SigFig Review 2022: Pros, Cons and How It Compares
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Reviewed in: Jan. 2022
Period considered: Aug - Oct. 2021
The bottom line:
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Pros & Cons
Low management fee.
Robust goal-based tools.
Unlimited access to financial advisors.
$2,000 minimum investment.
No cash management or savings account.
Compare to Other Advisors
with a balance over $20K or qualifying recurring deposit. Otherwise, $4/month.
$10 to start
career counseling plus loan discounts with qualifying deposit
Get $50 customer bonus
when you fund your first taxable Investment Account
no promotion available at this time
on SoFi Invest's website
on Wealthfront's website
on Betterment's website
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Paid non-client promotion
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Where SigFig shines
Management fees: Low cost is the name of the game for automated investing, and SigFig’s fees are among the lowest. The company charges a competitive 0.25%, with free management on the first $10,000.
Free access to financial advisors: SigFig makes financial advisors available for free consultations by appointment.
Where SigFig falls short
Account minimum: SigFig’s 0.25% management fee may be in line with our top-ranked robo-advisors, but at $2,000 the account minimum is higher than what many competitors require.
No savings or cash management account: While competitors have launched high-yield cash management or savings accounts for clients, SigFig has no comparable offering.
SigFig is best for:
Free management on small balances.
Access to a financial advisor.
SigFig at a glance
Reviewed: Jan. 2022
Compare period: Aug - Oct. 2021
Account management fee
0.25% (first $10,000 managed for free).
Investment expense ratios
Account fees (annual, transfer, closing)
Doesn’t charge for transfers, closing or trading. However, brokerages may charge fees.
9 ETFs from 9 asset classes.
Socially responsible portfolio options
Free tax-loss harvesting on all accounts.
Free on all accounts.
Human advisor option
Unlimited access to financial advisors who have Series 65 licenses or similar.
Bank account/cash management account
Customer support options (includes how easy it is to find key details on the website)
Customer support is available by phone, email and chat Monday through Friday, 9 a.m. to 6 p.m. Eastern time.
More details about SigFig's ratings
Account minimum: 3 out of 5 stars
You need $2,000 to open a SigFig account, which is a higher account minimum than what many competitors require.
Account management fee: 4.5 out of 5 stars
The first $10,000 invested with SigFig is managed for free. After that threshold, SigFig charges a 0.25% fee. That fee is competitive with top robo-advisors, such as Wealthfront — which offers free management on the first $5,000 for NerdWallet readers — and Betterment.
One distinction to note: Unlike other robo-advisors that work directly with individual investors, SigFig is a sort of add-on where you plug your existing third-party brokerage account into its Asset Manager service. (SigFig is partnered with three brokerages: Charles Schwab, Fidelity and TD Ameritrade. If your money is there, it stays there. If you're invested elsewhere, or are new to investing and want to start with SigFig, it will open a managed account for you with TD Ameritrade.)
Investment expense ratios: 4 out of 5 stars
Robo-advisors charge fees on mutual funds, index funds and ETFs, and these fees are called expense ratios. Expense ratios are a percentage of your investment in the fund. The lower the expense ratio, the more money you keep to put toward your investment goals. SigFig has relatively low expense ratios, with an average of 0.15%.
Account fees: 4.5 out of 5 stars
SigFig keeps costs down by not charging for transfers, closing, trading or tax-loss harvesting, as well as by offering free automatic rebalancing and dividend reinvestment.
Portfolio mix: 4 out of 5 stars
Like all robo-advisors, SigFig leans on exchange-traded funds, which are cheaper to purchase and sell than traditional mutual funds. SigFig pulls from nine ETFs from nine asset classes.
Socially responsible portfolio options: 1 out of 5 stars
Some investors want the option to put their money toward investments that align with their personal beliefs and values, be it an eco-friendly company or one that supports gender equity. SigFig doesn’t offer socially responsible investing options.
Accounts supported: 2 out of 5 stars
As mentioned earlier, customers cannot open accounts directly with SigFig. That said, SigFig supports individual and joint nonretirement accounts, as well as Roth and traditional IRAs that are set up through TD Ameritrade, Fidelity and Schwab.
Tax strategy: 4 out of 5 stars
SigFig offers free tax-loss harvesting — a strategy that minimizes taxes by selling some assets to offset gains — on all accounts. Not all robo-advisors offer this feature.
Automatic rebalancing: 5 out of 5 stars
Market shifts can cause your portfolio’s asset allocation to shift as well. SigFig’s automatic rebalancing is free on all accounts and will keep the investments in your portfolio aligned with your asset allocation goals.
Human advisor option: 4 out of 5 stars
The robo-advisor industry was built on the successful bet that consumers would trust their investment planning to advanced algorithms. But some consumers still like talking to people, especially when a lot of money is involved. Many robo-advisors now offer a mix of human advice with automated portfolio management, but you can end up paying more with higher fees or account minimums.
SigFig’s offer of unlimited free financial counseling is a rare perk typically found only with premium automated investing providers and online financial planning services.
SigFig makes financial advisors available for free consultations by appointment. Wealthfront doesn't offer a comparable service; Betterment Premium has unlimited calls with financial advisors but charges a 0.4% management fee and has a $100,000 account minimum for the service.
Savings account/cash management options: 1 out of 5 stars
There are no savings accounts or cash management options presently available with SigFig.
Customer support options: 4 out of 5 stars
Customers have access to phone, email and chat support Monday through Friday, 9 a.m. to 6 p.m. Eastern time.
Other features you should know
SigFig has a Portfolio Tracker system that lets you sync outside accounts — such as a 401(k), IRA or brokerage — to keep track of your balances and receive advice.
After a short questionnaire assessing risk tolerance, Portfolio Tracker assesses your portfolio. The tool checks your stock and bond split and its geographic diversification across domestic, foreign and emerging markets. Portfolio Tracker also analyzes fees you’re paying on your investments to assess your “cash drag” — and whether that excess cash could be put to work in the market.
SigFig’s back-end technology has captured the eyes of Wells Fargo, UBS and Citizens Bank, all of which have partnered with SigFig to power their own robo-advisor offerings. For SigFig customers, it’s comforting to know these well-known brands like what’s under the hood.
Is SigFig right for you?
SigFig offers investors a strong choice for low-cost, automated investing. Its management fees are competitive with best-in-class rivals, as are many of its services. Unlimited access to financial advisors is a perk many competitors don't match, especially at the same cost. The $2,000 account minimum may be too much for some to start, but overall, SigFig is among the best robo-advisors on the market.
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