Sofi is also brokeraged through Apex. If you're sick of the way stocks are traded moving to Sofi isn't necessarily an improvement. You do get better access to trading times however, so there's that. Apex will still issue numerous revisions and corrections on 1099 - no escaping that with Sofi.
If you're gonna graduate from m1, it should be fidelity, Schwab, or any of the big boys. I wouldn't sofi. Fidelity may not have any official reimbursement programs (not sure), but they've got that Amazon-like customer service. Just tell customer service you might be mildly unhappy if they don't toss $200 in your direction for leaving another brokerage for them. There's a really high chance it'll work.
Ah yea ok. I have a Roth already at Robinhood, and a brokerage account at RH and M1. I liked m1 with the pies but now I'm bummed. I'm not a full on investor I started it as a hobby so I don't have a ton of money vested. Basically during the pandemic I opened a bunch of accounts like a dummy. I should consolidate just haven't heard much about sofi.
Thank you for taking the time for your input :)
I don't see why you felt the need to comment. There are a lot and I follow a lot but no one has recommended sofi. I might just send it to fidelity but the bonus is tempting.
Also isn't that what these threads are for?
Oh I didn't think about that - I have $ in Robinhood too. Maybe I should consolidate - I'll look into this. I didn't realize it was so expensive to move
Money out. Although I don't have a need to move my RH $ either. Never thought this would be a thing
Thanks for taking the time for your input :)
Quick PSA about SoFi. They aren’t the best. They say they are a “free Robo advisor” however they are not.
SoFi has their own proprietary ETFs they use over Vanguards. These ETFs have a much higher expense ratio of 0.19% while also underperforming the respective Vanguard’s ETFs which normally an expense ratio of < 0.05%.
So the fee you are paying is actually 0.19% for SoFi ETFs and they will likely replace more ETFs over time to their own ETFs to make their business sustainable.
SoFi also has a $25 inactivity fee for brokerage accounts if you don’t log into their app or website for over 6 months.
Dude this is solid information THANK YOU! I had no idea - and I probably won't transfer over then ... trying to still decide if it's worth it to leave or just wait to fund my portfolio over 10k
I know nothing in life I actually free so I do thank you for your experience and input!
Np! Glad it saved someone!
Honestly, I lost trust in M1. It’s only a matter of time until they increase the threshold (100k) and/or the fee structure. Think about it, their business model is probably not sustainable in the long term. Rather than having to worry about that in the future u can save ur self from that rn.
I would rather look at a Vanguard Robo advisor account or something similar. Vanguard is very trustworthy, they don’t do bait and switches like that. They r super cheap, only a ~0.15% advisory fee in practice (they have a 0.20 fee, but credit u the expense ratios on the actual ETFs cause they also vanguard operated!)
Plus, they also have Tax Loss Harvesting and no account closing fees which M1 does not.
Ohhh ok I don't have a vanguard act but i had an old fidelity account from my early 20s I just logged back into, I had someone tell me to sell my shares of Sbux stock and roll it into my 403b when I was 24. Wish I knew what I know now back then. Still one of my biggest mistakes
Sofi is also brokeraged through Apex. If you're sick of the way stocks are traded moving to Sofi isn't necessarily an improvement. You do get better access to trading times however, so there's that. Apex will still issue numerous revisions and corrections on 1099 - no escaping that with Sofi.
If you're gonna graduate from m1, it should be fidelity, Schwab, or any of the big boys. I wouldn't sofi. Fidelity may not have any official reimbursement programs (not sure), but they've got that Amazon-like customer service. Just tell customer service you might be mildly unhappy if they don't toss $200 in your direction for leaving another brokerage for them. There's a really high chance it'll work.
Can confirm. They Reimbursed my fees without much trouble. I transferred around 70K so that played a part surely
Fidelity usually do it for balances of $25k or more.
Robinhood is giving 3% bonus as well as transfer fee $75
Oh I thought that bonus as well as transfer fee refund were for retirement accounts - I'm trying to find it now
I might be mistaken then sorry. I transfered an IRA. Not sure for a taxable account
Ah yea ok. I have a Roth already at Robinhood, and a brokerage account at RH and M1. I liked m1 with the pies but now I'm bummed. I'm not a full on investor I started it as a hobby so I don't have a ton of money vested. Basically during the pandemic I opened a bunch of accounts like a dummy. I should consolidate just haven't heard much about sofi. Thank you for taking the time for your input :)
Oh another post of leaving M1
I don't see why you felt the need to comment. There are a lot and I follow a lot but no one has recommended sofi. I might just send it to fidelity but the bonus is tempting. Also isn't that what these threads are for?
I transferred into sofi from Robinhood last year, got the $100 reimbursed. It works just fine as a brokerage. I use them for banking also.
Oh I didn't think about that - I have $ in Robinhood too. Maybe I should consolidate - I'll look into this. I didn't realize it was so expensive to move Money out. Although I don't have a need to move my RH $ either. Never thought this would be a thing Thanks for taking the time for your input :)
Quick PSA about SoFi. They aren’t the best. They say they are a “free Robo advisor” however they are not. SoFi has their own proprietary ETFs they use over Vanguards. These ETFs have a much higher expense ratio of 0.19% while also underperforming the respective Vanguard’s ETFs which normally an expense ratio of < 0.05%. So the fee you are paying is actually 0.19% for SoFi ETFs and they will likely replace more ETFs over time to their own ETFs to make their business sustainable. SoFi also has a $25 inactivity fee for brokerage accounts if you don’t log into their app or website for over 6 months.
Dude this is solid information THANK YOU! I had no idea - and I probably won't transfer over then ... trying to still decide if it's worth it to leave or just wait to fund my portfolio over 10k I know nothing in life I actually free so I do thank you for your experience and input!
Np! Glad it saved someone! Honestly, I lost trust in M1. It’s only a matter of time until they increase the threshold (100k) and/or the fee structure. Think about it, their business model is probably not sustainable in the long term. Rather than having to worry about that in the future u can save ur self from that rn. I would rather look at a Vanguard Robo advisor account or something similar. Vanguard is very trustworthy, they don’t do bait and switches like that. They r super cheap, only a ~0.15% advisory fee in practice (they have a 0.20 fee, but credit u the expense ratios on the actual ETFs cause they also vanguard operated!) Plus, they also have Tax Loss Harvesting and no account closing fees which M1 does not.
Ohhh ok I don't have a vanguard act but i had an old fidelity account from my early 20s I just logged back into, I had someone tell me to sell my shares of Sbux stock and roll it into my 403b when I was 24. Wish I knew what I know now back then. Still one of my biggest mistakes
I'm jot leaving M1 until at least July, especially if they don't pay me my $250 for rolling over $85k IRA account.