Robo Advisor comparison
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.
Choose
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
- ›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
Choose
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
- ›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 |
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 | — |