We know investing your money can be intimidating. Not only are there many current options and avenues, but it’s hard not to overlook spend your hard earned money. Incredible products call out to you; exotic getaways are waiting to be taken – the fruits of the open and liberal market are plentiful. All these temptations make planning for the future quite boring, but it is essential nonetheless.

It’s here that a platform like SoFi invest comes into play. You might recognize the name several years ago: it was born in 2012 as a refinancing institution focusing on student loans, which was a hot political topic at the time. They have since branched out into the larger world of finance and investing.

Their latest company is SoFi Invest, a robo-advisor who helps the timid and the uninitiated invest their money with little hassle and minimal risk. SoFi Invest, although having very little performance history, seems ready to a blocked market of robo-advisers because they take their business philosophy seriously, putting their ‘money where their mouth is’.

And their philosophy is simple: the customer experience defines who they are. They want their customers to be happy and to feel supported. They believe that by putting the best interests of their members first, their business will inevitably continue to grow and outpace its competition.

SoFi – The friendliest robot in the neighborhood

Just what does SoFi therefore invests for beginners? First, we’ll cover SoFi’s ‘automated’ investing option, which provides members with hassle-free, no-interference investing. Here are some strengths in its favor:

• There is no minimum account and it only takes $ 5 to start investing.
• They give you automatic quarterly rebalance, plus rebalance for 5% drift.
• An in-depth method of “goal planning”, which suggests the portfolios best suited to your immediate desires and future vision.
• Investment advice from certified investment planners (CFP)
• A wide and diversified range of predetermined portfolios. Members can choose from 10 different portfolios from 13 different asset classes. So virtually any “guy” can find the investment choice they need.

SoFi “active” investment, on the other hand, is marketed towards members who want more control over their investments. We find that SoFi Active is best suited for “middle-of-the-road” investors looking for the thrill of “day trading”. In addition, SoFi Active Invest allows a variety of investments, from fractional shares to the latest rage, cryptocurrencies.

Here are some of the perks you get when jumping onto SoFi’s most advanced platform:

• SoFi Active Invest is an active trading platform. This means that it works like a basic brokerage account, allowing you to buy and trade different types of investments (individual stocks, ETFs, cryptocurrencies, bits of stocks).
• SoFi Active Invest allows members to purchase IPOs. It’s quite unique, because it gives the opportunity to buy in companies before they arrive on the market itself.
• Like its passive counterpart, SoFi Active has no minimum account and commission-free trading. In other words, it is cheap.
• Members also have access to certified financial planners.

SoFi facilitates investment

SoFi facilitates investment. Maybe too easy! What makes the platform so accessible is a combination of things. First, you only need $ 5 to invest. This democratizes investing, making it available to someone who works for minimum wage. There is simply no more excuses.

Plus, there is so little maintenance. You don’t have to worry about account minimums or hidden fees; you just invest a little here and there, sit back and enjoy. Forget about the paltry returns of traditional banking institutions, get your ‘piece of the pie’, let your money pile up, think about the future – that could be the new motto of SoFi Investing.

Are there any drawbacks?

SoFi Investing is not perfect. There are many great robo-advisors on the market (think M1 Finance), but each of them has a unique profile. Our advice is to do a little research and choose the service that best suits your needs. your Needs.

That said, we think it’s best to highlight some of the things that SoFi is clearly missing.

• First and foremost: SoFi Invest does not offer any harvest of tax losses. Although this may not have an impact on the beginner, it could cause long-term complications. Harvesting tax losses allows investors to offset income taxes and capital gains.
• SoFi Active does not allow the purchase of indices and mutual funds. It also lacks some of the more advanced features of its competitors, like stop-loss orders.

A simple product

Overall, SoFi Invest is a straightforward product that will appeal to beginner and intermediate investors. Due to its lack of fees, frills, and hassle, it’s easier than ever to dive into the world of investing with SoFi’s automated platform.

Do you have a few extra dollars in your wallet? There is no better time than now: as the saying goes, “stop being horizontal and start becoming vertical”.