Review Of SoFi’s Free Financial Advisor Service

There’s a common belief that nothing is truly free in this world, but SoFi offers a free financial consultation service that comes close. The service, launched in 2018, was initially only available to SoFi investing customers, but now it’s open to all SoFi members. While some naysayers claim that the service is a waste of time and merely an opportunity for SoFi to upsell its other products, after trying the service myself, I would argue that they are wrong. In fact, I found the SoFi free financial consultation program to be an excellent tool worth using to guide you on your path to financial stability.

What Is SoFi’s Free CFP Service?

SoFi is an online personal finance company and bank based in San Francisco, founded in 2011. The company provides a wide range of financial services, including bank accounts, student loans, home mortgages, auto loans, credit cards, and an investing platform. For customers who use any of these services, SoFi offers a no-cost financial planning call with a certified financial planner (CFP), even if they don’t have an investment account with SoFi.

To schedule an appointment, simply fill in a form on SoFi’s website with your preferred date and time. The calls take place via Zoom or by phone. You can also request follow-up calls with the same CFP who handled your initial consultation.

Is the SoFi Free Financial Advisor Consultation Worth It?

Before sharing my experience with SoFi’s free financial advisors, I want to disclose that I had no plans to write a review of the service during my consultation. My reason for reaching out was to get a second opinion on whether my spouse and I should decrease our 401(k) contributions and increase non-retirement investment accounts in order to reach our goal of early retirement. Overall, I found the online booking process to be straightforward and appointments were easily available.

During my first call with Greg Palmieri, a CFP and associate manager of financial planning at SoFi, he asked me to clarify what I needed help with. He then presented three options:

1. He could answer my question directly.
2. He could give me access to a financial planning tool called RightCapital.
3. He could collect all my information, do a more in-depth assessment himself, and schedule a follow-up call with me

I chose option three to get a complete overview of my situation. Palmieri spent the rest of our initial call gathering my financial information, a process which was expedited because I had prepared a spreadsheet in advance. Importantly, he listened to me and asked whether he had everything he needed to give me sound advice, showing that SoFi’s service is truly personalized to meet individual needs.

Access to RightCapital Financial Planning Software

In addition to the personalized service from a CFP, SoFi’s free financial advisor consultation offers access to RightCapital, a financial planning tool that shows you different contribution scenarios and their potential outcomes. This is a valuable resource that allows you to explore different financial strategies and make an informed decision.

Related Facts

• Founded in 2011, SoFi is an online personal finance company and bank based in San Francisco.
• SoFi offers a wide range of financial services, including bank accounts, student loans, home mortgages, auto loans, credit cards, and an investing platform.
• SoFi’s free financial consultation service was launched in 2018 and was initially only available to SoFi investing customers.
• The service is now open to all SoFi members, regardless of whether they use any of SoFi’s financial services or not.
• SoFi’s free financial advisor consultation offers access to RightCapital, a financial planning tool that helps explore different financial strategies and make an informed decision.

Key Takeaway

SoFi’s free financial advisor consultation is an excellent resource that offers personalized advice to meet individual needs while also providing access to helpful financial planning tools such as RightCapital. This service is worth using for anyone looking to attain financial stability or seeking a second opinion on their financial strategy.

Conclusion

In my experience, SoFi’s free financial consultation service is an excellent tool for anyone looking for personalized financial advice. The service is easy to access and offers access to a CFP and financial planning tool that can help users make informed decisions. While some may be skeptical of free financial advice, SoFi’s service proves that it’s possible to receive quality guidance without breaking the bank.