SoFi Invest shines for its low fees and user-friendly interface. But it lacks advanced research tools and access to bonds. Here are five SoFi Invest alternatives that make up for its drawbacks.
Like SoFi Invest, Fidelity Investments offers zero commission on stocks & ETFs. Fidelity also offers more than 3,000 index funds that don't charge expense ratios. SoFi doesn't offer index funds or mutual funds –– but Fidelity does. Active traders on Fidelity can use sophisticated research tools like a stock screener with more than 400 criteria and third-party research. SoFi lacks such robust research tools. However, SoFi charges no management fee for its automated investing platform. Fidelity Go, a similar alternative, charges a management fee up to 0.35% on large balances.
Among apps like SoFi Invest is Robinhood. It provides zero-commission stocks and ETFs and also offers no commission options trading. Plus, Robinhood doesn't charge a per-contract fee on options, which is rare for most brokers. Like SoFi Invest, Robinhood is best for beginners. You can visit its website to access a library of educational articles about investing and personal finance topics. But unlike SoFi, Robinhood doesn't currently offer an automated investing platform or individual retirement accounts (IRAs).
A top alternative similar to SoFi automatic investing is Betterment. It's a robo-advisor that recommends automated portfolios built with low-fee ETFs. But although Betterment charges a 0.25% management fee while SoFi charges none, Betterment offers tax-loss harvesting. This automated strategy can minimize the tax burden related to your investments. Moreover, Betterment clients with at least a $100,000 balance get access to a team of certified financial planners (CFPs). These are fiduciaries who are legally required to provide financial planning advice in your best interest.
Account types
Brokerage, IRA
Annual fee
0.25% on balances up to $99,999 0.4% on balances of $100,000+
Available asset types
ETFs, Cryptocurrency
Annual advisory fee
0.25% on balances up to $99,999 — 0.4% on balances of $100,000+
Another full-service brokerage, E*TRADE, features the competitive fees of discount brokers like SoFi. E*TRADE offers commission-free stocks and ETFs. But it gives investors access to a bigger menu of securities, including bonds, mutual funds and futures. E*TRADE's advanced research tools are free for all clients regardless of their balances. Investors can access streaming market data, live market commentary, stock screeners and more through E*TRADE Web. E*TRADE Pro provides features like dynamic charting and risk-reward analysis. In addition, the top-rated app lets you trade stocks, ETFs, options and futures. It also boasts more than 100 technical studies and preset scans. However, some of E*TRADE's research tools may be a bit complex for beginner investors.
SoFi invest is an interactive investing app that’s great for beginners. It offers automated investing and active investing accounts. You also get free access to certified financial planners (CFPs) over the phone for a limited time after opening an account.
Pros
Low fees
Straightforward to use
Educational resources
Cons
Limited investment options
Lack of sophisticated research tools
Transfer your brokerage account
When changing brokers, the process may vary depending on your current broker and the one you’re moving to. SoFi doesn’t charge a transfer fee to move money from an automated investing account to another brokerage account. However, it charges a $75 fee if you move money from a SoFi active investing account to another broker. The broker you’re moving to may charge an incoming transfer fee. SoFi Invest typically uses the Automated Customer Account Transfer Service (ACATS) to move assets over to another broker. So expect to go through the following process.
Get a statement from your broker that has information like your account number and current assets.
Open the same type of account with your current broker. For example, an individual brokerage account should go to another individual brokerage account.
Fill out a transfer initiation or ACAT form with your new broker.
Your current broker validates your form or notifies you of the next steps within three business days.
Your old broker completes the process and moves funds within six business days.
Note: Some brokers don’t accept the proprietary funds of others. So you may not be able to transfer mutual funds or ETFs managed by your old broker.
Compare trading platforms
Consider these names if you are looking to change brokers.
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Javier Simon is a freelance finance writer at Finder and a certified educator in personal finance (CEPF).
He’s featured on NerdWallet, Bankrate, Yahoo Finance and Fox Business, where he’s shared his expertise on personal finance topics, such as investing, retirement planning, taxes, budgeting and savings.
He has also covered breaking news, such as student loan forgiveness initiatives, the housing market and inflation’s impact on consumers’ wallets.
His passion is turning complex financial concepts into actionable content that can help people improve their financial lives.
Javier holds a bachelor’s degree in multimedia journalism from SUNY Plattsburgh. See full bio
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