In conclusion, both platforms are extremely impressive and offer several perks outside of the old investment options. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. When deciding between Betterment and SoFi Invest, each company has its positives and negatives to consider. Competing products from Betterment and Personal Capital offer similar access to a human advisor, but this is not the standard in low-cost, automated investing. Betterment is a robo-adviser offering automated and goal-inspired investments for everyday people like you and me. Both SoFi Invest Automated Investing and Betterment offer rebalancing. Per FTC guidelines, Robo-Advisor Pros may be compensated by third party companies that are mentioned either through advertising, reviews, affiliate programs or otherwise. Betterment gives you a free month for one referral and a free year for three referrals with no limit; Wealthfront gives you an additional $5000 managed for free per referral. This guide will help you compare the features and benefits of each side by side. The Digital plan comes at a 0.25% fee with no account minimum and no human advice. These include investments in renewable energy, conservation efforts, and purpose-driven companies striving to improve the world we live in. Betterment lets you open a brand new Traditional, Roth, or, One of the best features with long-term savings through Betterment is being able to project how much will need to retire comfortably and set up automatic withdrawals whenever you like. Betterment is answering questions from one of its regulators after launching a bank-like deposit product. SoFi Invest phone support is available Monday through Thursday, from 7am to midnight Eastern time, and Friday through Sunday 7am to 8pm Eastern Time. In comparison to SoFi, Betterment offers a wider selection of investment options. From stock screening and charting, to investment research and portfolio construction, Stock Rover provides a robust all-in-one platform for the do it yourself investor. What you see is what you get, and you won't be on the hook for any other fees on this platform. After a quick check with the BBB, we didn’t notice any complaints for the firm. Betterment also gives Premium clients unlimited access to Certified Financial Planners, a top certified advisor designation. Betterment vs. SoFi Invest— Fees and Minimums Betterment and SoFi Invest are essentially tied in the minimum investment category, with minimum investments of $0 and $1 respectively. Winner: SoFi Invest wins the customer support contest. Large-, Mid-, and Small-Cap Value Stocks, International Developed and Emerging Market Stocks, International Developed and Emerging Market Bonds. Trust. Betterment claims to beat other automated tax-loss harvesting algorithms by around 1%, and believes their strategy has the potential to increase portfolio returns by 0.77% per year. Free account management and access to financial professionals. Monday through Friday, Betterment offers daily phone customer service with separate numbers for help with the Betterment Checking and Cash Reserve products and investing/general questions. Betterment takes care of the maintenance of your investments so you can focus on other things and know your portfolio is on track. Fees are 0.25% AUM for accounts valued under $2 million and drop to 0.15% AUM for accounts over that amount. SoFi offers a wide range of opportunities for investors from the fee-free automated advisor to self directed, crypto and stock bits investing. We recommend that you review the privacy policy of the site you are entering. One of the biggest hurdles to investing is having enough money upfront. M1 Finance vs. Vanguard Personal Advisor Services. Investment management with live advisors. This is a huge selling point for SoFi, since few free robo-advisors offer human financial professionals. Top 8 Best Brokerages For Joint Accounts in 2021, There’s a lot of emphasis on individual investing these days, particularly with regard to retirement accounts, where it’s an IRS requirement. Betterment clients will get tax-loss harvesting, regardless as to whether they are Digital or Premium clients. Ally Invest Managed Portfolios is another solid robo-advisor for beginner investors. Listed below are the ETF options available for members (according to the SoFi website): SoFi Automated Investing is a great choice for people stashing money away for the long-haul (retirement) or a particular goal (college). When you complete your first crypto trade of $10 or more, you will automatically get $25 in bitcoin. SoFi requires only $1 for an initial investment, which makes the difference between SoFi Invest and Betterment negligible. Tax loss harvesting. While Betterment offers automatic investing starting at an annual fee of 0.25% of your account balance. Passively invest in private real estate deals with as little as $500. Investors who want free financial and career advice might choose SoFi Invest Automated Portfolios. Betterment vs. Vanguard: The best option depends on whether you prefer automated trades or DIY investing Rickie Houston, CEPF 2020-12-15T21:16:28Z 1 Free Stock (Up To $200)Download Single and joint taxable brokerage. SoFi Wealth Management Vs. Wealthfront Wealthfront imposes an account balance minimum of $500 on new clients while SoFi keeps its minimum to just $100. View side-by-side comparison of costs and benefits. Betterment's Smart Beta Portfolio was designed by Goldman Sachs and has the objective of taking on additional risk and volatility in the short term in order to provide greater returns in the long term. Your email address will not be published. Start by brainstorming your goals before you set up your Betterment account. They do have some differences, however, and one of the ways they differ is in what they choose to emphasize for their clients.Betterment is a goals-based robo-advisor. Betterment Premium is for people with $100,000 to invest and are willing to pay a fee of 0.40%. Winner: Betterment is the clear victor here, because SoFi Invest does not offer tax-loss harvesting. Betterment Digital has no minimum investment requirement. Betterment Review 2021: Is This The Best Robo Advisor? When you sign up as a member and complete a short questionnaire, SoFi will build and manage a portfolio for you with no management fee. While this is lower than many of the robo-advisement services offered by the big firms or banks (such as TD Ameritrade or Charles Schwab), many of the other robo-advisors we’ve reviewed have no minimum. Given the recent changes to many in this space, I was wondering how many people are interested in M1 Spend. In the Betterment vs. SoFi Invest head-to-head, it appears as if the robo-advisors are pretty evenly matched. On some level, the only way to fully answer this is to give each one a try. The Future of Robo-Advisors-Are Human Advisors and Small Players Doomed? If you’re seeking high yield cash accounts, then Betterment Checking and Cash Reserve and SoFi Money will both abide. SoFi Invest and Betterment are both hefty competitors to the traditional investment portfolio leaders and at a fraction of the cost. In this review, we will be comparing the two side by side to see how they stack up! Like many other online platforms today, Betterment has a no-fee checking account, high-yield savings, goal-specific portfolios, and automated retirement savings. The SoFi savings account offers high yields, similar to those of the Betterment Cash Reserve account. You're also able to use both for different investments which might make sense for you if you want some of each! We describe their similarities and differences to help you decide which is best for you. Ally vs. Marcus vs. Wealthfront: How 3 of the most popular high-yield savings accounts stack up. See how SoFi Invest stacks up against TD Ameritrade! When it comes to fees, again, SoFi takes the cake. SoFi is currently offering one of the most attractive wealth management accounts available to retail investors. Through this option, members can tackle these goals and feel confident that they will meet them with SoFi’s regular portfolio rebalancing. It is easy to become overwhelmed, and even to possibly experience information overload. When you first sign up with Betterment or Wealthfront, the Robo advisor asks you a series of questions about your investment needs and then sets your risk tolerance based on your answers. Disclosure: Please note that this article may contain affiliate links which means that – at zero cost to you – I might earn a commission if you sign up or buy through the affiliate link. Winner: SoFi Invest takes an easy win here, as Wealthfront does not offer human financial planners. In contrast, SoFi Invest offers stock and fund, crypto, and automated investing. Investors who are looking for a robo-advisor with a long history will benefit from Betterment’s long-term work in the industry. We put together a free comparison table that analyzes all of the top robo-advisors available today. Compare SoFi Wealth Management vs Betterment and see which is better. This post contains references to products from one or more of our advertisers. Betterment lets you open a brand new Traditional, Roth, or SEP IRA, or roll over an old 401k or convert an old IRA into a new one. SoFi Invest and Betterment are both hefty competitors to the traditional investment portfolio leaders and at a fraction of the cost. Socially-responsible, income and smart beta portfolios. Typically this strategy was applied by financial advisors near the end of the year in order to mitigate the tax burdens of their clients. It’s certainly wise to take a look […], How To Close Your Webull Account (Step By Step), It’s simple to go through the actual steps of closing on online brokerage account. That way, you only pay for the financial advice that you need. Choosing the right product and service is essential for your investing. Compare SoFi Invest vs TD Ameritrade Online brokers compared for fees, trading platforms, safety and more. 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