[Any experience with] Unifimoney

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Locked
Topic Author
engaged73016
Posts: 46
Joined: Fri Nov 26, 2021 8:08 pm

[Any experience with] Unifimoney

Post by engaged73016 »

Hi all,

Does anyone have experience with Unifimoney?
They are an iPhone app based all-in-1 platform that has an interesting offering in terms of grouping high-yield checking, investment, robo advisory.
They are a fairly new company, but partnered with established institutions, so I am curious about people's experiences with them.

Thank you.
User avatar
David Jay
Posts: 14587
Joined: Mon Mar 30, 2015 5:54 am
Location: Michigan

Re: [Any experience with] Unifimoney

Post by David Jay »

Welcome to the forum!

Serious question (not trying to be snarky): Why, with a dozen or more choices of proven low cost brokerage firms to choose from, would you want to go with an untested one?

That is way more risk than I would want to take with my finances.
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
Topic Author
engaged73016
Posts: 46
Joined: Fri Nov 26, 2021 8:08 pm

Re: [Any experience with] Unifimoney

Post by engaged73016 »

Totally fair question.

Their main appeal is the offer they currently have for new accounts.
Lastrun
Posts: 1512
Joined: Wed May 03, 2017 6:46 pm

Re: [Any experience with] Unifimoney

Post by Lastrun »

All i needed was to read this and know this is not a place for me.

https://www.unifimoney.com/blog/what-y ... bo-advisor

tl:dr

Invest with Tenjin and take advantage of our machine-learning-powered advanced models that are designed to outperform the market.
User avatar
David Jay
Posts: 14587
Joined: Mon Mar 30, 2015 5:54 am
Location: Michigan

Re: [Any experience with] Unifimoney

Post by David Jay »

Did some research, founded in 2019, they currently have 30(!) employees.

They are a registered RIA, trying to look like a one-stop financial institution.
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
User avatar
BolderBoy
Posts: 6755
Joined: Wed Apr 07, 2010 12:16 pm
Location: Colorado

Re: [Any experience with] Unifimoney

Post by BolderBoy »

Lastrun wrote: Tue Dec 07, 2021 7:00 pmInvest with Tenjin and take advantage of our machine-learning-powered advanced models that are designed to outperform the market.
Which makes it a better than even bet they will underperform the market.

Steer clear.
"Never underestimate one's capacity to overestimate one's abilities" - The Dunning-Kruger Effect
Topic Author
engaged73016
Posts: 46
Joined: Fri Nov 26, 2021 8:08 pm

Re: [Any experience with] Unifimoney

Post by engaged73016 »

David Jay wrote: Tue Dec 07, 2021 7:11 pm Did some research, founded in 2019, they currently have 30(!) employees.

They are a registered RIA, trying to look like a one-stop financial institution.
That made me wonder how many employees a company like HMBradley -that seems to generate a bit of interest on this forum, at least per the number of posts- has, and the answer is 25 it seems? Also founded in 2019.

Not sure what the *right* number would be for these Fintech startups.. Or if that'd be a good predictor of the riskiness of giving them money.
User avatar
David Jay
Posts: 14587
Joined: Mon Mar 30, 2015 5:54 am
Location: Michigan

Re: [Any experience with] Unifimoney

Post by David Jay »

engaged73016 wrote: Tue Dec 07, 2021 8:09 pm
David Jay wrote: Tue Dec 07, 2021 7:11 pm Did some research, founded in 2019, they currently have 30(!) employees.

They are a registered RIA, trying to look like a one-stop financial institution.
That made me wonder how many employees a company like HMBradley -that seems to generate a bit of interest on this forum, at least per the number of posts- has, and the answer is 25 it seems? Also founded in 2019.

Not sure what the *right* number would be for these Fintech startups.. Or if that'd be a good predictor of the riskiness of giving them money.
What bothers me most is an RIA acting like a broker. I don't want an advisor between me and my portfolio. But that's just me.

Speaking of established, low cost brokers - eTrade has a nice deal through the end of the month: https://us.etrade.com/what-we-offer/how-it-works/promo
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
User avatar
David Jay
Posts: 14587
Joined: Mon Mar 30, 2015 5:54 am
Location: Michigan

Re: [Any experience with] Unifimoney

Post by David Jay »

From their most recent ADV:
Image

That's right, total AUM of $59,000
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
Doctor Rhythm
Posts: 3061
Joined: Mon Jan 22, 2018 2:55 am

Re: [Any experience with] Unifimoney

Post by Doctor Rhythm »

engaged73016 wrote: Tue Dec 07, 2021 7:18 am Hi all,

Does anyone have experience with Unifimoney?
They are an iPhone app based all-in-1 platform that has an interesting offering in terms of grouping high-yield checking, investment, robo advisory.
They are a fairly new company, but partnered with established institutions, so I am curious about people's experiences with them.

Thank you.
Given what David Jay posted above, it’s statistically very unlikely that any of its 163 clients are active members of this forum who could give you their impressions. I sort of like the idea of being an important client, but not so important that a $50K loss hurts the brokerage more than it hurts me.
RubyTuesday
Posts: 2241
Joined: Fri Oct 19, 2012 11:24 am

Re: [Any experience with] Unifimoney

Post by RubyTuesday »

engaged73016 wrote: Tue Dec 07, 2021 7:18 am Hi all,

Does anyone have experience with Unifimoney?
They are an iPhone app based all-in-1 platform that has an interesting offering in terms of grouping high-yield checking, investment, robo advisory.
They are a fairly new company, but partnered with established institutions, so I am curious about people's experiences with them.

Thank you.
I’ll confirm thar I’m not one of their (59?) clients.

Engaged, do you have any relationship to the firm?
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
Topic Author
engaged73016
Posts: 46
Joined: Fri Nov 26, 2021 8:08 pm

Re: [Any experience with] Unifimoney

Post by engaged73016 »

RubyTuesday wrote: Wed Dec 08, 2021 4:57 am
engaged73016 wrote: Tue Dec 07, 2021 7:18 am Hi all,

Does anyone have experience with Unifimoney?
They are an iPhone app based all-in-1 platform that has an interesting offering in terms of grouping high-yield checking, investment, robo advisory.
They are a fairly new company, but partnered with established institutions, so I am curious about people's experiences with them.

Thank you.
I’ll confirm thar I’m not one of their (59?) clients.

Engaged, do you have any relationship to the firm?
No relationship whatsoever. I am just intrigued by their joining offer (~4% annualized equivalent).

Now, not to defend them, but those numbers (clients and assets) are for the RIA? On the other hand, I'd be curious to know the numbers for the banking product. FWIW, I spoke to their customer rep on the phone, and she mentioned ~1,000 customers.
Lastrun
Posts: 1512
Joined: Wed May 03, 2017 6:46 pm

Re: [Any experience with] Unifimoney

Post by Lastrun »

engaged73016 wrote: Wed Dec 08, 2021 6:14 am Now, not to defend them, but those numbers (clients and assets) are for the RIA?
But isn't this the whole point of a unified fintech-one stop? It is called "unifi" after all.

I just don't see it.

With Fidelity, Schwab, Chase, BofA, and Ally (all huge financial institutions) offering most everything from checking to brokerage to tax deferred to DAFs, (and yes they each have their quirks and warts) why would I put my money here?

I realize Ally is not as big as the others but it is still in the top 25 or so banks in the US.
User avatar
David Jay
Posts: 14587
Joined: Mon Mar 30, 2015 5:54 am
Location: Michigan

Re: [Any experience with] Unifimoney

Post by David Jay »

Their filings say that they have (1) financial professional.

The company appears to me to be a bunch of S.F. developers who decided to write an app. They chose the financial industry as their target market.
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
User avatar
arcticpineapplecorp.
Posts: 15081
Joined: Tue Mar 06, 2012 8:22 pm

Re: [Any experience with] Unifimoney

Post by arcticpineapplecorp. »

engaged73016 wrote: Wed Dec 08, 2021 6:14 am No relationship whatsoever. I am just intrigued by their joining offer (~4% annualized equivalent).
The only offer I see is for bitcoin. You're not interested in bitcoin are you? Did you read the terms and conditions?

The $5000 bitcoin is only if you invest $500k
It's hard to accept the truth when the lies were exactly what you wanted to hear. Investing is simple, but not easy. Buy, hold & rebalance low cost index funds & manage taxable events. Asking Portfolio Questions | Wiki
Topic Author
engaged73016
Posts: 46
Joined: Fri Nov 26, 2021 8:08 pm

Re: [Any experience with] Unifimoney

Post by engaged73016 »

arcticpineapplecorp. wrote: Wed Dec 08, 2021 9:19 am
engaged73016 wrote: Wed Dec 08, 2021 6:14 am No relationship whatsoever. I am just intrigued by their joining offer (~4% annualized equivalent).
The only offer I see is for bitcoin. You're not interested in bitcoin are you? Did you read the terms and conditions?

The $5000 bitcoin is only if you invest $500k
Their offer is not necessarily a crypto play. One could collect the reward and sell it immediately (minus transaction fees).
That would make ~1% return for 90 day holding period => ~4% annualized, all in an FDIC insured vehicle - UMB Bank is the backing bank (large established publicly traded bank).
User avatar
arcticpineapplecorp.
Posts: 15081
Joined: Tue Mar 06, 2012 8:22 pm

Re: [Any experience with] Unifimoney

Post by arcticpineapplecorp. »

engaged73016 wrote: Wed Dec 08, 2021 9:34 am
arcticpineapplecorp. wrote: Wed Dec 08, 2021 9:19 am
engaged73016 wrote: Wed Dec 08, 2021 6:14 am No relationship whatsoever. I am just intrigued by their joining offer (~4% annualized equivalent).
The only offer I see is for bitcoin. You're not interested in bitcoin are you? Did you read the terms and conditions?

The $5000 bitcoin is only if you invest $500k
Their offer is not necessarily a crypto play. One could collect the reward and sell it immediately (minus transaction fees).
That would make ~1% return for 90 day holding period => ~4% annualized, all in an FDIC insured vehicle - UMB Bank is the backing bank (large established publicly traded bank).
How can it be 4% if you will have transaction fee for liquidating? And what if crypto falls between when you receive and sell?
It's hard to accept the truth when the lies were exactly what you wanted to hear. Investing is simple, but not easy. Buy, hold & rebalance low cost index funds & manage taxable events. Asking Portfolio Questions | Wiki
inbox788
Posts: 8372
Joined: Thu Mar 15, 2012 5:24 pm

Re: [Any experience with] Unifimoney

Post by inbox788 »

engaged73016 wrote: Wed Dec 08, 2021 9:34 amTheir offer is not necessarily a crypto play. One could collect the reward and sell it immediately (minus transaction fees).
That would make ~1% return for 90 day holding period => ~4% annualized, all in an FDIC insured vehicle - UMB Bank is the backing bank (large established publicly traded bank).
There's another current thread about the risk. "How safe are the fintech banks?" viewtopic.php?p=6371416#p6371416

I think UMB Bank is also the bank backing Fidelity, so IF your funds are at UMB Bank, they're secure and FDIC insured, but with these interfaces, it's not clear the funds are in such a secure status.

Similarly, if your funds are at DriveWealth, SIPC covers it.

But, I'm unaware of any insurance or oversight of Unifimoney itself. And it's not clear to me when funds are in accounts that are covered by the 3rd parties or not, or who (broker?) or what (AI program?) is in charge of where they go. Is there an account at Unifimoney itself or are they always at 3rd parties, even in transit?

It's not surprising all the fintech companies are going after the big banks. Will Sutton had the answer; "that's where the money is".
Unifimoney, Inc. is not a bank. Bank deposit products are provided by UMB Bank N.A., Member FDIC. FDIC insurance up to $750,000 (including principal & interest). To participate in the program, you must open an account at UMB Bank, through which your funds will be placed in accounts at participating program banks.
The Unifimoney Visa Debit Card is issued by UMB Bank pursuant to a license from Visa Inc. and may be used everywhere Visa debit cards are accepted.
Investment advisory services are provided by Unifimoney RIA, Inc., an SEC-registered investment advisor. Unifimoney RIA, Inc is a wholly-owned subsidiary of Unifimoney Inc. For important information and disclosures relating to the robo-investment account visit www.unifimoney.com
Brokerage services are provided by DriveWealth, LLC. DriveWealth is a registered broker dealer, member of FINRA and SIPC. Your cash and investments are protected by SIPC up to $500,000, with a limit of $250,000 for cash. Investment accounts are not FDIC Insured - No Bank Guarantee - May Lose Value
Cryptocurrency trading is offered through GEMINI, a digital asset platform operated by and proprietary to Gemini Trust Company, LLC, a New York trust company. Your cryptocurrency investments may lose value and are not protected by either FDIC or SIPC.
Precious Metal trading is offered through GBI, a New-York-based precious metals dealer. Your precious metals investments may lose value and are not protected by either FDIC or SIPC.
Topic Author
engaged73016
Posts: 46
Joined: Fri Nov 26, 2021 8:08 pm

Re: [Any experience with] Unifimoney

Post by engaged73016 »

arcticpineapplecorp. wrote: Wed Dec 08, 2021 9:46 am
engaged73016 wrote: Wed Dec 08, 2021 9:34 am
arcticpineapplecorp. wrote: Wed Dec 08, 2021 9:19 am
engaged73016 wrote: Wed Dec 08, 2021 6:14 am No relationship whatsoever. I am just intrigued by their joining offer (~4% annualized equivalent).
The only offer I see is for bitcoin. You're not interested in bitcoin are you? Did you read the terms and conditions?

The $5000 bitcoin is only if you invest $500k
Their offer is not necessarily a crypto play. One could collect the reward and sell it immediately (minus transaction fees).
That would make ~1% return for 90 day holding period => ~4% annualized, all in an FDIC insured vehicle - UMB Bank is the backing bank (large established publicly traded bank).
How can it be 4% if you will have transaction fee for liquidating? And what if crypto falls between when you receive and sell?
Their transactions on crypto trading (through Gemini) are 1.49%, so that's 3% roundtrip (since they charge for the buying too).
Take the $5,000 reward example, that's still $4,850 net of transaction fees.
Crypto may indeed fall between receive and sell, it could also go up, so let's ignore that part.
$4,850 / $500,000 is 0.97% for 90 days. (Also, the $500,000 earns 0.2% APY during that time)
Annualized => 3.9+% (sorry, not quite 4% indeed)
User avatar
arcticpineapplecorp.
Posts: 15081
Joined: Tue Mar 06, 2012 8:22 pm

Re: [Any experience with] Unifimoney

Post by arcticpineapplecorp. »

engaged73016 wrote: Wed Dec 08, 2021 10:11 am
arcticpineapplecorp. wrote: Wed Dec 08, 2021 9:46 am
engaged73016 wrote: Wed Dec 08, 2021 9:34 am
arcticpineapplecorp. wrote: Wed Dec 08, 2021 9:19 am
engaged73016 wrote: Wed Dec 08, 2021 6:14 am No relationship whatsoever. I am just intrigued by their joining offer (~4% annualized equivalent).
The only offer I see is for bitcoin. You're not interested in bitcoin are you? Did you read the terms and conditions?

The $5000 bitcoin is only if you invest $500k
Their offer is not necessarily a crypto play. One could collect the reward and sell it immediately (minus transaction fees).
That would make ~1% return for 90 day holding period => ~4% annualized, all in an FDIC insured vehicle - UMB Bank is the backing bank (large established publicly traded bank).
How can it be 4% if you will have transaction fee for liquidating? And what if crypto falls between when you receive and sell?
Their transactions on crypto trading (through Gemini) are 1.49%, so that's 3% roundtrip (since they charge for the buying too).
Take the $5,000 reward example, that's still $4,850 net of transaction fees.
Crypto may indeed fall between receive and sell, it could also go up, so let's ignore that part.
$4,850 / $500,000 is 0.97% for 90 days. (Also, the $500,000 earns 0.2% APY during that time)
Annualized => 3.9+% (sorry, not quite 4% indeed)
ok, so now that we know the true reason you're asking about this is because of the bonus arrangement which is crypto, can we agree that discussions of crypto are not allowed?

viewtopic.php?t=349207
It's hard to accept the truth when the lies were exactly what you wanted to hear. Investing is simple, but not easy. Buy, hold & rebalance low cost index funds & manage taxable events. Asking Portfolio Questions | Wiki
User avatar
LadyGeek
Site Admin
Posts: 95696
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: [Any experience with] Unifimoney

Post by LadyGeek »

^^^ The link in human readable format: New Forum Policy Prohibiting Discussions of Cryptocurrency, Market Manipulation Schemes, etc as Investing Strategies

This thread has run its course and is locked (crypto).
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
Locked