At Investor Junkie, we reviewed over one hundred investing and personal finance services. Our goal is to bring you the most honest, simple, and informative reviews. It turns out; users also want to compare specific services.
This review compares Wealthfront 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 Wealthfront and SoFi Wealth Management stack up against each
other on these features.
To start, we will compare the fees for trading with both robo
advisors. Wealthfront has
annual fees at 0.25% fee per year. In
contrast, SoFi Wealth Management has annual fees of 0%.
When it comes to fees, SoFi Wealth Management wins by not charging anything to use their service.
Let's consider the minimum investment that's required to use both Wealthfront and SoFi Wealth Management.
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.
|Review||Wealthfront Review||SoFi Wealth Management Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Promotions||$5k Managed for Free||None|
|Account Fees||0.25%/year||Free under $10k and SoFi Borrowers; 0.25%/year|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, Trusts, Non-Profit, 529||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||— All Taxable Accounts|
|Retirement Planning Tools|
|Automatic Deposits||Weekly, Biweekly, Monthly and Quarterly||Weekly, Biweekly, Monthly and Bimonthly|
|Clearing Agency||RBC||Apex Clearing|
|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, iOS App, Android App|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone: M-F 7A-5P PT; Email||Phone: M-Th 7A-5P, F 7A-4P PT; Live Chat: M-Th 7A-5P, F 7A-4P PT; Email|
|Assets Under Management||$10B||$12M|
|Number of Accounts||244K||2K|
|Sign Up||Sign Up|
Wealthfront is a robo advisor that emphasizes low fees and automated investing. The service shines when you have a taxable account, and the service is free for accounts under $5K if you use the Investor Junkie promotion or if you are referred by a current Wealthfront client. The negative is it doesn't support fractional shares.
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.