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 Charles Schwab Intelligent Portfolios. 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 Charles Schwab Intelligent Portfolios 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, Charles Schwab Intelligent Portfolios has annual fees of 0%.
When it comes to fees, both SoFi Wealth Management and Charles Schwab Intelligent Portfolios are equal in starting fees.
Let's consider the minimum investment that's required to use both SoFi Wealth Management and Charles Schwab Intelligent Portfolios.
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.
Overall, SoFi Wealth Management gets a 8.5/10 rating, while Charles Schwab Intelligent Portfolios gets a 8.5/10 rating. For more information on either service, you can read our full reviews on SoFi Wealth Management and Charles Schwab Intelligent Portfolios.
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.
About Charles Schwab Intelligent Portfolios
Schwab Intelligent Portfolios is Charles Schwab’s robo-investing service. Like other robo advisors, it provides professional investment management for your portfolio for a minimum investment ($5,000). But what makes Schwab Intelligent Portfolios unique in the industry — and particularly among large brokerage firms — is that Schwab offers the service without charging fees. And with Schwab's family of financial services, it's a one-stop shop: You can have some of your portfolio professionally managed through Schwab Intelligent Portfolios while being free to take advantage of all of the other benefits that Schwab offers.
|Review||SoFi Wealth Management Review||Charles Schwab Intelligent Portfolios 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||None|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, SEP IRA||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, Custodial, SEP IRA, SIMPLE IRA, Trusts|
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||Monthly, Bimonthly and Quarterly|
|Clearing Agency||Apex Clearing||N/A|
|Socially Responsible Investing||No||No|
|Invests in Commodities||Yes||Yes|
|Invests in Real Estate||Yes||Yes|
How can you access the sevice? Website only? Via smartphone app?Access
|Website, iOS App, Android App||Website, iOS App, 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: 24/7; Live Chat: 24/7; Email|
|Assets Under Management||$12M||$27B|
|Number of Accounts||2K||N/A|
|Sign Up||Sign Up|