Digital lender SoFi has unveiled a new low-cost online wealth management platform, dubbed SoFi Wealth.
The new product has been designed to automatically build and rebalance low-cost tax-efficient investment portfolios. It also offers unlimited access to licensed financial advisers through phone or chat.
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The service is free of charge for SoFi loan borrowers over the life of their loan. For others, the service will charge a fee of 0.25% though fees will be waived off for the first $10,000 invested.
Investors can sign up using an initial $500 investment or recurring monthly deposit of $100 to gain access to portfolios of exchange-traded funds (ETFs).
SoFi Wealth general manager John Gardner said: “People love the low fees and automation of robo-advisors, but they struggle with not having an actual human being to talk to when facing big financial questions. We’ve built something that perfectly balances those interests.
“For those who haven’t started investing, like younger professionals who make up a large part of the SoFi member base, that guidance from a live advisor can help give them the confidence they need to start planning for a lifetime of financial success.”
