Vanguard Digital Advisor edges out SoFi Automated Investing due to its tax-loss harvesting feature and slightly lower advisory fees. However, SoFi Automated Investing provides access to financial advisors, which may be a deciding factor for some users. The choice depends on individual needs and priorities.
| Attribute | SoFi Automated Investing | Vanguard Digital Advisor |
|---|---|---|
| Minimum Investment Amount | $50 (some sources state $1) | $100 for retail brokerage accounts; $5 for eligible 401(k) plan participant accounts. |
| Annual Advisory Fee | 0.25% | Approximately 0.15% net advisory fee. The gross advisory fee is 0.20%, but a credit is applied for fund costs paid to Vanguard, reducing the net cost. For ESG or active/index investment options, the net advisory fee ranges from 0.11% to 0.20%. The advisory fee may vary based on the specific holdings in your account. The net advisory fee is waived for the first 90 days for new clients. |
| Investment Options | ETFs. Three portfolio themes are available: Classic, Classic with Alternatives, and Sustainable. | All-Index: This portfolio includes low-cost ETFs covering domestic and international stocks and bonds. Active/Index: This option includes ETFs from the all-index portfolio and adds actively managed mutual funds. ESG: Funds that apply prescreened ESG criteria. These portfolios are constructed using Vanguard ETFs. |
| Account Types Supported | Individual, Joint, Roth, Traditional, SEP, and Rollover IRAs. | Individual and joint taxable brokerage accounts, traditional, Roth, rollover, SEP, and inherited IRAs, and 401(k)s for eligible plans on Vanguard's record-keeping platform. |
| Tax-Loss Harvesting | Not available | Yes, Vanguard Digital Advisor offers automatic tax-loss harvesting. |
| Automatic Rebalancing | Yes. SoFi monitors portfolios daily and rebalances them when they drift 5% or more from the target allocation. | Yes, portfolios are monitored daily and rebalanced if any asset class deviates more than 5% from the target allocation. |
| Availability of Financial Advisors | Yes. All members can have one meeting with an advisor; SoFi Plus members have unlimited access. SoFi Plus requires a $10 monthly subscription fee or direct deposit into a SoFi checking and savings account. | No direct access to human financial advisors is included with Vanguard Digital Advisor. For access to financial advisors, you would need to upgrade to Vanguard Personal Advisor Services, which has a higher minimum and additional fees. |
| Goal Setting Tools | Yes | Yes, Vanguard Digital Advisor offers tools for retirement planning, healthcare cost estimation, debt payoff strategies, and budgeting. |
| Mobile App Availability and Features | Yes | Yes, Vanguard manages accounts through its mobile app. The iOS app is well-rated, while Android users have reported issues. |
| Socially Responsible Investing (SRI) Options | Yes, through the Sustainable portfolio option. | Yes, Vanguard Digital Advisor offers an ESG portfolio option. |
| Customer Support Channels and Availability | Chat and phone support are available Monday through Friday, 8 AM to 8 PM ET. | Customer support is available via phone Monday to Friday, 8 a.m. to 8 p.m. ET. Email support is also available. |
| Educational Resources and Tools | Yes | Vanguard Digital Advisor provides access to calculators, planning tools, debt payoff resources, and fund screeners. |