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SoFi Automated Investing Robo-Advisor Review


ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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Social Finance, Inc., known as SoFi, is an online lender that provides student loan refinancing, personal loans, mortgage loans, and wealth management services. Headquartered in California and founded in 2011, the company originally focused on student loan refinancing and has branched out into additional areas of personal finance.
 
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How is SoFi rated?

Breakdown

4.5/5
Features
4.5/5
Pricing and fees
4.5/5
Reputation

Overall Rating: 4.5 / 5 (Excellent)

SoFi is currently offering one of the most attractive wealth management accounts available to retail investors. With free, unlimited access to their financial advisors, no management fees, a low $100 minimum to open an account, and retirement account options, SoFi has features that compete with not only the more established discount brokerages, but firms specializing in professional personal financial advice. While the term "robo-advisor" does not appear on their webpage, SoFi's under-the-hood portfolio manager technology monitors portfolios quarterly so that the assets always reflect the investment profile for the individual investor. SoFi's excellent customer service reputation and their discounts for their other financial products make it a great option for the beginning and experienced investor alike.

SoFi Account Features

Features - 4.5 / 5

SoFi emphasizes its human approach to wealth management. Although the underpinnings of the account feature robo-advisor technology, an actual adviser will guide the investor through the profile assessment to determine the most appropriate portfolio of ETFs, based on the customers risk for tolerance, time horizon, and expectation of return.
Robo-advisor Type
Human Assisted
Account Minimum
100
Goals
Save for Retirement
Save Set AmountSave for a Major Purchase
Education Expenses
General Investing
Safety Net
Integration with Other Accounts
IRA
Types of Assets
ETF Portfolios
Access to Financial Advisors
Yes
Automatic Portfolio Rebalancing
Yes
Tax Loss Harvesting
Yes

SoFi Fees & Commission

Pricing and fees - 4.5 / 5

SoFi advertises no fees in its wealth management accounts. In addition, SoFi does not charge for access to its financial advisers. Its advisers do not take commission on funds that are sold. The only fee is the built in expense ratio of the ETFs that are traded, but this is standard in all ETF at any brokerage.
Commission
0
Discounts
Get a 0.125% rate discount on SoFi loan products, just for being a member. (subject to account minimums)
Special Promotions
Get a 0.125% rate discount just for being a member. (subject to account minimums)
Fees
ETF
Trading Fees

Financial Advisor Charge(s)

No charge.

SoFi Reputation & Customer Service

Reputation - 4.5 / 5

SoFi's customer reputation has been a focus of its business since its founding. As a primarily online lender, SoFi has excelled in garnering tremendously positive reviews overall for its financial products. With an 'A+' rating from the BBB, SoFi has proven that its diligence in resolving the vast majority of customer complaints. And their '9.0' Trust Pilot score signifies that SoFi is doing an excellent job at keeping their customers satisfied.
Year Founded
2011
Consumer Financial Protection Board (CFPB) Complaints
100
SIPC Membership
Yes
BBB Rating
A+
Trust Pilot Rating
9.0 out of 10
Contact Methods
Phone
Email
Social Media
Mobile App
Yes
Date Collected
2018-11-09

Company Profile

Full Name
SoFi Automated Investing Robo-Advisor
Company Website
https://www.sofi.com/
Headquarters
One Letterman Drive, Building A, Suite 4700, San Francisco, CA, 94129

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Top Rated
Our Partner
Complimentary access to SoFi Financial Planners
  • No management fees
  • Automatically adjust and rebalance your portfolio
  • Personalized goal-oriented plan 
  • Automatically diversifies your portfolio so that your money is allocated across different financial investments
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