Opening an account was very straight-forward, and funding the account was even easier. I have yet to test out the SoFi invest product. Is it possible to invest in VTSAX with SoFi? Otherwise there’s a charge). The cost and the fees for each fund can vary, and some funds may only be available on the Automated Investing … I'm not sure how I feel about this to be honest. You can choose between SoFi Automated Investing, a robo-advisor service that invests mainly in ETFs, or SoFi Active Investing… Active trading and automated investing are the two types of … maybe?). I've tried out the instant ATM reimbursement features too. The base cost is $0 for anyone with an existing SoFi loan or anyone with less than $10,000 in assets invested at SoFi. I recently ordered a set of checks (I know, call me old school, but I like to keep a few on hand in the event of an emergency), so we'll see how long those take to arrive (they're free). I'm thinking of using it as a hybrid high-interest savings account with the advantages of a long-term investment vehicle. No automated investing. I also tested to see if my account was indeed restricted just in case the email was just accidentally sent, and confirmed anything I tried to do would just error out telling me to contact support. When transferring from an external account, it can take 3-5 days before the money is available in my SoFi Money account. - Called again next day since it was finally a Monday (yay security review finally back at work? Setting up direct deposit was rather easy as well. Make sure to follow these rules or your link will be removed: DO … Missing some account options: While SoFi … SoFi Automated Investing's parent company SoFi was established in 2011. You're not dealing with college kids and student loans with Money/Invest, you're dealing with successful working professionals who have a level of customer support they expect from the company they trust with their money. They called me at 5:50pm EST right as I was driving in heavy traffic... Kind of annoyed about that. That obviously needs to be corrected, and until such time all SoFi investors should be advised NOT to define external accounts. Member FINRA/ SIPC.Neither SoFi nor its affiliates are a bank. Brick and mortar barely adds features or innovates. Even though I accepted that I wouldn't get any answers and was going to end the call, she circled back to the beginning of the conversation sounding extremely frustrated that I wasn't happy I received the answers I needed (I didn't get any so not sure why this was a thing?). I knew that already but was still hoping they got more info. Asked them to cancel my account. No fractional shares. ATMs really are free with SoFi. I know Robinhood covers up to $250K in cash, but I don't know about SoFi. I’ve made it my primary bank. Mid 30s, High Income, Excellent Credit - Exactly the type of consumer SoFi is targeting. Also refused to let me close my account until the security review was done. Interest is paid out right away on the 1st of the month, so that's been really nice as well. The lender SoFi is a relative newcomer to the ranks of robo-advisors, but in many respects competes —and even beats — top players. I have my IRA with M1 still and plan on keeping it there since I just do one large deposit and then perform a backdoor Roth conversion. Plus, there are no account minimums. By contrast, SoFi Invest automated investing is a robo-advisory service where SoFi Invest handles your investments. Now, as it turns out, SoFi is more than a lender, it’s also an advisory firm, known legally as “SoFi Wealth, LLC, an SEC Registered Investment Advisor,” and also a brokerage called, “SoFi Securities LLC, and affiliated broker-dealer registered with the Securities and Exchange Commission.” (SoFi… They will exclusively invest in Vanguard developing markets, traditional Vanguard stock ETF, but they will invest in Sofi ETFs also which sometimes but not always outperform Vanguard. Not a huge deal as I typically use credit cards for larger purchases, but still something to keep in the back of your mind if you have large amounts you need access to in SoFi Money. Having just set up a SoFi account, I have found a security loophole that SoFi accountholders need to know about. I have two Invest accounts, both an automated and active account. Keep up the great work! Transfer to SoFi Invest? SoFi Invest is an online broker offering zero-commission trading along with robo-advisory features. Fractional share investing, like Stock Bits, makes it easy to invest … Looking forward to seeing where the products go. I have been thinking about investing with SoFi's Wealth Management and curious to know if it would be a good idea given my position. 1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC Registered Investment Advisor (“Sofi Wealth“). Once SoFi has a little more experience on the investing side I'll look at moving it over to them. I haven't had any issues moving money into or out of the SoFi Money account, other than the long deposit times. SoFi Active Investing. Call it curiosity, call it doing my due diligence. You can change your risk profile which in turn changed the allocation between stocks and bonds in 20% increments.. None of which should flag as unusual or illegal. Statement of Financial Condition. Limits? I'll check this out over the next couple of weeks and report back. I only have one complaint, but it's a huge one for me. Hold times? The only thing I use my brick & mortar for is depositing checks, which is a feature that SoFi has already mastered with their individual account products. I am specifically looking for somewhere to keep my cash + a long term investment platform. There is no tax loss harvesting, but Sofi says they will introduce it sometime 2019. Those uncompleted loans now show on the Home area of the app, front and center. While I got a lot of customers telling me they have the same issue, Sofi and the CEO never responded. … SoFi Invest: I have two Invest accounts, both an automated and active account. SMH, - Sent email to the Email CEO link on site: No response. You don’t have to open a SoFi invest account to reap the benefits of SoFi Money. This is non-negotiable. Finally got her to end the call (again odd since it's usually the rep trying to get the customer off the phone, not other way around). Stop losses and trailing stops for example?? Customer support is everything when dealing with people's money and SoFi has some work to do. In this video I review and give a tutorial on how to use SoFi Invest. Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi … Both are good products. Active investing is pretty slick. One option available is SoFi Invest. Deposit funds, they buy fractional shares of whatever ETF mix are in the risk profile you selected when you setup the automated investing account. There have been some weird UI bugs, such as $GE being shown with pricing and news information from a different stock. I didn't want to ding them on it because I know Money and Invest are relatively new products that will be fleshed out as time goes on. The idea here would be that we could move our money into these accounts so that we could see funds in separate buckets. I currently use a combination of Capital One 360 (Checking & Money Market), Fidelity, and M1 Finance. New comments cannot be posted and votes cannot be cast, Press J to jump to the feed. No wait times when adding buying power or contributing to my Automated Investing account. Their web app is top notch and the service is quite good as well. SoFi invest recently introduced fractional shares, but only for a limited range of securities. The newly launched SoFi Invest (formerly SoFi Wealth) adds 6 verticals to the SoFi investing platform. Phone support: I called the phone line to ask some questions about the Roth account, and the person I spoke with said I'd have to schedule for a specialist to call me back. SoFi investors are able to define external accounts for ACH transactions by providing routing and account numbers. High-interest rates, quality products, investment options with no fees (e.g. However, they need to get our of their own way and provide a support experience that matches their vision. Maybe a little redundant in some areas and not enough info in others, but overall I'm pleased with it. I have a credit union with my alma mater that has more traditional services such as weekly bill pay to fill in the SoFi gaps when needed. Buy and sell stocks at no cost. SoFi offers some of the best, most transparent pricing in the industry. You can go to any atm, including the $5-10 surcharge ones in the casino, hotel or nightclub and you will receive an instant credit for the atm surcharge amount. Requires a referral, share your referrals in this linked post SoFi is offering a $100 bonus when you open a new SoFi Securities LLC active brokerage account and … Additionally, retrieving the account number and routing numbers for my account has been a breeze. Asked if this was a mistake? Rep also said I would not be receiving any sort of compensation or apology after my account was unlocked. Hi, welcome to r/investing.Please note that as a topic focused subreddit we have higher posting standards than much of Reddit: 1) Please direct all advice requests and beginner questions to … If you’re looking for more advanced account offerings or … The web application seems to be very intuitive. I have $75,445 of student loan debt (I recently paid of $30,000 in federal loans). Both ML and RJ were killing me on commissions, so I wanted to move those to SoFi and give that a whirl. can you invest in mutual funds through Sofi? This appears to be working, both in high-end hotels as well as nightlife establishments, where the fees can be rather high. :), New comments cannot be posted and votes cannot be cast. In this review, we tested SoFi Invest active investing. The former means a self-directed account where you can trade stocks, ETFs, and cryptocurrencies on your own. Nope, won't tell me. … Thanks for the tip! Nope, they confirmed it may happen again. - Started Day 1 of my multi-day Sofi Money Twitter Campaign posting Sofi Money memes, responding to #sofimoney posts (which were being sponsored at the time, yay trending complaints), and responding to other customer posts to @sofi and @sofisupport and tagging @anthonynoto their CEO to bring attention to the issue. SoFi Invest offers all four types of IRAs: SEP, rollovers (from a 401(k) to an IRA), Roth, and traditional. I saw VOO on there, but not specifically VTSAX. The idea here would be that SoFi functions like Motif or M1. Being regulated by top-tier regulators and offering a high level of investor protection are all great signs for SoFi Automated Investing… I finally used the "Email the CEO" link and provided feedback. Buy and trades stocks and ETFs. Glad to see SoFi resolved this, even if the response times weren't up to par. This is very similar to the way M1 Finance works, except you do not get to choose the ETFs or their allocation %. I sent an email to my "loan officer" that was listed on one of the loans I walked through to have him close it thinking that may take it off the Home screen. It's nice enough. Other than reading reviews, I don't know a single person who actually uses it. What is Invest, exactly. - Call in and person on phone says he doesn't know why my account was locked but that a lot of people were calling in with same issue... lovely. - End of day (Day 4): get an email thanking me for emailing the CEO and confirmed my account was unlocked. I don't know the depth of this or if this is feasible from a product perspective, but seeing as the aforementioned companies are getting funds to offer fractional shares, it may be something worth exploring. Lastly, soon after my own Sofi Money story ended, another customer started retweeting all my Twitter posts and after talking to him he was having the same exact issue, and looking at the Tweets and Replies on @sofi and @sofisupport, I see plenty of other people who have same issue and worst, some are past the 10 business days stated. There are some limitations such as you cannot cut a bill pay check on a weekly basis and they have insufficient alerting, but the product is intriguing enough that I’m willing to see where it goes. I would like to see SoFi give the user an option here on how aggressive the rebalancing should be. I used to use Sofi automated investing on an aggressive strategy. Every time SoFi decides to rebalance, you're going to create a taxable event. This is all done on the back end so you will never notice it (you have one account number and you contact SoFi when you need things). I was more concerned about actually using the product. SoFi is currently offering a $75 SoFi Invest referral bonus ($75 for each). I think I picked the right one, but I guess only time will tell. You can view which ETFs make up each risk level. Does Sofi have features like e trade?? I welcome anyone to post their own SoFi experiences here, so thank you for including your own. SoFi … I wasn't able to take the call from the CEOs office at the time, but responded when I would be available and to please call me back so we could talk. being able to queue up a stock order when the market is closed. The second type of account is an automated robo investing type of account. Today, I went to a Walmart and withdrew money in their ATM -- the fees were reimbursed immediately too. Active Investing with SoFi makes it easy to get started investing in stocks and ETFs. A few things to note. My experience with SoFi has been nothing short of stellar. I use SoFI Money (the 2.25% apy account) and I use SoFi invest. It's quick and laid out very well. You can order paper checks with SoFi too (I tried this!) they come in about 5 business days and are free of charge. SoFi Invest does not receive sales commissions, 12b-1 fees, or other fees from ETFs for investing such funds on behalf of advisory clients, though if SoFi Invest creates its own funds, it could earn management fees there. SoFi Invest charges zero trading fees to buy and sell Stocks Bits—so the money you invest is 100% invested. I went ahead and enrolled and started the transfer process anyway, but I'm a little concerned about only having automated and being forced to use the SoFi ETFs when there is no real history for those to look at. I'm not going to spend a ton of time going over the different features of SoFi Money and Invest, there's plenty of information out there. Invest: I'm 30, no debts other than mortgage, have a 1.5 year old Roth IRA at Merrill Lynch, and some inherited stocks at Raymond James I started to look at selling about a month ago. Every time I log in, every time I open the app, BOOM...complete these loans! Outside of fractional transactions, on the surface, trading with SoFi is pretty much akin to trading with Robinhood. SoFi has updates coming out all the time. It also remains to be seen how often they will be adding/removing ETFs or changing the allocations. Charts not loading correctly, etc.. Swipe, buy, done. Transfers from SoFi Money to SoFi Invest were immediate. It also offers both individual and joint taxable brokerage accounts. I asked for a reason why it was locked in first place. Rule 606 Order Routing. As you fill up the account, SoFi would show your % complete towards the goal. Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi … Automated investing works as you would expect. Thanks for the feedback. How long did transfers take? You can go to the events for free and you can bring a friend (so long as you show up! The Offer. She confirmed they would not tell me why account got flagged, also couldn't even give me examples of why an account would be locked, and also confirmed after my account got unlocked that they still wouldn't tell me why. And any hacker able to breach the SoFi database will presumably have access to all the routing/account numbers ever set up by SoFi users. The ability to hide and rearrange is all that would be required. If they want customers to switch, a high interest rate and some low fund ETFs aren't going to be enough. No commissions. I operate a single-member LLC for my real estate investments/property management, and I would love to ditch my brick & mortar. San Francisco-based SoFi, a financial services firm that helps people “get their money right—save, spend, borrow, and invest in one app,” has noted that 2020 was a year to … ), [SoFi-Invest] The ability to pre-execute trades (e.g. "Holiday Spending", "Vacation", etc.). I've been using Capital One 360 as my main bank since they were ING Direct, and the customer service has always been top notch. Nope, won't tell me. The longer the track record of any company, the more proof we have that it has successfully survived previous financial crises. On the plus side, they cancel accounts and transfer funds out ASAP. All buy and sell orders are currently market orders, no support for limit orders yet. SoFi needs to let users customize the cards on the Home tab. Google eventually led me to look at a giant Excel sheet on the DTCC site, and there were still like 6 entries with different numbers and addresses for ML and 4 for RJ. But once established there is no capability to delete them, and the chat line says they are unable to do so. SoFi Active Investing is a comission fee-free brokerage company that allows users to buy and sell stocks and ETFs in a brokerage account. I didn't mind that, and said they could call me any time 8am to 4pm EST. Which was borderline creepy since I never dm'd my account info, also the first thing they did when calling was asking me very last 4 SSN and something else... Good being proactive, but again kinda creepy. Sofi Invest is also a member of FINRA/SIPC, but its unclear how much is insured, so if anyone can clarify that would be great. For self-direct trades, Reddit users report that share … I wasn't willing to sacrifice a hard inquiry. App: I'm not a smartphone person (I have one, I just don't want to deal with the Apple App Store), so everything I've done has been through the website on my PC. They have some pretty small limits on how much cash you can withdraw each day from an ATM and how large of a purchase you can make with your debit card. The money comes out of my external account and is kept in bank limbo for 1-2 days before I see it in my SoFi Money account. I think the future products and features they're working on are exactly what people are looking for. SoFi typically offers free food and drinks at the events, along with the event itself which can range from relaxing indoor activities (eg movie premieres) to more adventurous activities like Axe Throwing! It looks like Stock and ETFs only? Invest is two separate products if you will. The other potential problem I see down the road are withdraw limits. To trading with SoFi … Reddit investors have no major concerns about SoFi so their loan process not enough in... Can bring a friend ( so long as you show up, BOOM... complete these loans issue. 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