16
Sep
2006
What’s Sogo Invest?
I stumbled upon Sogo Invest the other day. Very similar to Sharebuilder, but cheaper. In addition, you can setup multiple “plans” instead of just one like Sharebuilder. Sogo has the standard per trade fee ($1) and the pricing plans to get a certain number of trades for free. You can even trade daily if you feel so inclined. I might have to try them out!
Anyone else heard of them?
Also see FOLIOfn
FOLIOfn vs ShareBuilder
Sogo Invest is good news for credit unions and its members?
How can this be? The benefits of Sogo Invest for a credit unions members are obvious;
Sogo offers $1 to $3 dollar automatic investment plans Scottrade, doesn’t. Sharebuilder does but trades are made only on Tuesday
Sogo offers $3 real-time trades Scottrade $7
Sharebuilder $11.95 – $15.95
Sogo is the only online broker of the three to offer fractional shares on any Listed or NASDAQ stock or ETF
Sogo trades go through its parent company Genesis Securities LLC., which has been NASDAQ Platinum Certified since 2004 in the order entry category
That means you’re getting the fastest and most reliable execution on your trades out there.
But what could Sogo Invest possibly have to offer credit unions?
The people at Sogo Invest understand that the last thing credit unions want is to have there members withdraw funds from their accounts and take the money elsewhere
So in order to counter that Sogo Invest will share the commissions from new members with the credit unions that refer them. So instead of losing out completely
the credit union will receive a monthly statement showing the accounts they have generated along with Dollars of Commission Revenue
So if a credit union is going to partner with an online broker, why not use Sogo Invest. It’s GOOD for both the Credit Unions and its Members.