The difference, however, is that SoFi wealth clients will have access to a live, fully licensed financial advisor. This is the model that FutureAdvisor set out to build when it first launched, but pivoted away from after it was acquired by BlackRock.
If you’re already a SoFi loan borrower, the deal with SoFi Wealth is pretty sweet – $0 in fees up to your first $10,000 invested. For non-borrowers, management fees are a low 0.25%.
Features of SoFi Wealth:
- Smart Portfolios: automatically build and rebalance low cost, tax-efficient portfolios to generate long-term returns, while minimizing risk for individual and retirement accounts such as traditional deductible IRA accounts, Simplified Employee Pensions, and Roth IRAs.
- Live Advice: SoFi is the only wealth management offering at this low price point to offer unlimited access to non-commissioned, licensed financial advisors, who are available via phone or chat.
- Low Fees: Management fees are waived completely for SoFi loan borrowers over the life of their loan. For everyone else, management fees are just 0.25%, and are waived for the first $10,000 invested.
- Low Minimums: A $500 initial investment or recurring monthly deposit of $100 gets investors started in SoFi’s goal-oriented portfolios of low-cost exchange-traded funds (ETFs).
- Access: SoFi Wealth users can access their accounts via the web, as well as the SoFi Wealth app, available now for both Android and iOS.