Financial advisory services: SoFi Automated Investing vs. Schwab Intelligent Portfolios Premium

Quick Verdict

SoFi Automated Investing is a better choice for investors with limited capital due to its low minimum investment. Schwab Intelligent Portfolios Premium is more suitable for high-net-worth individuals seeking comprehensive financial planning and tax-loss harvesting.

SoFi Automated Investing has a significantly lower minimum investment amount ($50) compared to Schwab Intelligent Portfolios Premium ($25,000).
SoFi charges a 0.25% annual advisory fee, while Schwab charges a one-time planning fee of $300 and a monthly advisory fee of $30.
Schwab Intelligent Portfolios Premium offers tax-loss harvesting for accounts with $50,000 or more, while SoFi does not offer this feature.
Schwab Intelligent Portfolios Premium provides unlimited access to CERTIFIED FINANCIAL PLANNER professionals, while SoFi offers access to live financial planners, with potentially increased access for SoFi Plus members.
SoFi offers a "Sustainable" portfolio for socially responsible investing, whereas Schwab does not offer a dedicated SRI portfolio but allows clients to exclude up to 3 ETFs.

Key features – Side-by-Side

Attribute	SoFi Automated Investing	Schwab Intelligent Portfolios Premium
Minimum Investment Amount	$50	$25,000. Each individual account must meet a $5,000 minimum.
Management Fees	0.25% annual advisory fee	A one-time planning fee of $300 and a monthly advisory fee of $30.
Available Account Types	Individual and joint taxable brokerage accounts, Traditional, Roth, Rollover, and SEP IRAs	Taxable accounts: Individual, Joint Tenant with Rights of Survivorship, Tenants in Common, Community Property, Custodial Brokerage accounts. Retirement accounts: Roth, Traditional, Rollover, SEP, and SIMPLE IRAs. Trust accounts.
Investment Options	Mix of low-cost stock and bond ETFs, Alternative assets (real estate, private markets) via "Classic with Alternatives" portfolio, Socially responsible investments (SRI) via "Sustainable" portfolio	Primarily invests in low-cost ETFs. These ETFs cover a range of asset classes, including stocks, fixed income, and commodities. Schwab uses around 50 different ETFs across roughly 20 different asset classes.
Tax-Loss Harvesting	Not offered	Available for accounts with invested assets of $50,000 or more. Clients must choose to activate this feature.
Financial Advisor Access	Access to live financial planners. SoFi Plus members may have increased access.	Unlimited guidance from CERTIFIED FINANCIAL PLANNER professionals. Access is available via phone or video conference.
Goal Setting and Planning Tools	Available	Interactive online planning tools and a customized roadmap for reaching financial goals.
Portfolio Rebalancing Frequency	Monitored daily; rebalanced when an asset is more than 5% off target. Rebalancing also occurs with deposits/withdrawals, strategy changes, or changes to portfolio allocation by SoFi's Investment Committee.	Designed to monitor portfolios daily and automatically rebalance as needed to keep the portfolio consistent with the client's selected risk profile. Trading may not take place daily.
Socially Responsible Investing (SRI) Options	Yes, through the "Sustainable" portfolio	No socially responsible portfolio is offered, but clients can exclude up to 3 ETFs.
Mobile App Availability and Features	Available on Android and iOS	Schwab Intelligent Portfolios Solutions website and mobile application are available.
Customer Support Channels and Availability	Phone: 855-525-7634 (weekdays, 5 a.m. to 5 p.m. PT), Online chat, Email	24/7 phone, email, and chat support. Also, Schwab operates many physical branches.
Educational Resources and Tools	Free career counseling and educational events	Access to Schwab's educational tools and research.
Tax-loss harvesting	Not offered	Available for accounts with invested assets of $50,000 or more. Clients must choose to activate this feature.

Overall Comparison

SoFi: $50 minimum investment, 0.25% advisory fee. Schwab: $25,000 minimum, $300 planning fee + $30/month advisory fee.

Pros and Cons

SoFi Automated Investing

Pros:

Access to financial advisors
Goal setting and planning tools
Socially responsible investing (SRI) options
Mobile app availability
Educational resources and tools
Transparent in providing key information
Adapts to changing market conditions through automatic rebalancing
Investors can change strategies to reflect evolving objectives

Cons:

No tax-loss harvesting
Outgoing account transfer fee: $100
ETFs within the portfolios have expense ratios
Specific performance data for SoFi's portfolios over the past 3-5 years not available

Schwab Intelligent Portfolios Premium

Pros:

Unlimited guidance from CERTIFIED FINANCIAL PLANNER™ professionals.
Interactive online planning tools and a customized roadmap for reaching financial goals.
Designed to monitor portfolios daily and automatically rebalance as needed.
24/7 phone, email, and chat support.
Access to Schwab's educational tools and research.

Cons:

One-time planning fee of $300 and a monthly advisory fee of $30.
No socially responsible portfolio is offered.
Clients must choose to activate tax-loss harvesting.
Potential hidden costs include the initial planning fee, monthly advisory fee, and ETF expense ratios.

User Experiences and Feedback

SoFi Automated Investing

What Users Love

No highlights reported.

Common Complaints

No major complaints reported.

Value Perception

No value feedback reported.

Schwab Intelligent Portfolios Premium

What Users Love

No highlights reported.

Common Complaints

No major complaints reported.

Value Perception

No value feedback reported.

User Recommendations

Schwab's customer service staff has a strong reputation and is available 24/7.
An advanced algorithm builds, monitors, and automatically rebalances a portfolio of low-cost ETFs.
The algorithm adjusts the account when an asset class shifts above or below its target range.
Charles Schwab & Co., Inc. is a brokerage firm and a member of SIPC, which provides protection for brokerage account assets.
Clients can tweak the allocation in Schwab's recommended model by picking as many as three ETFs to remove, and Schwab will replace them with an alternative.