Alternatives to OpenInvest
OpenInvest is a robo-advisor platform that builds and manages a diversified ASX ETF portfolio for you, with a $20,000 minimum investment and a flat $7 monthly fee. It handles auto-investing and SMSF accounts, but uses a custodian model (not CHESS-sponsored), so shares are held in OpenInvest's name rather than yours. If you're looking for CHESS sponsorship, lower fees, a smaller minimum, or access to US shares, there are several alternatives worth comparing. We've listed six platforms below that offer different trade-offs in fees, ownership structure, and investment options.
CHESS-sponsored robo-advice from just $1,000 with a lower $1 monthly fee and DRP support.
- ASX brokerage minimum
- $0
- ASX ETFs supported
- Yes
- CHESS sponsorship model
- chess(OpenInvest: custodian)
CHESS-sponsored managed portfolios from $10,000 with auto-invest and SMSF support.
- ASX ETFs supported
- Yes
- CHESS sponsorship model
- chess(OpenInvest: custodian)
- Auto-invest / DCA
- Yes
Micro-investing from any amount with round-ups, lower $5.50 monthly fee, and kids accounts.
- ASX ETFs supported
- Yes
- CHESS sponsorship model
- custodian
- Auto-invest / DCA
- Yes
No monthly fee robo-advice from $3,000 minimum, ideal if you want lower costs.
- ASX ETFs supported
- Yes
- CHESS sponsorship model
- custodian
- Auto-invest / DCA
- Yes
US fractional shares from $0 brokerage with a lower $3 monthly fee and no minimum.
- ASX brokerage minimum
- $0
- ASX ETFs supported
- No(OpenInvest: Yes)
- CHESS sponsorship model
- custodian
CHESS-sponsored ASX trades from $1 plus zero-commission US shares and options trading.
- ASX brokerage minimum
- $1
- ASX ETFs supported
- Yes
- CHESS sponsorship model
- chess(OpenInvest: custodian)
Common questions
Is OpenInvest CHESS-sponsored?
No, OpenInvest uses a custodian model. Your ETFs are held in OpenInvest's name on your behalf, not directly in your HIN. If you want shares held in your own name under CHESS sponsorship, look for a platform that advertises CHESS-sponsored or HIN-held investments.
What are the minimum investment requirements for OpenInvest alternatives?
OpenInvest requires a $20,000 minimum. Alternatives range widely: some robo-advisors start at $1,000 or $3,000, while micro-investing apps let you start with any amount. A few platforms have no minimum at all, especially those offering US shares.
Can I get US shares with a robo-advisor instead of OpenInvest?
OpenInvest only offers ASX ETFs. If you want US shares, some robo-advisors and trading platforms support US stocks or fractional US shares. These are typically custodian-held rather than CHESS-sponsored, similar to OpenInvest's model.
Are there OpenInvest alternatives with lower monthly fees?
Yes. OpenInvest charges a flat $7 per month. Several competitors charge less, including some with no monthly fee at all. Others charge a percentage of your balance instead, which can work out cheaper depending on how much you invest.