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SoFi Wealth Management review

The online personal finance company SoFi offers its customers the chance to invest $10,000 for free. It can help you define your wealth management goals and select your best investment option through accessible customer support that does not work on commission. SoFi Wealth Management options can decrease your debt and increase your wealth and equity.

SoFi uses electronically traded funds and technology to get you the best fee possible. SoFi imposes a $500 account balance minimum or lower for those investing $100 monthly and charges a fee of 0.25% of your assets under management

Product details

Product nameSoFi Wealth Management
Management fees
0.25% of your assets under management
Account balance minimum
$500 or lower for those investing $100 monthly
Investment expense ratio
Other fees
No annual, transfer or closing fees

What are the benefits?

  • Low management fees. SoFi imposes a $500 account balance minimum or lower for those investing $100 monthly and charges a fee of 0.25% of your assets under management.
  • No trading, transfer, custodian or commission fees. Minimal fees save you more.
  • Free personalized help. SoFi advisers can help you change your portfolio, goals and savings rate.
  • Quick investments. Investing money with SoFi in about five minutes.
  • Premier access for high-worth investors. Qualified purchasers gain unique access to our portfolio of prime consumer credit.
  • Accessible support. Email, call 855-525-7634 or chat live online.

What to watch out for

  • No tax optimization. Unlike other services, SoFi cannot help you optimize your tax losses.
  • No 529 plans. If you’re looking to get a head start on saving for your kids’ education, SoFi won’t be able to help.

Am I eligible?

SoFi Wealth Management services are open to legal US residents. Expect to provide government-issued ID and documentation that shows your physical address.

SoFi supports individual accounts, Roth IRAs, Traditional IRAs, and SEP IRA accounts.

Bottom line

If you are looking to invest a small amount of money into Electronically Traded Funds, then SoFi Wealth Management is for you. If offer new customers the chance to invest the first $10,000 without any fees (above $10,000, it charges an annual 0.25%). SoFi is an ideal way to expand your finances, assets and portfolio. If you become a qualified investor, then you can gain access to SoFi’s unique portfolio of prime consumer credit. Overall, the benefits outweigh the drawbacks. However, I would suggest looking into other wealth management opportunities that could allow you to invest more than $10,000 without a fee.

Common questions

Adrienne Fuller

Adrienne is a Publisher at finder and has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

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