A process sequence for forming a soft magnetic layer having Hce and Hch of ≦2 Oe, Hk≦5 Oe, and Bs of ≧24 kG is disclosed. A CoFe or CoFe alloy is electroplated in a 10O C to 25O C. bath (pH 2 to 3) containing Co+2 and Fe+2 ions in addition to boric acid and one or more aryl sulfinate salts to promote magnetic softness in the deposited layer. Peak current density is 30 to 60 mA/cm2. A two step magnetic anneal process is performed to further improve softness. An easy axis anneal is followed by a hard axis anneal or vice versa. In an embodiment where the magnetic layer is a pole layer in a write head, the temperature is maintained in a 180O C to 250O C range and the applied magnetic field is kept a 300 Oe or below to prevent degradation of an adjacent read head.