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 M1 Finance and SoFi Wealth Management. 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 M1 Finance and SoFi Wealth Management stack up against each other on these threads.
To start, we will compare the fees for trading with both robo advisors. M1 Finance has a fees starting at 0% fee per year. To contrast, SoFi Wealth Management has annual fees of 0%.
When it comes to fees, both M1 Finance and SoFi Wealth Management are equal in starting fees.
Let's consider the minimum investment that's required to use both M1 Finance and SoFi Wealth Management.
At $0, M1 Finance 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, M1 Finance gets a 8.5/10 rating, while SoFi Wealth Management gets a 8.5/10 rating. For more information on either service, you can read our full reviews on M1 Finance and SoFi Wealth Management.
About M1 Finance
Combining the best of both traditional investment brokerage accounts and robo advisors, M1 Finance is dangerously close to being the perfect all-around investment platform. The only significant negatives are that it does not offer tax-loss harvesting or investment in mutual funds.
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.
|Review||M1 Finance Review||SoFi Wealth Management Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Invest for FREE||None|
|Account Fees||None||Free under $10k and SoFi Borrowers; 0.25%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts||Taxable, Joint, Roth IRA, Traditional IRA, SEP IRA|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||No||No|
|Retirement Planning Tools||No||Yes|
|Automatic Deposits||Daily, Weekly, and Monthly||Weekly, Biweekly, Monthly and Bimonthly|
|Clearing Agency||Apex Clearing||Apex Clearing|
|Socially Responsible Investing||Yes||No|
|Invests in Commodities||No||Yes|
|Invests in Real Estate||No||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-F 9A-5P CT; Email||Phone: M-Th 7A-5P, F 7A-4P PT; Live Chat: M-Th 7A-5P, F 7A-4P PT; Email|
|Assets Under Management||$30M||$12M|
|Number of Accounts||N/A||2K|
|Sign Up||Sign Up|