The new SoFi Wealth service is a departure from the financial company's previous offerings. SoFi is best known for its original service as a digital lender for students, but it's looking to broaden its clientele with SoFi Wealth, a digital platform for wealth management that combines the best aspects of both technology and human interaction.
Most of the SoFi Wealth platform is online and through the SoFi Wealth app. The benefit of such a digital system is that it reduces the fees for clients, allowing SoFi to offer impressively low per year percentage when compared to other wealth management services. And for those daunted by the prospect of technology, SoFi also offers unlimited access to human advisors who are trained to answer any questions that clients might have about the (often baffling) world of investment.
Human-Backed Wealth Management Services
SoFi Wealth Offers Unlimited Access to Human Advisors
Trend Themes
1. Hybrid Wealth Management - The integration of technology and human interaction in wealth management services presents an opportunity for disruptiveness in the financial industry.
2. Low-fee Financial Services - The use of digital systems to reduce fees in wealth management services creates opportunities for disruptive innovation within the financial sector.
3. Digital Advisor Platforms - The development of digital platforms with unlimited access to human advisors opens up possibilities for disruptive advancements in investment services.
Industry Implications
1. Financial Services - The hybrid model of wealth management services presents a disruptive innovation opportunity within the financial industry.
2. Fintech - The creation of low-fee digital wealth management platforms offers disruptive possibilities for innovation in the fintech industry.
3. Investment Advisory - The integration of digital platforms and human advisors in investment services presents an opportunity for disruptive innovation within the investment advisory industry.