SoFi investing is
founded in 2011 and based in San Francisco, CA.
SoFi investing Pros & Cons
Broad selection of account types.
Competitive investment expense ratios.
Does not offer low-cost ETFs.
Does not give access to human finance advisors.
Tax-loss harvesting not available.
Limited investment options.
SoFi investing FAQ
What fees does SoFi investing charge?
SoFi investing uses a fee-only model.
This means SoFi investing gets paid a flat fee regardless of what financial products or services you use. It also means they have a fiduciary responsibility to their clients. Instead of making money on trades commissions or selling products, they recommend an asset allocation and get paid a flat-fee or a percentage of the assets under administration. That requires that they act in their client’s financial best interest at all times.
SoFi Invest Fees
Account Termination Fee
Account Transfer Fee
0% - 0.25%
What management fees does SoFi investing charge?
SoFi investing charges a fixed monthly fee of $0
Many financial advisors charge based on how much money they oversee by using a fee-structure called “assets under management,” or AUM. For instance, a 0.40% fee translates to $4 per year for every $1,000 an investment advisor manages. Management fees, also known as maintenance fees, cover the operating costs of investment advisors and are typically deducted from your account every month or quarter. The management fee does not cover the underlying expense ratios of the investment vehicles purchased by investment advisors.
What are the investment expense ratios of SoFi investing?
Hiring an investment advisor with competitive investment fees is one of the most important steps to maximizing your portfolio's performance. Investment expense ratios can vary drastically depending on the types of accounts and assets involved. A survey by the ICI puts the average expense ratio for actively managed funds at 0.76% and indexed funds at 0.08%. The investment expense ratios of an investment advisor will vary depending on the type of assets they invest in and whether they attach additional charges to fund fees.
SoFi investing does not charge fees based on an investment expense ratio.
What type of investment accounts and asset classes does SoFi investing support?
SoFi offers the following types of assets and account types.
Individual Non-Retirement Accounts
Joint Non-Retirement Accounts
529 College Savings Plans
Employer Sponsored Plans
SoFi does not offer any of the investment vehicles that we track.
What is the minimum amount you have to invest to open an account with SoFi investing?
The minimum amount to open an account with SoFi investing is 100.
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