We've reviewed many investing and personal finance services. We want to help you make the best decision of which service best suits your needs.
This comparison we review SoFi Wealth Management and Ellevest.
From our research, annual fees, minimum deposit, and 401(k) support the most important
features which choosing a robo advisor. Let's look at how SoFi Wealth Management and Ellevest stack up against each other on these features.
To start, we will compare the fees for trading with both robo
advisors. SoFi Wealth Management has
annual fees at 0% fee per year. In
contrast, Ellevest has annual fees of 0.25%.
SoFi Wealth Management wins because their service is free to use.
Let's consider the minimum investment that's required to use both SoFi Wealth Management and Ellevest.
At $0, Ellevest requires a smaller minimum deposit.
When it comes to supporting 401(k) plans, there is a clear line of division. Ellevest does offer support for 401(k) plans, while SoFi Wealth Management does not. If you are someone who wants input on your employee-sponsored retirement account, Ellevest will be your option.
|Review||SoFi Wealth Management Review||Ellevest Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||None||Get up to $750 Cash Back|
|Account Fees||Free under $10k and SoFi Borrowers; 0.25%/year||0.25%/year; Premium - 0.50%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, SEP IRA||Taxable, Roth IRA, Traditional IRA|
|Advice||Human Assisted||Human Assisted|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting|
|Retirement Planning Tools|
|Automatic Deposits||Weekly, Biweekly, Monthly and Bimonthly||Monthly, Bimonthly and Quarterly|
|Clearing Agency||Apex Clearing||Folio|
|Socially Responsible Investing|
|Invests in Commodities|
|Invests in Real Estate|
How can you access the sevice? Website only? Via smartphone app?Access
|Website, iOS App, Android App||Website|
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; Email|
|Assets Under Management||$12M||$91M|
|Number of Accounts||2K||12K|
|Sign Up||Sign Up|
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.
Ellevest is a robo advisor investing platform that targets women specifically. It can offer custom plans that are tailored to the needs of women. A good argument can be made for the necessity for taking women's particular situations into accounts. After all, they tend to live longer yet earn less. However, is a completely separate robo advisor really needed? We'll let you be the judge after reading our review.