The idea of investing clubs is an old one, made famous for an older generation of Americans by the Beardstown Ladies. Noto said having a watch list and ability to follow people's market decisions is about giving members more information to help them make investment decisions, as well as access to new ideas.
Unlike a small investment club where family and friends meet in someone's living room, SoFi has more than 1.5 million members that will be able to access other market opinions, not just any single investment decision but what is happening broadly across a stock and across the portfolios of the community a member is following. He said using the leaderboard feature himself led him to discover perspectives on a stock he had never previously considered.
SoFi does appeal primarily to younger investors, among the millennial and Gen Z cohorts, many of whom are new or novice investors, Noto said. They do tend to buy stocks they like or use, such as stocks in the technology and consumer sector.
What could go wrong... 'stocks only go up'...
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