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SoFi launches robo advice-style, low cost wealth management platform

By Daniel Lanyon on 16th May 2017

SoFi Wealth is an online investment management service combining low-cost portfolios alongside human advice.



SoFi has launched a new wealth management proposition, named SoFi Wealth, aimed at the fast growing robo advice market although the service combines both an online, low cost model with unlimited access to live and licensed financial advisors.


Other features of SoFi Wealth include what the firm, one of the largest marketplace lending platforms in the US, calls  ‘Smart Portfolios’. These will automatically build and rebalance low “cost, tax-efficient portfolios” to generate long term returns. They will fit the traditional deductible IRA accounts, Simplified Employee Pensions, and Roth IRA wrappers.


Investors will also benefit from unlimited access to non-commissioned, licensed financial advisors via phone or web-based chat.


Management fees are waived completely for SoFi loan borrowers over the life of their loan. For everyone else, management fees are just 0.25 per cent, and are waived for the first $10,000 invested.


Investors can get onboard with a $500 initial investment or recurring monthly deposit of $100. SoFi Wealth also comes with the firm’s other benefits such as career coaching.


"People love the low fees and automation of robo-advisors, but they struggle with not having an actual human being to talk to when facing big financial questions. We've built something that perfectly balances those interests," said John Gardner, general manager of SoFi Wealth.


"For those who haven't started investing, like younger professionals who make up a large part of the SoFi member base, that guidance from a live advisor can help give them the confidence they need to start planning for a lifetime of financial success."


According to a recent Bankrate survey, less than a third of millennials invest in the stock market, and the most common reason cited by that group was not knowing enough about the market.



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