SoFi Robo Investing review

SoFi’s robo advisor is an affordable automated investing option for beginner and hands-off investors. Its simple platform is easy to use, and signing up takes just a few minutes. 

SoFi Plus members qualify for additional benefits when they invest with SoFi, including unlimited access to a financial planner and a 1% match on recurring deposits. Basic members get a free session with a planner, but ongoing planning is only available with Plus.

SoFi Robo Investing portfolios

SoFi’s robo advisor offers three automated portfolio options, each of which is customized to a client’s individual goals, time horizon and risk tolerance. 

• Classic: SoFi’s standard portfolio, built using low-cost mutual funds and ETFs
• Classic + Alternatives: Combines the Classic portfolio with funds that hold alternative assets, such as real estate investment trusts or commodities
• Sustainable Investing: A portfolio of mutual funds and ETFs geared toward those interested in socially responsible investing

SoFi Robo Investing features

• Supported accounts: SoFi’s robo advisor offers individual taxable accounts and traditional, Roth and SEP individual retirement accounts (IRAs).
• Access to financial planners: All SoFi members receive a free 30-minute session with a financial planner.
• SoFi Plus benefits: SoFi Plus members get unlimited access to a financial planner and a 1% match on recurring deposits. Members who set up a direct deposit to a SoFi checking and savings account can access Plus benefits for free; otherwise, it’s $10 a month.
• Automatic rebalancing: If your asset allocation moves more than 5% away from your target, SoFi will automatically rebalance your portfolio. 
• Customer support: SoFi investing customer support is available via live chat or phone Monday through Friday from 5 a.m. to 5 p.m. PT. 

SoFi Robo Investing fees and pricing

SoFi charges 0.25% of assets under management (AUM) on its automated portfolios. This is average compared to other robo advisors.

SoFi used to not charge a management fee, but in November 2024, the firm implemented the 0.25% fee. It also previously didn’t require a minimum balance to start investing, but now you need at least $50 to get started. 

For access to SoFi Plus investing benefits, including unlimited planner access and the 1% match, you’ll need to set up a direct deposit into your SoFi banking account or pay $10 a month for membership.

How to sign up for a SoFi Robo Investing account 

You can sign up for a SoFi robo advisor account online, and it only takes a few minutes. You’ll start by signing in to your existing SoFi account or creating a new account. Then, you’ll answer some questions so SoFi can determine your risk profile (from conservative to aggressive) and the type of portfolio and account you want. Once you’ve signed up, you can fund your account and SoFi will start investing for you.

SoFi Robo Investing pros and cons

Pros explained

• Start investing with $50: Compared to other robo advisors, SoFi’s $50 trading minimum is on the low end, although some robo advisors have lower requirements.
• Recurring deposit match: If you’re a SoFi Plus member, you can get a 1% match when you set up recurring deposits into your automated investing account. This match is paid in rewards points, which can be redeemed for cash with your SoFi checking and savings account.
• Alternative investments portfolio: SoFi’s automated Classic + Alternatives portfolio includes funds that offer exposure to alternative investments, including real estate, commodities and foreign currency.

Cons explained

• Doesn’t offer tax-loss harvesting: Many robo advisors offer tax-loss harvesting, which is a strategy that can help lower your tax liability on your investments. SoFi doesn’t offer this feature.
• Limited access to financial planners with basic membership: SoFi members get a free 30-minute session with a financial planner, but if you want additional access, you’ll need to become a Plus member.

Who should consider SoFi Robo Investing?

Robo advisors are generally geared toward beginner and hands-off investors who are comfortable having an algorithm handle their portfolio management. SoFi’s automated investing platform is an affordable and easy-to-use option for these types of investors. 

SoFi’s alternative investments portfolio might also appeal to savvier investors who want both exposure to a wider range of asset types and the ease of an automated portfolio.

For investors who need more customization or personalized financial advice, SoFi Robo Investing might not be the right choice.