provide in-depth advice on investments outside of Betterment. This Premium plan requires a minimum balance of $1,000,000. Learn more about our pricing.
For either plan, we calculate your fee daily so we can accurately account for deposits, withdrawals and market fluctuations that occur. We then total the fees from those daily calculations each quarter, billing you a fraction of the total annual fee. This means that if you withdraw your balance before the end of the quarter, you’re only charged the fee for the days your money was managed by i-wize.
What does the fee get you? It covers the advice you receive, the transactions, trades, transfers, and rebalancing we manage for you, and all other account administration. We do not charge you additional transaction fees to buy and sell securities.
Any fund held in your portfolio at i-wize will assess fund-level fees, called expense ratios, but i-wize aims to keep these costs low, and we receive no part of these fees.
Like i-wize, most robo-advisors use technology to recommend a portfolio and automate the investment process. I-wize doesn’t stop there. We’re designed to help you identify your financial goals, choose a portfolio for each of your goals, automate your savings, and keep your taxes and fees low. Then, when you have questions, licensed experts from our Support and Advice teams are ready over the phone, or to refer you to a one-on-one financial advisor.
In other words, i-wize aims to help you answer, “How can I be a smarter, better investor across my finances?” while other robo-advisors only answer “What should my portfolio look like?”
I-wize offers advice as a fiduciary, and we help you manage your money. Your money is protected through i-wize Securities’ membership in SIPC, insuring investors up to $500,000 (including $250,000 in claims for cash). Note that SIPC insurance does not protect against market changes in your account. Learn more in SIPC’s explanatory brochure.
Getting to know i-wize
For each of your financial goals, i-wize recommends a specific stock-to-bond allocation of our recommended portfolio strategy. This portfolio strategy is designed to reflect the total world market to help maximize expected returns while minimizing risk.
You can make deposits from withing your account using any of our accepted payment methods.
We currently accept payment through:
- Bank Wire
- Perfect Money
- Money Orders/Transfer
You can discuss and agree on a convenient payment option with us for your deposit.
I-wize helps you pursue many different financial goals. One way we do this is by offering different account types that align with your goals. The baseline account type is a personal taxable account which include.
- Dynamic Account
- Premium Account
We also offer joint accounts for partners and spouses.
For your retirement savings, you can open:
- Basic Savings
- Super Savings (401k accounts)
To help you make plans for your beneficiaries.
We also support crypto trading accounts.
You can open any of these account types once you sign up. You can also align each of your accounts to a different investment goal.
It is recommended that you retain your RRSP intact in Canada until retirement, to maintain the deferral of taxes as contemplated when you made your original investment.. Click here for our RRSP information page for Canadian expatriates.
In the year you enter the U.S., you can choose to file a “dual status” return, or you can elect to be treated as a U.S. resident for the entire year. We normally calculate both scenario’s to determine the best course of action. Click for more filing status options for the year of your move.
U.S. citizens are required to file U.S. reports on foreign bank accounts, securities accounts, trusts and corporations regardless of where they may live. Normally, where no tax is owing because income earned abroad has been fully reported for U.S. tax purposes, filing Foreign Bank Account Reports (FBAR’s) for the past eight years will correct your filing obligations. Periodically there are voluntary disclosure initiatives through which IRS encourages compliance. Here is a link to the latest voluntary disclosure initiative offered by IRS.
Yes. If you had income from the other country and may be required to file, or if your income is eliminated by the operation of a tax Treaty or exlusion, failure to file will leave that year open in the other country while your home country return is closed by statute in three years. If a return is never filed, the year never closes, so many years from now, if the second country assesses tax, you will not be able to amend your home country return to claim a foreign tax credit, resulting in double taxation. Further, if you do not file a return to claim a Treaty or other exemption, the presumption may be that you do not want the protection offered by the Treaty, and it will later be denied. Click for more information on filing requirements.
Effective July 1, 2014, the IRS announced it has expanded the Streamlined Filing Compliance Procedures for non-resident, non-filer taxpayers to include taxpayers who reside in the United States.
There are 4 new options available for U.S taxpayers to become compliant with their past tax and international information reporting regarding foreign financial assets:
1. Offshore Voluntary Disclosed Program
2. Streamlined Filing Compliance Procedures
a. Streamlined Foreign Offshore Procedure – For U.S. citizens or permanent residents who live outside the United States.
b. Streamlined Domestic Offshore Procedure – For U.S. citizens or permanent residents who reside within the United States.
3. Delinquent Report of Foreign Bank and Financial Accounts Submission Procedures
4. Delinquent International Information Return Submission Procedures