SoFi is asking what financial planning should look like in the AI era

Financial planning has traditionally centered on major milestones such as buying a home, changing jobs, or preparing for retirement. But many of a person’s money decisions happen between those moments, when decisions about spending, saving, and debt can still shape whether those larger goals stay on track. For many consumers, those everyday decisions fall outside the traditional financial-planning relationship. At times, they assume their situation isn’t sophisticated enough for a financial planner.

SoFi Coach, an AI-powered financial guide launched in June this year, takes a different approach by bringing financial guidance into those everyday decisions. Rather than waiting for a member to seek out a planner around a major life event, Coach stays connected to the financial context the member has already shared and uses it to shape its guidance. A member saving for a home, for example, can ask about taking an expensive vacation and get advice that considers that larger goal. Coach can also suggest concrete next steps, such as opening a Vault for a savings goal, with the member approving each action.

More than 200,000 members used Coach during a recent 30-day period, according to SoFi. In early testing, nearly 70% of engaged test members took action based on Coach’s guidance, including paying down high-interest debt and moving money into higher-yield accounts.

Tearsheet Managing Editor, Sara Khairi, spoke with Lauren Anastasio, SoFi’s Principal Financial Planning Expert, about how Coach brings planning into everyday money decisions. The discussion explores how SoFi is using AI to make financial guidance more continuous and contextual, where the tech can add value, and where human financial advisors still fit.

Q: What is AI changing about how people approach financial planning?  

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