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SoFi Invest

in Investment Advisors from SoFi

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SoFi Invest

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in Investment Advisors from SoFi

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Highlights
Highlights
Minimum Account $100
Management Fee 0% - 0.25%

SoFi Invest Review

SoFi Invest is a marketplace lender founded in 2011 and based in San Francisco, CA.

What fees does SoFi Invest charge?

SoFi Invest uses a fee-only model.

This means SoFi Invest 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
Description
Annual Fee N/A
Monthly Fee N/A
Management Fee N/A
Fee Based? No
Account Transfer Fee N/A
Account Termination Fee N/A
Investment Expense Ratios N/A
IRA Annual Fee N/A

What management fees does SoFi Invest charge?

SoFi Invest charges a fixed monthly fee of $0 to $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 Invest?

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 Invest does not charge fees based on an investment expense ratio.

What type of investment accounts and asset classes does SoFi Invest support?

SoFi offers the following types of assets and account types.

Accounts Supported Options
Supported Options Unsupported Options
  • Individual Non-Retirement Accounts
  • Joint Non-Retirement Accounts
  • Roth IRA
  • Traditional IRA
  • Rollover IRA
  • SEP IRA
  • Trusts
  • 529 College Savings Plans
  • Employer Sponsored Plans
  • Custodial Accounts
  • 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 Invest?

    The minimum amount to open an account with SoFi Invest is 100.

    How does SoFi Invest compare to other investment advisors?

    Pros & Cons of SoFi Invest
    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.
  • SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

    Feature Breakdown

    Account Termination Fee $0
    Account Transfer Fee $0
    Annual Fee $0
    Monthly Fee $0
    Management Fee 0% - 0.25%
    Fee Based  
    Minimum Account $100
    Accounts Supported
    • Individual Non-Retirement Accounts
    • Joint Non-Retirement Accounts
    • Rollover IRA
    • Roth IRA
    • SEP IRA
    • Traditional IRA
    Automatic Rebalancing  
    Independent/Registered Investment Advisor  
    Software Managed  

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