4. Best Robo advisors

Best For Low Fees: SoFi Automated Investing

Our Score: 8.5
Minimum Deposit: $5
Annual Fees: $0
Human Advisor Access: Yes

SoFi Investing

Get Started With SoFi

Best For: If you want to avoid steep fees, SoFi is one of the best robo-advisors you can use. In fact, this automated investing account doesn’t charge annual fees. And you only need $5 to begin investing, making it very beginner-friendly.

Like many other robo-advisors, SoFi Automated Investing builds portfolios with a mix of ETFs that match your investing goals and risk tolerance. You can open an individual account as well as tax-advantaged accounts like IRAs

SoFi also provides automatic rebalancing and lets you set and track progress towards multiple financial goals. Human financial planners are also available if you have questions at no extra cost.

Potential Drawbacks: Unlike some more established robo-advisors, SoFi Automated Investing doesn’t offer tax-loss harvesting. And SoFi also tends to invest in some of its own ETFs alongside ones from other companies. This wouldn’t be an issue, but many SoFi ETFs have incredibly high fees in the 0.29% to 0.49% range.

Fees: SoFi Automated Investing doesn’t charge annual fees. However, be careful with how much of your portfolio invests in SoFi ETFs since many of these have steep fees.


  • No annual fees
  • $5 investing requirement
  • Human advisors are available


  • Many SoFi ETFs have high fees for ETFs
  • No tax-loss harvesting

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