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US firm launches hybrid human/robo-advice service
19/05/2017 , News Team

US personal finance company, SoFi has launched its first digital wealth management platform as it branches out from its core student lending business.

SoFi Wealth combines an online and mobile interface with unlimited access to live, licensed financial advisers. 

According to the company, SoFi Wealth automatically builds and rebalances low cost, tax-efficient portfolios to generate long-term returns, while minimising risk for individual and retirement accounts such as traditional deductible IRA accounts, Simplified Employee Pensions, and Roth IRAs.

SoFi has waived the management fees for SoFi loan borrowers over the life of their loan. For everyone else, management fees are 0.25 percent, and are waived for the first $10,000 invested.

There is a $500 initial investment or recurring monthly deposit of $100 to get investors started in SoFi’s goal-oriented portfolios of low-cost exchange-traded funds (ETFs).

“People love the low fees and automation of robo-advisers, 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,” said John Gardner, general manager of SoFi Wealth. “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 adviser can help give them the confidence they need to start planning for a lifetime of financial success.”

SoFi is also developing comprehensive financial planning offerings focused on its members needs outside of investing: first-time home buying, young family financial planning, and joint financial planning for couples. SoFi will begin delivering these plans this summer.

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