SoFi Automated Investing is a great platform that provides a simple and incredibly low-cost way to invest. This makes it perfect for beginners and cost-conscious investors. On top of that, it’s only $5 minimum makes it easy for absolutely anyone to get started. SoFi’s Active Investing also has commission-free stock and ETF trading; however, it does lack some advanced trading features.
Overall, SoFi Invest is an extremely solid investment and trading platform, and you will see that in this SoFi Invest review. It was once known only for student loan refinancing. However, these days, SoFi has expanded to offer a large variety of financial services including trading and robo-advisors. SoFi Invest is best for:
- Fee-conscious investors
- Beginner investors
- Those who are in need of help from a financial advisor
Now, let’s take a look into the pros and cons of SoFi Invest and figure out if it is the right platform for you. While we are on the subject, feel free to check out this Betterment review. Let’s get into it!
The pros and cons of SoFi Invest
SoFi Invest offers no-fee investing as well as portfolio management. On top of that, it also allows free access to intelligent financial advisors. For any fee-conscious investors, SoFi Invest is a hard platform to beat or match. Many people continue to see SoFi invest as a platform for refinancing student loans, however, it has changed a lot since then.
More recently, the company was able to expand and begin to offer services such as personal loans, mortgages, mortgage refinancing, and more. Advanced investors may find that it lacks some of the good features, however, it is great if you’re looking to minimize your fees. If you don’t have much to invest, it really isn’t a bad place to begin at all.
Overall, it is a fuss-free and easy way to invest. Now, let’s take a look at the pros and cons.
- Invest for free
- No management fees for Automated Investing
- Free access to financial advisors
- Commission-free trading for Active Investing
- Only available in the US
- No tax-loss harvesting
Is SoFi Invest the right platform for you?
SoFi Invest is without a doubt a great platform with some amazing features. Its Auto Invest portfolios have no management fees at all which is something you’d be unlikely to find anywhere else. It also allows you to be able to buy fractional shares while giving you access to financial advisors for free.
Make sure that you remember that it doesn’t allow you to make changes to your Auto Invest portfolio once your account has been set up. Another thing that would be a good addition is tax-loss harvesting. However, it may begin to be too much to ask of a robo-advisors with no management fees. SoFi Active Invest lets you buy all the same investments, but you won’t be locked into a particular portfolio.
You will be able to buy cryptocurrencies while also having free access to financial advisors. However, with Active Invest, you cannot buy investments such as mutual funds and index funds. You are locked into stocks, bonds, crypto and ETFs. Overall, SoFi Invest has plenty of great options. To get started, head over to SoFi Invest and set up your portfolio.