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 Merrill Edge Guided Investing (MEGI). 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 Merrill Edge Guided Investing (MEGI) 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, Merrill Edge Guided Investing (MEGI) has annual fees of 0.45%.
When it comes to fees, SoFi Wealth Management is the cheaper service.
Let's consider the minimum investment that's required to use both SoFi Wealth Management and Merrill Edge Guided Investing (MEGI).
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 Merrill Edge Guided Investing (MEGI) gets a 8/10 rating. For more information on either service, you can read our full reviews on SoFi Wealth Management and Merrill Edge Guided Investing (MEGI).
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 Merrill Edge Guided Investing (MEGI)
MEGI is a robo advisor that combines automated investing with active management of your portfolio. It invests your money in index-based ETFs, but it actively manages your portfolio allocation. This gives you an opportunity to both outperform the market and minimize losses in a downturn. The major negative is that the management fee is higher than those of most other robo advisors. But the active management component may very well justify the higher fee.
|Review||SoFi Wealth Management Review||Merrill Edge Guided Investing (MEGI) 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||0.45%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, SEP IRA||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, Custodial, SEP IRA, SIMPLE IRA, 401(k), Solo 401(k), 529|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||No||No|
|Retirement Planning Tools||Yes||Yes|
|Automatic Deposits||Weekly, Biweekly, Monthly and Bimonthly||Daily, Weekly, Biweekly and Monthly|
|Clearing Agency||Apex Clearing||Merrill Lynch|
|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, 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||$0|
|Number of Accounts||2K||N/A|
|Sign Up||Sign Up|