No commissions, no ads, no advice. This SoFi profile draws only on public records, each linked so you can confirm it yourself.

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The short answer: is SoFi a fiduciary?

Yes. SoFi is a fiduciary when it acts as your investment adviser. Publicly, it files with the SEC as Sofi Wealth (CRD #167958). According to its latest Form ADV (filed July 31, 2026), the firm reported $2.0 billion in regulatory assets under management (a firm-reported figure). Its advisory fee is set as a percentage of assets under management (Item 5.E). Everything that matters here is on the public record, and you can check it in a few minutes.

Its Form ADV also reports that a related person is a broker-dealer (Item 7.A), and brokerage accounts fall under Regulation Best Interest instead. Ask which capacity covers each of your accounts. The firm must tell you. Get started with Truthifi

What "fiduciary" means: a fiduciary is legally bound to place a client's interests above its own. (More on fiduciary duty)

SoFi at a glance

✅ Verified from public filings, last checked October 5, 2026. SoFi (SEC CRD #167958) is a fiduciary when acting as your adviser, on an advisory-fee basis, with $2.0 billion in regulatory assets under management. Every figure below links to its primary source.

What	SoFi	Source
SEC CRD	#167958	IAPD
Registration	Investment adviser, with a related person that is a broker-dealer (Form ADV Item 7.A)	IAPD
Registered since	June 14, 2013 (SEC)	IAPD
Fiduciary?	Yes, when acting as your adviser	SEC adviser standard
Fee model	Advisory fees (no commissions reported in Item 5.E)	Form ADV Item 5.E
How it's paid	A percentage of assets under management	Form ADV Item 5.E
Regulatory assets under management	$2.0 billion (Form ADV filed July 31, 2026)	IAPD
Client accounts	290,887 (all discretionary)	IAPD
Employees	114 (15 in advisory roles)	IAPD
Ownership	Parent-owned	Form ADV Schedule A
Disclosures	Form ADV answers Yes to one or more disciplinary questions. Read them on IAPD	IAPD
HQ	San Francisco, CA	IAPD

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SoFi fees: what you'll pay

What you pay SoFi comes down to which side of the business is involved: the adviser or the broker-dealer. The firm charges advisory fees: according to its Form ADV (Item 5.E), it takes no commissions for its advisory services. The same filing notes broker-dealer, insurance or other sales activity by the firm or a related company, business that can be paid by commissions. How each part of the relationship is paid is spelled out in its Form ADV Part 2A. Get started with Truthifi

Clients pay advisory fees to the adviser directly. Commissions from a related broker-dealer or insurance business come from a separate source of pay. Since SoFi charges a percentage of assets under management rather than commissions, the firm's advisory revenue rises and falls with the value of client portfolios, not with how many trades or products are sold.

Our take: if you hold both an advisory account and a brokerage account with SoFi, ask the firm to state in writing which standard applies to each, because the fee logic above covers only the advisory side.

Who owns SoFi, and what conflicts does it disclose?

SoFi is owned by Sofi Hold Co., according to Schedule A of its Form ADV (2026). (Form ADV Schedule A)

Its Form ADV Part 2A describes the firm's conflicts of interest, including how it and its advisers are paid.

SoFi SEC record: disclosures

SoFi's Form ADV answers Yes to one or more disciplinary-history questions. Such a disclosure can involve a regulatory, civil or criminal matter tied to the firm or a related person, so open each item on IAPD rather than relying on anyone's summary of it.

On the record, it has been registered with the SEC since June 14, 2013, makes notice filings in 52 jurisdictions, and reports 114 employees, 15 of them in investment advisory roles, or about 13% of staff. Whether SoFi is legit, in the narrow sense of being a real, regulated adviser, is settled by its public CRD and filings. Being registered confirms that much, not that it's the right fit for you.

Reading SoFi reviews against the public record

Star ratings and client comments describe what working with a firm felt like. They usually don't show what the firm reports to regulators. Before you weigh SoFi reviews, check three things this profile takes from the public record. First, how the firm is paid: it reports advisory fees and no commissions, but it has a broker-dealer or insurance connection. Second, who owns it and what conflicts it discloses. Third, whether its Form ADV reports any disciplinary history. Read reviews alongside the record, not instead of it.

How to verify SoFi yourself

Here's how to confirm all of it in three steps:

1. Check the SEC adviser record (IAPD): https://adviserinfo.sec.gov/firm/summary/167958.
2. Read the filings (Form ADV / Form CRS): linked from the IAPD page.
3. Confirm the entity: match SoFi (CRD #167958, legal name SOFI WEALTH LLC) so you're reading the right firm.

What SoFi does and who it serves

On its Form ADV, SoFi reports providing financial planning, portfolio management for individuals and small businesses, newsletters, and educational seminars.

It reports providing financial planning to about 7,500 clients in its last fiscal year (Form ADV Item 5.H), a count the form keeps separate from the client totals below.

According to its Form ADV (Item 5.D), its clients break down by type as follows, 254,020 in all (254,000 individuals plus 20 high-net-worth individuals, as reported):

Client type	Clients (as reported)	Assets managed
Individuals	254,000	$2.01 billion
High-net-worth individuals	20	$32.4 million

It reports 290,887 client accounts, more than the 254,020 clients counted above (many clients hold more than one account), all managed on a discretionary basis, meaning the firm can trade without seeking your approval first (Item 5.F). Its main office is in San Francisco, CA.

The ratios say more than the totals. By the filing's own numbers, individuals hold roughly 98% of the assets in the table, an average of about $7,900 per client, while the 20 high-net-worth clients average about $1.6 million each. With 15 advisory staff for 254,020 clients, that works out to roughly 17,000 clients per advisory employee, a ratio that suggests standardized, model-driven portfolios rather than one-on-one advice. Our view: treat a SoFi advisory account as a managed portfolio, and plan to bring your own questions about everything held elsewhere.

It reports it does not take custody of client assets: your money is held by a separate qualified custodian (such as a major brokerage), not the firm itself. That separation is a basic safeguard you can confirm on its Form ADV.

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Great advice runs on the truth. Here's how to bring yours to the table.

Confirming SoFi is registered takes a few minutes. But even a great advisor can only act on what reaches them. The held-away 401(k), a spouse's accounts and fund costs that never reach a statement usually arrive in pieces, none of it reconciled. This is where Truthifi comes in.

What your SoFi adviser sees, and what it may not

Confirming SoFi is registered takes a few minutes. But even a capable adviser can only act on what reaches them. A held-away 401(k), a spouse's accounts and fund costs that never reach a statement can arrive in pieces, if they arrive at all. With a comparatively small advisory staff relative to its client base, filling that gap is likely to fall to you. This is where Truthifi comes in.

How Truthifi can help

Truthifi links your accounts read-only and shows what you own, how it's allocated, how it's performing and where the risk sits, including single-stock exposure, returns next to a benchmark, a fee breakdown of the fees on each account, by type, and your Truthifi Score. You can share the accounts you choose with your adviser at SoFi. Get started with Truthifi

Prefer your own AI? A paid Truthifi plan lets you connect an AI assistant that supports MCP sign-in, such as Claude. Truthifi Connect is the lighter membership for people who only want to use their own assistant. Questions about your fees need Monitoring or Monitoring Plus+. Get started with Truthifi · See how Truthifi keeps your accounts secure

Ask AI about your SoFi accounts

Once your accounts are connected read-only, you can ask in plain English:

• "What do I own across my SoFi accounts and everything else, and how is it allocated?"
• "What am I actually paying in fees across all of these accounts?"

Try it with Truthifi: start for free at app.truthifi.com and run a Monitoring Checkup (limits apply).

No commissions, no ads, no advice: Truthifi is not an investment adviser and doesn't give investment, tax or legal advice. Its access to your bank and brokerage accounts is read-only. Start free (limits apply). Monitoring Checkup is free. Per Truthifi platform data, you can link up to 10 connections. Plans and limits are on the pricing page → truthifi.com.

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FAQ

Is SoFi a fiduciary? Yes, when acting as your adviser. Its Form ADV reports a related person that is a broker-dealer, and brokerage accounts fall under Regulation Best Interest instead. Ask which capacity covers each of your accounts.

Is SoFi fee-only? Not necessarily. Its Form ADV (Item 5.E) reports no commissions for advisory services, but the filing also reports broker-dealer, insurance or other sales activity by the firm or a related company, which can be paid differently. Ask how everyone you deal with is paid. The details are in its Form ADV Part 2A.

Who owns SoFi? SoFi is owned by Sofi Hold Co., as listed in Schedule A of its Form ADV.

Does SoFi have complaints or disclosures? Yes. Its Form ADV answers Yes to one or more disciplinary-history questions. Read each item on IAPD, in context. A disclosure is not by itself proof of current wrongdoing.

Is SoFi legit? SoFi is registered with the SEC (CRD #167958) and its filings are public on the SEC's IAPD site, which confirms it is a real, regulated firm. Registration doesn't tell you whether it's the right fit or what you'll pay, so read the fee and conflict sections of its Form ADV.

Can AI help me check whether I'm getting good value? Yes. Start free (limits apply): Monitoring Checkup is free and lets you link up to 10 connections. You can also connect an AI assistant you already use (such as Claude). On Monitoring or Monitoring Plus+ you can ask it, in plain English, about the fees on each of your accounts. Truthifi is not an investment adviser and doesn't give investment, tax or legal advice.

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About this profile

Truthifi built this profile from the firm's own SEC filings (Form ADV and, where filed, Form CRS). Every page is reviewed by the Truthifi Team before publishing. The Truthifi advisor fact packs are an ongoing series checking U.S. investment advisers against their public filings, one firm at a time.

Read next from the Truthifi blog

• What is a fiduciary?
• Fee-only financial advisor: costs and how to find one
• Are you paying too much? Why that might be the wrong question
• How to ask AI about your real investment accounts
• Robo-advisor vs. human financial advisor: which is better?
• All advisor fact packs on Truthifi

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A note on sources. The facts on this page come from publicly available documents, SoFi's SEC filings, each linked inline so you can verify it yourself (SEC data current as of October 5, 2026). This is general information, not financial or legal advice, and Truthifi is not affiliated with SoFi. Regulatory records change, so always confirm against the official sources linked above. Spot something that should be corrected? Email us at support@truthifi.com.

One number to watch on SoFi's next annual Form ADV: whether its 15-person advisory headcount grows as fast as its client count, since that ratio shapes how much attention any single account can get.