Whether a Smartfolio trade happens right away or waits depends on whether the market is currently open, and, for divests, your account's total equity.
Invest (adding money to a Smartfolio): If you invest while the market is open, we submit the buy orders right away. If you invest outside market hours (after the close, before the open, or on a weekend/holiday), your investment is queued and submitted at the next trading day's market open (9:30am ET).
Divest (taking money out of a Smartfolio): If the market is open when you request a divest, we can usually submit the sell orders right away too. As a safeguard around day-trading rules, accounts with less than $30,000 in total equity have their divest sell orders held until the next trading day's open instead, even if the market is currently open. Above that threshold, the sell orders go out immediately, the same as an invest.
Once a sell order executes, it takes 1 business day (T+1) to settle before the cash becomes available to withdraw to your bank.