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 Wealthsimple 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 Wealthsimple 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. Wealthsimple 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 Wealthsimple and SoFi Wealth Management are equal in starting fees.
Let's consider the minimum investment that's required to use both Wealthsimple and SoFi Wealth Management.
At $0, Wealthsimple requires a smaller minimum deposit.
When it comes to support for 401(k) plans, there is a clear line of division. Wealthsimple does offer support for 401(k) plans, while SoFi Wealth Management does not. If you are someone who wants help on your employee-sponsored retirement account, Wealthsimple will be your option.
Overall, Wealthsimple gets a 8/10 rating, while SoFi Wealth Management gets a 8.5/10 rating. For more information on either service, you can read our full reviews on Wealthsimple and SoFi Wealth Management.
Wealthsimple is a solid addition to the current slate of robo advisors available. The service offers a socially responsible investment option, as well as assistance from a live representative. However, compared to other firms their fees are on the high side.
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||Wealthsimple Review||SoFi Wealth Management Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||Up to $100 Bonus||None|
|Account Fees||Under $5k – FREE; $5k-$100k – 0.50%/year; $100k+ – 0.40%/year||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|
|Advice||Human Assisted||Human Assisted|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||Yes — All Taxable Accounts||No|
|Retirement Planning Tools||No||Yes|
|Automatic Deposits||Weekly, Biweekly 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||Yes||Yes|
How can you access the sevice? Website only? Via smartphone app?Access
|Website, iOS App, Apple Watch, 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-5:30P ET; Email||Phone: M-Th 7A-5P, F 7A-4P PT; Live Chat: M-Th 7A-5P, F 7A-4P PT; Email|
|Assets Under Management||$1B||$12M|
|Number of Accounts||50K||2K|
|Sign Up||Sign Up|