InvestSMART Robo Advice vs OpenInvest
The biggest practical difference between these two robo-advice platforms is how they hold your investments. InvestSMART uses CHESS sponsorship, meaning ASX-listed ETFs are registered in your name on the share registry. OpenInvest uses a custodian model, so assets are held in the platform's name on your behalf. That distinction, plus a big gap in minimum deposits and fees, shapes who each platform suits best.
- ›You want CHESS sponsorship so your ASX ETFs are held under your own HIN on the register
- ›You're comfortable with a $10,000 minimum — lower than OpenInvest's $20,000 entry point
- ›You prefer a desktop platform plus mobile apps (iOS and Android) for managing your portfolio
- ›You want access to free research reports and extensive educational content
- ›You're happy with a flat $880 annual fee rather than a monthly charge
- ›You want a lower ongoing fee — $7 per month ($84/year) versus InvestSMART's $880 annual fee
- ›You need a more sophisticated auto-invest feature that includes portfolio rebalancing
- ›You're investing at least $20,000 and want a simpler, all-in-one managed account experience
- ›You don't mind a custodian model and don't need your own HIN for ASX holdings
- ›You prefer phone and email support with slightly longer daily hours (8am-6pm)
Where they differ
| Fact | InvestSMART Robo Advice | OpenInvest |
|---|---|---|
| Annual fee | $880/year flat fee | $84/year ($7/month) |
| Minimum initial deposit | $10,000 | $20,000 |
| CHESS sponsorship | Yes (CHESS sponsored) | No (custodian model) |
| Auto-invest sophistication | Basic DCA | Rebalancing-level DCA |
| Mobile app | iOS and Android apps available | No mobile app |
Choose InvestSMART for CHESS ownership and a lower entry point; pick OpenInvest if you want a much cheaper ongoing fee and automated rebalancing.
Common questions
How do InvestSMART Robo Advice and OpenInvest compare on annual fee?
InvestSMART Robo Advice: $880/year flat fee. OpenInvest: $84/year ($7/month). OpenInvest is dramatically cheaper for most portfolio sizes.
How do InvestSMART Robo Advice and OpenInvest compare on minimum initial deposit?
InvestSMART Robo Advice: $10,000. OpenInvest: $20,000. InvestSMART's barrier to entry is half of OpenInvest's.
How do InvestSMART Robo Advice and OpenInvest compare on chess sponsorship?
InvestSMART Robo Advice: Yes (CHESS sponsored). OpenInvest: No (custodian model). InvestSMART gives you direct ownership of ASX-listed ETFs; OpenInvest holds them in custody.
When is InvestSMART Robo Advice the better choice over OpenInvest?
Pick InvestSMART Robo Advice if you want CHESS sponsorship so your ASX ETFs are held under your own HIN on the register; you're comfortable with a $10,000 minimum — lower than OpenInvest's $20,000 entry point; you prefer a desktop platform plus mobile apps (iOS and Android) for managing your portfolio; or you want access to free research reports and extensive educational content.
When is OpenInvest the better choice over InvestSMART Robo Advice?
Pick OpenInvest if you want a lower ongoing fee — $7 per month ($84/year) versus InvestSMART's $880 annual fee; you need a more sophisticated auto-invest feature that includes portfolio rebalancing; you're investing at least $20,000 and want a simpler, all-in-one managed account experience; or you don't mind a custodian model and don't need your own HIN for ASX holdings.
InvestSMART Robo Advice or OpenInvest — what's the verdict?
Choose InvestSMART for CHESS ownership and a lower entry point; pick OpenInvest if you want a much cheaper ongoing fee and automated rebalancing.
All data points side-by-side
Every verified fact for both platforms. Differences are highlighted.
| Field | InvestSMART Robo Advice | OpenInvest |
|---|---|---|
| account structure | ||
| CHESS sponsorship model | chess | custodian |
| Individual HIN | — | No |
| Individual account | Yes | Yes |
| Joint account | Yes | Yes |
| Company account | Yes | Yes |
| Trust account | Yes | Yes |
| SMSF account | Yes | Yes |
| asset coverage | ||
| ASX shares supported | No | Yes |
| ASX ETFs supported | Yes | Yes |
| US shares supported | No | No |
| US ETFs supported | No | No |
| Other markets supported | AU | — |
| Fractional shares (ASX) | — | No |
| Fractional shares (US) | No | No |
| Options trading | No | No |
| CFDs supported | No | No |
| Managed funds | Yes | Yes |
| Bonds supported | Yes | Yes |
| IPO access | No | No |
| costs hidden | ||
| Holds USD account | No | — |
| Market data fees | $0/month | — |
| costs visible | ||
| Monthly platform fee | — | $7/month |
| Annual platform fee | $880/year | — |
| identity and trust | ||
| Legal entity name | InvestSMART Funds Management Ltd | OpenInvest Limited |
| AFSL number | 246,441 | 504,155 |
| Year founded | 1,999 | 2,017 |
| Parent / ownership | InvestSMART Group Limited (ASX:INV) - publicly listed parent | Privately owned (founder-led) |
| Country of incorporation | AU | AU |
| Public company status | public | private |
| money movement | ||
| Minimum initial deposit | $10,000 | $20,000 |
| Minimum subsequent purchase | $100 | — |
| Deposit methods | BPAY, Direct Debit | — |
| Settlement period | T+2 | — |
| Withdrawal time | 4-5 business days | — |
| platform ux | ||
| iOS app | Yes | No |
| Android app | Yes | No |
| Desktop platform | Yes | No |
| Demo account | No | No |
| Free real-time market data | No | — |
| Free research reports | Yes | — |
| 2FA support | optional | — |
| Customer support channels | phone, email, live chat | phone, email |
| Support hours (AU time) | 9:00am-5:30pm AEST Mon-Fri | 8:00am-6:00pm AET, business days |
| Education content | extensive | structured |
| tax and reporting | ||
| Australian tax statement | Yes | Yes |
| Distribution component breakdown | Yes | Yes |
| CGT calculator / report | Yes | Yes |
| Sharesight / Navexa integration | No | — |
| trading mechanics | ||
| Market orders | — | No |
| Limit orders | — | No |
| Stop loss orders | — | No |
| Auto-invest / DCA | Yes | Yes |
| Auto-invest sophistication | basic | rebalancing |
| DRP (dividend reinvestment) | No | No |
| After-hours / overnight trading | No | — |