The Top 4 Ways SoFi Invest Makes It Easy To Save

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SoFi Invest is the next hot automated investing platform. They have quickly scooped up a loyal user base by offering a low-cost investing arena for beginners and frugal investors alike. As more investors open accounts with their service, you may be thinking about doing so too since it’s a great way to learn how to start investing.

If you are considering So-Fi as your next, or perhaps your first, robo-advisor to manage your investments, you’ve just stumbled across a great resource. We explain the top 4 ways the Sofi simplifies investing, making it easier than ever to save your money. For a thorough insight into their service, this excellent SoFi Invest review is a fantastic resource.

To learn the top 4 methods and services SoFi uses to implement investing better than other robo-advisors, continue reading this article.

Invest Portfolios

SoFi offers various pre-allocated portfolios that you can choose to invest in after opening an account. Depending on your risk level, you can select one that is right for you. Once you find the allocation you are comfortable with, all you have due next is to set an automated investment and “forget-it.”

This is the preferred method for passive investors as it is the greatest investing method with little work. It takes the guess-work and time out of creating a properly balanced portfolio yourself and doing the due-diligence of each individual investment.

SoFi provides 10 of these pre-allocated portfolios with 13 different asset classes. They are available in SoFi’s taxable accounts and their retirement accounts too. SoFi’s easy-to-use platform helps novice investors succeed and continue to learn as they grow.

SoFi Active Investing

Invest portfolios are designed for the passive investor; Active Investing is aptly named to benefit “active” investors. Within SoFi’s Active Investing service, you can only invest in a taxable brokerage account. However, you can purchase fractional shares of stocks (called stock-bits), bonds, electronically-transferred funds (ETFs), and even cryptocurrency.

Active Investing is also a completely free service, having no commissions and no account minimums too. As such, Active Investing is a favored platform by all types of investors.

Free Help of Certified Financial Planners (CFPs)

SoFi really treats its customers right; one way they achieve stellar customer support is by employing CFPs to assist their clients. These CFPs are accessible during regular business hours through phone, email, and live chat.

Generally, the CFPs don’t provide you stock picks. They primarily help you along with figuring out how to use their service and how to plan financially. They provide comprehensive advice on how-to and why-to invest and won’t ever tell you to invest in XYZ company.

SoFi’s Various Account Types

One of SoFi Invest’s many great features is the additional accounts they offer. With SoFi, you can hold almost all types of your investments in one centralized place. Having your accounts in one place means easier access and other cross-account capabilities like easy transfers.

Here are all the account types that SoFi Automated Investing has to offer:

  • Individual Taxable Brokerage Account
  • Joint Taxable Brokerage Account
  • Traditional IRA
  • Roth IRA
  • SEP IRA
  • Rollover IRA

Another great thing that SoFi has begun offering is the ability to purchase cryptocurrencies like Bitcoin and Ethereum in their taxable brokerage accounts.

So, SoFi Invest customers can now invest into an additional asset class, allowing further diversification of their portfolios. By

SoFi’s Other Products

To complement their investment products, SoFi also offers various types of insurance as well as loans. You can apply for these great products through the SoFi Protect (insurance) and SoFi Borrow (loans) web landing pages or their mobile app.

Consolidating your loans and investments with SoFi helps you see the broader picture and encourages you to save more.

Here are the types of insurance available through SoFi Protect:

  • Auto Insurance
  • Life Insurance
  • Homeowners Insurance
  • Renters Insurance

Since SoFi is a large, national company, they can offer very competitive insurance rates for almost all market areas. Their renter’s insurance package is sought after by many tenants.

If you require a loan, SoFi Borrow has got you covered. They offer almost all types of loans you can fathom. Here is a rundown of their available loans you could apply for today:

  • Personal Loan — medical, relocation assistance, credit card consolidation, and home improvement.
  • Home Loans — Home equity, cash-out refinancing, mortgage refinancing, and full-on mortgages.
  • Private Student Loans — Parent loans, undergrad student loans, graduate student loans, and law/MBA loans. Plus- parent PLUS loan and medical resident refinancing.

SoFi provides some of the best national interest rates. Whether you are looking to refinance or get a new loan entirely- you will be sure to get a very low rate with an affordable payment too. In fact, they have some of the best mortgage rates today.

Having your loans and your investments in one centralized location helps you visualize your net worth and track your debt reduction and investment growth all in one go.

Conclusion

SoFi Invest is one of the top-rated robo-advisors on the market. To see how they stack up to some of their competitors, check out this fantastic comparison of 11 of the best robo-advisors. If you only decide to use SoFi for your taxable investments, you will be in for a pleasant experience no matter if you’re a passive or active investor. If you use additional services, you’ll have an even grander adventure.

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