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SoFi wants to go a step beyond just being another roboadvisor and will offer access to non-commissioned, licensed financial advisors that members can reach by phone or by chat to answer investment questions or just improve their overall financial health. Management fees will be waived for SoFI loan borrowers, but otherwise are just 0.25 percent and will be waived for the first $10k invested.
SoFi had previously made its wealth-management product available in a limited capacity to its existing user base. But now the company is launching SoFi Wealth to the general public, allowing anyone to become a SoFi member without having to open a loan account. People interested can sign up with as little as a $500 initial investment or monthly recurring deposit of $100 for access to any of its low-cost ETFs. There’s no shortage of wealth-management options out there for those who have money to invest. In addition to more traditional offerings from the likes of Fidelity and Vanguard, startups like Wealthfront, Betterment and Wealthsimple have emerged to make investing for the long term simple and cost-effective.
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