At Investor Junkie, we reviewed over 100 investing and personal finance services. Our goal is to bring you the most honest, simple, and informative reviews. Turns out, users also want to compare specific services.
This review compares SoFi Wealth Management and SigFig. The better service depends on your needs. So let's dive in!
According to our readers (you!), when it comes to robo advisors, people care most about the fees, minimum investment requirements, and whether or not the service supports for 401(k) plans. Let's look at how SoFi Wealth Management and SigFig stack up against each other on these threads.
To start, we will compare the fees for trading with both robo advisors. SoFi Wealth Management has a fees starting at 0% fee per year. To contrast, SigFig has annual fees of 0.00%.
When it comes to fees, both SoFi Wealth Management and SigFig are equal in starting fees.
Let's consider the minimum investment that's required to use both SoFi Wealth Management and SigFig.
At $100, SoFi Wealth Management requires a smaller minimum deposit.
Unfortunately, neither service offers assistance with your 401(k) and you will have to find another service if this is a requirement for you.
About SoFi Wealth Management
SoFi Wealth Management is an investment management service that combines robo investing with access to a human financial advisor. Accounts are free for SoFi borrowers and those with a portfolio below $10,000. SoFi Wealth Management focuses only on index fund investments to meet your financial goals, and you won't find tax loss harvesting.
SigFig is a robo advisor service that offers asset management, diversified income, and portfolio tracking. Altogether, SigFig itself isn't a bad service, and its Portfolio Tracker is free. But the recommendations it makes seem simple at best. There are other robo advisors available with more functionality.
|Review||SoFi Wealth Management Review||SigFig Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Account Fees||Free under $10k and SoFi Borrowers; 0.25%/year||First $10k managed free; 0.25%/year for $10k+; 0.50% for Diversified Income Portfolio|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, SEP IRA||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, SIMPLE IRA|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||No||Yes — All Taxable Accounts|
|Retirement Planning Tools||Yes||No|
|Automatic Deposits||Weekly, Biweekly, Monthly and Bimonthly||Daily, Weekly, Monthly, Bimonthly and Quarterly|
|Clearing Agency||Apex Clearing||N/A|
|Socially Responsible Investing||No||No|
|Invests in Commodities||Yes||No|
|Invests in Real Estate||Yes||No|
How can you access the sevice? Website only? Via smartphone app?Access
|Website, iOS App, Android App||Website, iOS App, Apple Watch, Android App|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone: M-Th 7A-5P, F 7A-4P PT; Live Chat: M-Th 7A-5P, F 7A-4P PT; Email||Phone: M–F 6A–6P PT; Live Chat: M–F 6A–6P PT; Email|
|Assets Under Management||$12M||$120M|
|Number of Accounts||2K||3K|
|Sign Up||Sign Up|