Users enter their 401(k), IRA, brokerage and adviser account information on the site, which then pulls together all of the investments into a single dashboard. From there, it can identify high brokerage fees, bad investments, hidden fees or overly expensive advisers.

“Merrill Lynch, Morgan Stanley and other wire-house firms are a real rip-off,” said SigFig’s co-founder Parker Conrad. “Their product is poor and expensive … The wire-house firms are going to hate us. We are hoping to irretrievably break their business model. That’s our goal. If they are shutting down their wealth management programs, then we’ve succeeded.”

While those are lofty ambitions, today marks the first day of its invitation-only service. (AllThingsD readers can click here to gain access.)

Based on results from a closed beta, the company is hopeful it can make a big impact quickly.

It says it is finding that one in five people with an adviser had below-average performance and above-average fees, and that an average user on the site can save $5,000; up to $8,000 if they trade frequently.

“Literally, we have one user who could buy a new Ferrari every year just based on trades,” Conrad said.

SigFig originally started out as Wikinvest, which allowed users to track their financial portfolios. A little over a year ago, the company began to build SigFig, and has been operating in an alpha with 5,000 members. Over the next few weeks, it will let in another 500,000 users.

SigFig is part of a growing trend in Silicon Valley, where technology veterans are trying to make investing easier using the Internet.

Co-founder Mike Sha said that through its members, SigFig has access to $30 billion of assets from 65 financial institutions. The company uses that data — in aggregate — to identify what brokerages are selling and how much they are charging. In that way, the investment service uses a sort of crowdsourcing to find the best answers.

He said one of the most common ways to save money is to identify a mutual fund with a different brokerage that has lower fees.

“People are shockingly neglectful on how they manage their money,” Sha said.

SigFig is free to use, and makes money off of commissions, but oftentimes it isn’t paid at all, if the best recommendation doesn’t have a commission. The company, which has nearly 40 employees, has raised $8 million in capital from DCM and angels, including Jason Krikorian of Slingbox and Mark Britto of Boku.

Brothers Blake and Jason Krikorian, CEO and SVP-business development, are out, effective immediately. Jason Hirschhorn, who runs the company’s Sling Media Entertainment unit, plans on staying through the end of February; Ben White, chief creative officer at the entertainment group, will stay on through Feb. 1.

Some background from paidContent’s Staci Kramer, who had the story first:

Also leaving: Greg Wilkes, VP-sales. I’ve been told COO John Gilmore will take the reins for now but that may not be official. While no one is talking about any differences, there certainly is a big cultural gap between the tech-creative side and the traditional cable team at EchoStar.”

To tease that out: The Sling team can rightly point to a string of successes–the company racked up a number of awards at both the Consumer Electronics Show and MacWorld last week–but if things were humming smoothly at Echostar, you’d think the company would find a way to make them stick around.

The Slingbox is a potentially disruptive technology, but it’s still nascent, and Sling.com just launched late last year and will need a motivated team to help it gain traction in a crowded field. All those involved say they’ll be taking time off; everyone who knows the team involved finds that hard to believe.