SoFi Invest Review 2024 - Is It The Best Investing Platform?
Summary
TLDRIn 2024, Sofi Invest stands out as a favored investment platform offering generous referral bonuses and fee-free active and automated investing. It differentiates itself by not charging management fees, unlike competitors like Wealthfront and Betterment. Key features include the ability to purchase fractional shares and set up recurring investments. Sofi also provides free access to financial advisors and has introduced new features like IPO and options investing, though it has discontinued crypto investing.
Takeaways
- 💰 Sofi offers a generous referral bonus of $50 for depositing $10 or more.
- 📉 The expected value of Sofi's main promotion is only $8, making referral bonuses more attractive.
- 💼 Sofi stands out for having no management fees for its Robo-advisor, unlike Wealthfront and Betterment which charge 0.25% per year.
- 🔄 Sofi allows active and automated investing, providing flexibility for different investment strategies.
- 💡 The platform supports fractional shares, enabling investment in high-priced stocks and ETFs with as little as $5.
- 🔄 Sofi facilitates recurring investments, which is ideal for those who prefer regular, automated investing.
- 📊 The platform provides detailed analytics for ETFs, including current price, average cost per share, unrealized gain, and dividends received.
- 📈 Investors can set up recurring investments in specific ETFs, like SCD, with ease.
- 🆓 Sofi provides free access to a financial advisor, a service that many other firms charge for.
- 🚫 Sofi has discontinued crypto investing as of December 20th, 2023.
- 📈 New features include the ability to invest in IPOs and options, catering to more advanced investors.
Q & A
What is the referral bonus offered by Sofi Invest in 2024?
-Sofi Invest offers a referral bonus of $50 to invest when you deposit $10 or more into your account using a referral link.
What is the maximum referral bonus one can earn with Sofi Invest without using a referral link?
-Without using a referral link, the maximum referral bonus one can earn is up to $11,000, but the expected value is just $8 based on the odds provided.
What are the two fee-free ways to invest with Sofi Invest?
-The two fee-free ways to invest with Sofi Invest are active investing and automated investing.
How does Sofi Invest's Robo advisor compare to competitors like Wealthfront and Betterment in terms of fees?
-Sofi Invest's Robo advisor does not charge any management fee, whereas Wealthfront and Betterment both charge a fee of 0.25% per year.
What account types can be opened with Sofi Invest?
-With Sofi Invest, you can open a taxable brokerage account, traditional IRA, Roth IRA, or a SEP IRA account.
Why is the ability to purchase fractional shares important for the user?
-The ability to purchase fractional shares is important because it allows the user to invest as little as $5 per stock or ETF, even if they don't have enough to buy an entire share.
What recurring investment example does the user provide in the script?
-The user provides an example of investing $5 per week in the ETF SCD, which invests in stocks that pay high dividends.
What additional information is provided when analyzing an ETF on Sofi Invest?
-When analyzing an ETF, additional information includes the 52-week high and low, market cap, dividend yield, volume, P/E ratio, 30-day SEC yield, and expense ratio.
What is the one feature the user would like to see added to the ETF analysis section on Sofi Invest?
-The user would like to see the total return, including the dividends received, as it is currently missing from the unrealized gain calculation.
What new feature has Sofi Invest added that allows users to participate in IPOs?
-Sofi Invest has added the ability for users to invest in IPOs, allowing them to buy initial shares when a private company goes public on a stock exchange.
What is the significance of the margin requirements feature on Sofi Invest?
-The margin requirements feature on Sofi Invest allows users to invest on margin, meaning Sofi will loan them money on top of their own to invest, but this is riskier as they must pay back the loan even if the stock price goes down.
Outlines
💼 Sofi Invest Review 2024: Features and Benefits
The video script discusses Sofi Invest's investment platform, emphasizing its advantages over other brokerage accounts in 2024. The narrator has been a customer since 2019 and highlights Sofi's referral bonus, which offers $50 for depositing $10 or more using a referral link. The platform provides two investment methods: active investing, allowing direct investment in stocks, ETFs, and options, and automated investing, where Sofi creates a portfolio based on risk tolerance and other factors. A key benefit is the lack of management fees, unlike competitors like Wealthfront and Betterment. The narrator also appreciates the ability to purchase fractional shares and set up recurring investments, exemplified by a weekly $5 investment in the SCD ETF. The script also covers account types available, such as taxable brokerage, traditional IRA, Roth IRA, and SEP IRA accounts. The video concludes with a note that the content is not financial advice.
📈 Sofi Invest: Additional Features and Services
This paragraph covers additional features of Sofi Invest, such as the ability to speak to a financial advisor for free, a service that many firms charge for. The script mentions that Sofi no longer offers crypto investing as of December 2023. It introduces new features like the ability to invest in IPOs and margin trading, which involves borrowing money from Sofi to invest. The narrator also mentions the option to invest in options, a complex feature recommended for experienced investors. The video ends with a prompt for viewers to check out other videos for comparisons with other brokerages and to learn about Sofi's other products.
Mindmap
Keywords
💡Sofi Invest
💡Referral Bonus
💡Active Investing
💡Automated Investing
💡Fractional Shares
💡Recurring Investments
💡IRA Accounts
💡ETF
💡Financial Advisor
💡IPO
💡Margin Investing
💡Options
Highlights
Sofi continues to be one of the favorite investment platforms in 2024.
Generous referral bonus offered for depositing $10 or more, receiving $50 to invest.
Referral link in the description offers a better deal than the main Sofi invest page.
Expected value of the main offer is just $8, suggesting referral offers are more beneficial.
Sofi offers two fee-free investment methods: active and automated investing.
Sofi's Robo advisor doesn't charge management fees, unlike Wealthfront and Betterment.
Ability to purchase fractional shares allows investing as little as $5 per stock or ETF.
Sofi enables setting up recurring investments for consistent market participation.
Detailed example of setting up a recurring investment program with Sofi.
Analysis of an ETF's performance, including total value, shares owned, and dividends received.
Additional details on an ETF include 52-week high/low, market cap, and dividend yield.
Sofi provides access to a financial advisor for free, a service others charge for.
Sofi no longer offers crypto investing as of December 20th, 2023.
New feature: ability to invest in IPOs through the Sofi platform.
Sofi allows margin investing, but it's riskier and not recommended for beginners.
Sofi recently added the ability to invest in options, suitable for more experienced investors.
Sofi offers a wide range of account types including IRAs and brokerage accounts.
Users can track stocks and ETFs with a watch list feature on Sofi.
Transcripts
how does Sofi invest compared to other
brokerage accounts in 2024 find out in
my 2024 review video Sofi continues to
be one of my favorite investment
Platforms in 2024 I've been a Sofi
customer since 2019 and I've been using
their investment platform for several
years now let's talk about why this
might be the best investment platform
for you A Generous referral bonus
deposit $10 or more into your account
and receive $50 to invest you can get
this offer by using my referral Link in
the description below if you don't use
it referral link to sign up I don't like
their offer if you just go to the main
Sofi invest page you'll see you can earn
up to $11,000 but if you look at the
fine print I always do you'll see this
chart what does this mean 85% of people
only get $5 and you have a
0.28% chance of getting $11,000 that
means one in every
3571 people get $11,000 by summing up
all these odds the expected value that
you'll get from this offer is just $8
you'll be much better off going with a
referral offer after earning your
referral bonus why do I like this
platform there are two fee-free ways to
invest with Sofi active investing and
automated investing with active
investing you can directly invest in
stocks ETFs and options with automated
investing you choose your risk tolerance
and answer several other questions and
Sofi will create a portfolio of assets
for you one of the big benefits of
sofi's Robo advisor versus competitors
like wealthfront and betterment is the
fact that they don't charge any
management fee weal front and betterment
both charge a fee of .25% per year if
you seen my video on compound interest
you'll know that this fee may not sound
like a lot but it really adds up over
time the rest of this video will be
focused on the features of the active
investing platform but if you want me to
create a full review video sofi's Robo
advisor write automatic Down Below in
the comment section account types you
can open a taxable brokerage account
traditional IRA Roth IRA or a SEP IRA
account account and with each of those
you could have either an active
investing account or an automated
investing account there are two
important features for me that are deal
breakers if I don't find these I won't
be using the investment platform the
first is the ability to purchase
fractional shares this is important for
me because a bunch of stocks and ETFs
cost hundreds or even thousands of
dollars per share instead of saving
until you have enough to buy an entire
share you can invest as little as $5 per
stock or ETF with soofi here are just a
handful of stocks and ETFs valued at
over $100 per share another reason why
fractional Shares are so important to me
is because I want to be able to set up
recurring Investments I'm not someone
who follows the market on a daily or
even weekly basis and is trying to beat
the market I want to consistently invest
the same amount of money on a weekly or
monthly basis in several ETFs given the
fact that Sofi has fractional share
investing and recurring Investments I
can easily set up a recurring investment
program keep in mind I'm not a financial
adviser and nothing has video is
financial advice I want to walk you
through an example of how you could set
up this type of recurring investment
with Sofi I will invest $5 per week in
the ETF SCD a popular ETF that invests
in stocks that pay high dividends you
first find the stock or ETF you want to
invest in click on trade then on
recurring choose which account you'd
like to make the investment out of I'll
choose my brokerage account I'll select
weekly every Tuesday then choose the
amount you'd like to invest I'll choose
$5 the minimum then confirm the
recurring investment as it says boom now
you're regularly investing if you're
curious the information given to you
when analyzing an ETF here's what it
looks like for SCD if you own the ETF
you'll see the section my investment
showing you the total value of your
Holdings the shares owned average cost
per share unrealized gain return and
dividends received the one thing I would
like to see here is the total return
including the dividends received the the
unrealized gain is just the difference
between the current price and the
average cost per share multiplied by the
number of shares you own and doesn't
include the
$727 of the dividends I've received
below this section you'll see additional
details with the 52 we high and low
market cap dividend yield volume PE
ratio 30-day SEC yield and expense ratio
then you have a link to the ETS
perspectus then the last thing on this
side is the margin requirements then on
the left hand side below the chart
you'll see the etf's top 10 Holdings
along with the percent of the etf's
total assets in the case of this ETF the
top 10 stocks make up approximately 40%
of the assets below the top 10 Holdings
you'll see the latest news about the ETF
then here's a view when looking at the
same thing for a stock this is Tesla
you'll have basically the same sections
my investment details such as the highs
lows dividend yield Etc and below that
the margin requirements on the left
you'll have a description of the company
investment summary and news here you'll
see a summary of the types of accounts
you have with Sofi here's a list of the
assets you own then down below you have
a watch list of the stocks and ETFs
you'd like to track another perk of
investing with Sofi is that you can
actually speak to a financial advisor
for free many firms charge a percent fee
based on the assets you have with them
and others could charge you hundreds of
dollars for a session like this as nice
is included for free with Sofi things
you could discuss with your financial
advisor strategies to reach your
financial goals creating a budget how to
smartly borrow money how to save for
your future create an investment
strategy based on your financial goals
how to protect yourself from unexpected
circumstances with insurance and more
one thing that's changed since my last
review is that sofa is no longer
offering crypto investing you can see
here that as of December 20th 2023
they've ended this service one feature
that's fairly new as Sofi is the ability
to invest in IPOs so as a private
company is looking to go public on a
stock exchange they'll have an initial
public offering IPO you can participate
in the IPO and buy initial shares
through the Sofi platform you can also
make investments on margin this means
that Sofi will loan you money on top of
the money you have to invest this is a
bit riskier if the stock price goes down
you're going to have to pay back the
loan with less money this isn't
something I recommend if you're new to
investing another new feature that
rolled out recently with Sofi invest is
the ability to invest in options this is
again something that's a bit more
complex and not something I recommend
for beginner investors but if you want
to learn more about options write
options in the comments below that's
everything about Sofi invest if you now
want to see how they compare to other
top online brokerages check out the
video up above or if you want to learn
about sofi's other Market leading
products check out the video below and I
hope to see you in another video bye-bye
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