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ElectricRCAircraftGuy / bug_reports

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SoFi Feature Request: allow multiple "Active Investing" accounts #10

Open ElectricRCAircraftGuy opened 2 years ago

ElectricRCAircraftGuy commented 2 years ago

Summary

Just like you (SoFi) have "vaults" in your Banking side, to allow segregating funds based on intended purpose, I'd really like the same for my investment accounts in SoFi: allow us to have multiple "Active Investing" accounts, each with a different nickname, to accomplish this.

I believe to comply with FINRA regulations all you have to do is disallow margin trading on all but one of the active investing accounts. This is fine. Margin trading is risky and probably shouldn't be used by most people anyway.

Details

Example, I want one investment account for "Family Money" and one investment account for "Personal Money." The "Personal Money" investment account must be separate because it is money I can spend on anything I want, such as a jet-ski or OneWheel electric offroad skateboard, rather than using it responsibly for a house, car, etc.

In both investment accounts we might have the same tickers, such as VGT, VOOG, or AAPL, so it must be separate accounts for me to truly keep track of which money is which.

Currently, SoFi only allows one Active Investing account, so I will have to open an account with a competitor, https://www.tdameritrade.com/, for my "Personal Money". :(

ElectricRCAircraftGuy commented 1 year ago

Note: as a current workaround, you can open multiple "automated invest" accounts instead, including Joint or Community Property (for some states, incl. AZ) accounts.

This doesn't solve the issue, though, because only multiple "Active Invest" accounts would give you full control to invest your money as you see fit while still bucketizing your money according to designated "bucket" allocations, such as "saving for a house or car", "family investing", "saving for college", "my money", "kid 1's money", "kid 2's money", etc. If SoFi allowed multiple Active Investing accounts, we could "bucketize" money like that easily while still maintaining full control over how it is invested, which is what I want.

So, the only option for that right now is to "bucketize" my money by using separate banks entirely, like Charles Schwab, instead of just SoFi.

ElectricRCAircraftGuy commented 1 year ago

Related: #9