SoFi’s recent launch of its wealth management arm, SoFi Wealth, is an early indicator of how fintechs and other innovators in financial services may look to serve their customers more comprehensively across a spectrum of financial needs. SoFi Wealth will allow the online lender to extend the lifecycle of its relationship with borrowers by offering them wealth management services at a low cost. In addition, leveraging an already strong customer base will lower acquisition costs and diversify the lender’s revenue.
SoFi gets into wealth management | TechCrunch
SoFi wants to be at the center of its members’ financial lives, and believes the best way to do so is to provide new products that complement its existing portfolio of student loan, mortgage and other loans. Today the company is announcing the launch of SoFi Wealth, a product it believes will compete with Wealthfront, Betterment and other low-cost wealth management platforms.