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SoFi Automated IRA Review 2024: Features, Fees, and More

By Jamie Cattanach

Updated on May 1, 2024

Learn about our Editorial Process

Key Takeaways

A SoFi Automated Investing IRA offers a clean, mobile-first interface with no annual management fee, low account minimums, and access to Certified Financial Planners.
Automatic Rebalancing: The service includes automatic rebalancing to maintain the target asset allocation over time, helping to manage risk and optimize returns
Advisor Access: SoFi provides access to qualified and licensed advisors who can offer guidance and answer questions at no extra cost. This feature is particularly beneficial for those new to investing or those who prefer a guided investment experience

SoFi Automated IRA Snapshot

Best if you want

SoFi offers hands-off approach with an automated IRA. Enjoy a low, $1 account minimum and no annual management fee with access to Certified Financial Planners in a user-friendly robo-advisor platform.

Fees

What you can invest in

ETFs, both proprietary and non-proprietary

Limitations

No customizable portfolios; some ETFs have higher expense ratios.

Account minimum

Ease of Use

4.5 stars

Pros

• Mobile-first, clean user interface.
• No fee to manage your IRA for you.
• Access to a large suite of other financial services.

Cons

Limited ability to influence the portfolio they create for you.

Best If You Want

With a low, $1 account minimum, no annual management fee, and access to a range of great financial tools including Certified Financial Planners, a SoFi Automated Investing IRA is a great option for beginner and hands-off investors. While there is limited ability to influence the portfolio they create for you, SoFi’s mobile app and web platforms are incredibly straightforward and score highlights on reviews across the Apple app store and the Google Play store. Overall, those looking for a mobile-first experience that takes the work out of investing will appreciate a SoFi Automated Investing IRA.

SoFi is a digital-first institution that offers a simple, no-fee rollover IRA managed for you. One of the early “fintech” companies, SoFi started out by helping people refinance their loans. From that start they’ve expanded into a range of financial services, recently launching investment accounts that include rollover IRAs.

The SoFi experience is built for mobile, so if you want a well-designed, mobile-first way to manage your retirement savings, then the SoFi Automated IRA is a great option.

Fees

Most automated accounts charge what’s known as an “advisory” or “management fee” to manage your portfolio for you. This fee is usually expressed as a percentage of your assets that’s paid each year (e.g. 0.50% per annum).

SoFi is one of the few providers that charges no advisory fee to manage your IRA portfolio for you. This compares well to other players in the market who can charge 0.25 – 0.35% of your assets each year for a similar service.

What You Can Invest In

The SoFi investment process is similar to other robo-advisors – you open an account, answer some questions about your goals and risk tolerance, and they suggest a portfolio for you.

That portfolio is based on a combination of “asset classes” like equities (stocks), fixed income (bonds), and international investments. They’ll put your money in a collection of exchange-traded funds (ETFs) that allow you to access these asset classes efficiently.

Those ETFs are generally provided by large financial institutions like Vanguard and Blackrock and will live inside your portfolio. SoFi also offers its own ETFs and some of your money will be invested in those.

Account Minimums

A $1 account minimum is one of the biggest perks of a SoFi Automated Investing IRA. Other IRA providers can require much higher minimums, sometimes upwards of $500. By offering a low account minimum, SoFi appeals to a broader range of investors – including those who are just starting out.

Customer Support

SoFi offers phone, email, and chat support to customers. Phone and live chat support is available Monday through Thursday from 5 am to 7 pm PT and Friday from 5 am to 5 pm PT. As part of your investment account experience, you’ll get access to a team of certified financial planners (CFPs) available to chat with you by phone. This is a nice perk for those who might have extra questions about financial planning, retirement planning and diversification. IRA portfolios also come with automatic rebalancing as needed.

SOFI CUSTOMER SUPPORT CONTACT INFORMATION

Phone Number: 844-493-7634

Phone Hours: Monday – Thursday: 5:00 am – 7:00 pm PT, Friday – Sunday: 5:00 am – 5:00 pm PT”

Fax: 888-526-7252

Email Address: mobilesupport@sofi.org

Support Center: https://www.sofi.com/contact-us/

iOS App

Android App

Account Types

SoFi Automated Investing offers a range of individual retirement account types to choose from—alongside other types of investment accounts like brokerage and trading accounts. For the purposes of this article, we’ll stick with the various iterations of the SoFi IRA that investors might choose from.

Traditional IRA

Traditional individual retirement accounts (IRAs) are funded with pre-tax dollars, which offer the account holder a tax break in the year contributions are made. The funds are then allowed to grow tax-free, though they are taxed as regular income in retirement. They also carry no income limitations for direct contributions.

Roth IRA

Like all Roth IRAs, SoFi’s Roth IRAs are funded with after-tax dollars—so although you won’t get a tax break in the short term, the long-term tax benefits are many. For one thing, Roth accounts mean account holders can take out tax-free funds once they reach retirement age (so long as the Roth five-year rule has been followed). Furthermore, Roth IRAs don’t carry required minimum distributions (RMDs) as do most other types of retirement plans, making them an attractive option for those looking to pass down a tax-free asset to their heirs.

Rollover IRA

If you’ve got an old retirement account hiding somewhere, rolling it over can help ensure you know where all of your retirement money is — and that you’re actively managing it so it can go to work for you. Once you’ve found your old 401(k), the process to roll over that 401(k) to an IRA can be daunting. SoFi’s rollover IRA simplifies the process, and Capitalize’s specialists can manage the entire process step by step.

SEP IRA

SEP IRAs are designed for small business owners to maximize their employees’ retirement savings while also gleaning tax benefits for the business, as well as self-employed people saving for retirement. SoFi offers a Simplified Employee Pension IRA to eligible account holders.

Other Features

SoFi’s overall mission is to help you “Get your money right”. To do that, they offer a broad selection of financial services – all digital, and all built with a younger, tech-savvy user in mind. Besides investment accounts, SoFi offers a checking account, student loan refinancing, personal loans, home loans, and even insurance products.

As part of your investment account experience, you’ll get access to a team of certified financial planners (CFPs) available to chat with you by phone. This is a nice perk for those who might have extra financial questions.

Limitations

The SoFi Invest Automated account has the same limitations as other digital, managed accounts – you won’t be able to really change the portfolio allocations across investment options much, though that’s best if you want to outsource your retirement fund money management. They also don’t have physical branches so if that’s important to you then you’re best off with a slightly older brand.

Considering a SoFi Automated IRA?

SoFi offers a simple, no-fee, automated IRA. If you want somebody to manage your IRA with little fuss, it’s a solid option. You’ll also be able to establish a broader relationship with SoFi and access a full range of financial services over time.

If you’re looking to fund your new SoFi Invest Automated Investing IRA with a 401(k) rollover, Capitalize can help. We’ve made it our mission to make this process easier for everyone. We can handle the entire process for you. Most of the process can be done online and our rollover experts will guide you through any of the manual parts. Get started with your 401(k) to IRA rollover in just a few minutes.

Best If You Want

Fees

What You Can Invest In