SoFi Automated Investing review: Fee-free automated investing with ETFs

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• SoFi Automated Investing builds personalized ETF portfolios for those who prefer passive investing.
• The account has no minimum requirements, and it doesn't charge any management fees.
• The automated account also offers goal planning and portfolio rebalancing to keep you on track.
• Click here to set up an account with SoFi Automated Investing.

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Is SoFi Automated Investing right for you?

SoFi Automated Investing pros	SoFi Automated Investing cons
No account minimum or management fees to invest Goal planning and automatic portfolio rebalancing Range of other account options across SoFi website SoFi offers complimentary CFP access across all accounts	No tax-loss harvesting No socially responsible portfolio options

Though originally created as a personal loan and student loan refinancing company, SoFi has branched out with other financial products, including checking accounts, active investing accounts, and automated investing.

The SoFi Invest automated account – SoFi Automated Investing – creates a personalized portfolio of ETFs that align with your risk tolerance and investment goals. The account doesn't offer features like tax-loss harvesting or sustainable investing portfolios (portfolios that target companies that specifically work to improve the environment), but it's free of advisory fees and includes access to certified financial planners (CFPs).

The account also offers other features like goal planning. Keep reading to see if SoFi Automated Investing is right for you.

Editor's rating	4.52 out of 5
Fees	0%
Account minimum	$0 ($5 to start investing)
Promotion	None at this time.
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Not sure if SoFi Automated Investing is right for you? Keep reading to see how it stacks up against other online automated advisors.

How does SoFi Automated Investing compare?

Min. Investment $0 ($5 to start investing)	Min. Investment $3,000	Min. Investment $0
Fees 0%	Fees 0.15%	Fees $1 to $9 per month
Investment choices ETFs	Investment choices ETFs	Investment choices ETFs
Open an account	Open an account	Open an account

Since the SoFi Automated Investing and Vanguard Digital Advisor are both automated accounts amongst a broader range of company products, the platforms could both be great for investors looking to dabble in both automated accounts, self-directed brokerage accounts, or other accounts.

You'll pay more in fees with the Vanguard automated option, but Vanguard makes up for it with its wider range of account options and investment products. Ellevest, on the other hand, solely provides automated portfolio management. While it offers a competitive $0 minimum requirement and low fees, you won't be able to choose your own investments.

If you're still interested in SoFi Automated Investing, keep reading to learn more about how the automated account works.

Ways to invest with SoFi Automated Investing

Automated investment management

If you're new to investing or prefer to let professionals manage your investments, SoFi's automated accounts could be right for you. The account – which is free to set up and has no advisory fees – includes automatic portfolio rebalancing, goal planning (for one or multiple goals), and investment diversification across several ETFs.

Portfolios utilize both SoFi ETFs and non-SoFi ETFs from brokerages like Vanguard.

When it comes to account types, SoFi Automated Investing supports individual investment accounts, joint accounts, traditional IRAs, Roth IRAs, SEP IRAs, and 401(k) rollovers.

Investment choices

SoFi Automated Investing mainly offers ETFs. The ETF offering is standard among automated platforms like Betterment, Ellevest, and Vanguard Digital Advisor. But some automated platforms like Fidelity Go only offer mutual funds.

Both ETFs and mutual funds charge expense ratios and act as diversified compilations of different investments (eg. stocks, bonds, currencies). The difference between the two is that you can trade ETFs throughout regular market hours (9:30 a.m. – 4p.m. for the US stock market), but mutual funds only trade at the end of the day when the market has closed.

SoFi's complimentary financial advisor access could be a great option if you have any questions or reservations about investing. The company lets all SoFi members set up a free exploratory call with a certified financial planner (CFP) to discuss financial goals and other topics. Learn more here.

Account setup and user interface

You can access SoFi Automated Investing both on its web platform or on iOS or Android devices. During the initial account setup process, SoFi gives you a series of portfolio options to determine the amount of investment risk you're comfortable with. The company offers five different risk profiles:

• Moderate: SoFi says these portfolios are best for those who prefer a little risk. These investors have a time horizon of 10 years or less
• Moderately conservative: This risk level suits those with a low risk tolerance, short-term goals, and a timeline of 3-5 years, according to SoFi.
• Conservative: SoFi designs conservative portfolios for investors with a low risk tolerance, short-term goals, and time horizon of six months to three years.
• Moderately aggressive: Built for investors with timelines of 5-20 years, SoFi says these portfolios suit those who are more comfortable with risk.
• Aggressive: These portfolios align with investors who have a higher risk tolerance and time horizon of at least 10 years.

SoFi also provides various investment strategies for goals like buying a home, traveling, getting married, saving for a child's education, or retiring early.

Is SoFi Automated Investing trustworthy?

The Better Business Bureau gives SoFi an A+ rating. Since the BBB's ratings range from A+ to F, SoFi has earned the highest rating a company can receive in customer interaction skills.

The BBB also considers a range of other factors when determining a company's level of trustworthiness. These include complaint history, time in business, type of business, business practices, licensing and government actions, and advertising issues.

The bureau has additionally issued an alert for SoFi. It lists a government action executed against the company in 2018, when SoFi allegedly provided inaccurate information about its loan refinancing savings. The Federal Trade Commission (FTC) issued a Consent Order, and SoFi neither confirmed nor denied the allegations.

SoFi has closed nearly 70 complaints in the last 12 months, according to BBB data.

Rickie Houston is a wealth-building reporter at Personal Finance Insider who covers investing, cryptocurrency exchanges, brokerage, and wealth-building products.

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