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SoFi Investing Review 2024: Best and Worst Features

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Sofi Investing promises a LOT, but who is it for? Why should anyone invest with SoFi instead of a simpler service like Robinhood, Acorns, or M1 Finance? And if you wanted ALL the tools and complexity, you might already invest with a service like Interactive Brokers. So is the middle ground offered by SoFi a strength or is it just lukewarm? Today I cover the features specifically in the Investing part of the SoFi service and focus on the best and worst parts of the service. One feature might be my favorite value add of any investing app I've seen all year. Others are likely not worth using at all. Tuck in because this is a long one, 36 minutes of in-depth reviewing of SoFi investing!
Affilaite link for SoFi Invest 📊 Open an Active Investing account with $10 or more, and you'll get $25 in stock. Use my link: www.sofi.com/invite/invest?gc...
⏱Handy Timeline:
0:00 Intro
0:23 History of SoFi
0:35 SoFi values
0:58 Overview of Investing Features
1:27 User interface
1:43 Active investing
3:12 Easy options trading
4:05 Why its tricky
5:32 Alternative investing
10:08 My thoughts on alternative investing
12:42 Massive fees
15:23 My past mistakes with fees
19:51 Free financial consultation!
23:17 Automated investing
25:58 Transfer bonus
26:51 IRA's
27:19 IPO investing skepticism
29:34 Fractional Shares
30:06 ETF's
30:34 Crypto partner hub
31:08 Overall opinions on the service
33:27 All the SoFi features and products
34:00 Tracker tool!
34:18 Overall score
35:25 One thing I still don't like
36:24 Not sponsored
36:45 Next video
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🕰Make sure to check the time stamps to navigate to the most interesting parts easily.
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Disclaimer: Any financial or investing-related topics discussed on this channel are not from a professional investment advisor and are not financial advice for you. This is for entertainment and inspirational purposes only. My opinions are not reflective of the companies mentioned in the video. Also please know that many of the links I have in video descriptions like this one are affiliate links which means I may be compensated by the company whom you do business with at no extra expense to you. Thank you for your support!
Updated Acorns Affiliate disclosure as of 4/9/24:
Paid ad. Compensation provides an incentive to positively promote Acorns. The information and opinions presented are for informational purposes only and represent the views of the promoter as of the date created and are subject to change. Investment advisory services offered by Acorns Advisers, LLC, an SEC-registered investment adviser. View important disclosures at www.acorns.com/brendan/ and Acorns.com.

Опубликовано:

8 авг 2024

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Комментарии : 28

@m8tinajero 3 месяца назад

Thank you so much for making this video! Again, I use M1 primarily for my investing right now but for banking and everything else SoFi makes it so much easier to have everything in one place.

@cdubsell Месяц назад

How do you switch to candlesticks?

@houli09 3 месяца назад

The alternative investing is a really cool ad to let everyday investors have access.

@antoineharley2073 Месяц назад

Does anyone have issues with SoFi giving incorrect dividend payments?

@tommynybeck5106 3 месяца назад

So if you had to choose as a new investor should I go with acorns or sofi (auto investing )

@BrendanEvan 3 месяца назад

Whatever you wanna look at more! In the end it doesn't matter nearly as much as your engagement with the idea of investing. Which service makes you wanna save and invest more?

@Bmarts93 Месяц назад

Id do sofi for no fees but if you want round ups acorns. Just know you'll have a monthly fee if $3 minimum with acorns

@zacharyrivera7228 3 месяца назад

Bro let’s get a updated video on acorns for people that don’t feel like manual trading is it worth it? The custodial account they have is that worth it?

@BrendanEvan 3 месяца назад

I’ve made 7 or 8 already this year. Here’s a playlist: Acorns Investing (2024 Update) ru-vid.com/group/PLLVqJfJO0MBsdvCdBTDJ_i6v8sh6Yz8kp But I am working on 2-3 more as we speak too

@theforceiswithme18 3 месяца назад

I really like your content. That's all. We are very similar.

@SethuSenthil 3 месяца назад

25:50 , SoFi Robo advisor is not really free. SoFi Robo advisor uses a lot of SoFi’s own ETFs over Vanguard. SoFi ETFs have a 0.19% expense ratio. So that’s the actual fee you are paying for the Robo advisor. Some ETFs have this fee waved temporarily. But when investing for the long term, this is something to keep in mind. SoFi ETFs also underperform Vanguards ETFs.

@BrendanEvan 3 месяца назад

A bit of in house marketing, I expect no less honestly. The "price" you pay for offloading the work of checking out fees I guess

@BennyKsBandwidth 3 месяца назад

M1 needs to bring back their debit cards hopefully they do that later for their new cash account

@landonburt5738 3 месяца назад

at 17:20 you have a bit of a misunderstanding of the expense ratio with the fund. Yes, the fee is absurdly high compared to stock ETF funds. But Venture capital funds always charge a 2% management fee (yearly) and a 20% carry. interval funds are unable to charge carry fees so the 2.7 -3.5% expense ratio hopefully now has more context. You can't compare the fees the the fees of stocks because it is a different asset class. Because of that, the expected return is much higher as well (30%+ annually) is the benchmark that venture generally tries to achieve. obviously not all funds hit that, but i think you have to look at the fees in this context to better understand the fees. ( I am a masters of finance student in college and have done multiple venture capital internships and real estate private equity internships so i understand how the system works.) Important to know, I'm not advocating to dump money into these funds, I'm just trying to provide context around why these fees are higher. They still are highly risky, but know that you aren't getting ripped off as much as you originally thought.

@BrendanEvan 3 месяца назад

Thanks for your insight Landon! Just to double check our understanding, those venture funds are expected to earn 30%+ per year, but in this particular instance, can't we view their performance openly like any other index/mutual fund? None of these have come close to 30% if so

@joshingyou40 Месяц назад

When i tried to move money out of brokerage to checking account within sofi , it took over a week each time lol.

@gabrielpina4 3 месяца назад

I think you missed where they said they will give 1000 for free just by you investing alitte that's alot free money 🔥

@BrendanEvan 3 месяца назад

No you can get UP TO $1k, and I mentioned the odds of that happening being extremely small per their website. "†Customer must fund their Active Invest account with at least $25 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%"