OptiFi

Unaffiliated

in Investment Advisors from Fifth Third Bank

Not enough votes for recommendation

Explore a similar product

Try this top product in Investment Advisors.

Acorns Invest

Strongly recommended

41 reviews

Learn More

Highlights
Minimum Initial Investment	$5,000
Management Fee	0.5%

OptiFi Review

OptiFi is a bank founded in 1858 and based in Cincinnati, OH.

OptiFi Pros & Cons

The Good	The Bad
Trades in low-cost ETFs. Access to human advisors. Wide selection of investment options. Broad selection of account types. Competitive investment expense ratios.	Tax-loss harvesting not available.

OptiFi FAQ

What fees does OptiFi charge?

OptiFi uses a fee-only model.

This means OptiFi gets paid a flat fee regardless of what financial products or services you use. It also means they have a fiduciary responsibility to their clients. Instead of making money on trades commissions or selling products, they recommend an asset allocation and get paid a flat-fee or a percentage of the assets under administration. That requires that they act in their client’s financial best interest at all times.

OptiFi Fees
Description
Fee Based?
Management Fee	0.5%

What management fees does OptiFi charge?

OptiFi charges an annual management fee that starts at 0.5% and ranges up to 0.5%.

Many financial advisors charge based on how much money they oversee by using a fee-structure called “assets under management,” or AUM. For instance, a 0.40% fee translates to $4 per year for every $1,000 an investment advisor manages. Management fees, also known as maintenance fees, cover the operating costs of investment advisors and are typically deducted from your account every month or quarter. The management fee does not cover the underlying expense ratios of the investment vehicles purchased by investment advisors.

What are the investment expense ratios of OptiFi?

Hiring an investment advisor with competitive investment fees is one of the most important steps to maximizing your portfolio's performance. Investment expense ratios can vary drastically depending on the types of accounts and assets involved. A survey by the ICI puts the average expense ratio for actively managed funds at 0.76% and indexed funds at 0.08%. The investment expense ratios of an investment advisor will vary depending on the type of assets they invest in and whether they attach additional charges to fund fees.

OptiFi does not charge fees based on an investment expense ratio.

What features does OptiFi offer?

Access to human advisors: Robo-advisors are great at keeping costs down and helping investors with modest balances make good investment choices. However, it is also nice to have access to human financial advisors when you need them.

Automatic rebalancing: Having a good balance of investments is important. But a well-balanced portfolio is not something you can set up and forget. Markets are constantly changing and can easily throw your portfolio out of balance. OptiFi allows you to rebalance your investments back to your target asset allocation at set intervals.

OptiFi is registered with the Securities and Exchange Commission, or SEC. Registered investment advisors are required to provide detailed information on the financial and legal status of the company and its staff. This allows investors to examine closely any conflicts of interest and look into the background of the company and its advisory team.

What type of investment accounts and asset classes does OptiFi support?

Fifth Third Bank offers the following types of assets and account types.

Accounts Supported
Supported Options	Unsupported Options
Individual Non-Retirement Accounts Roth IRA Traditional IRA Trusts	Joint Non-Retirement Accounts Rollover IRA SEP IRA 529 College Savings Plans Employer Sponsored Plans Custodial Accounts

These are the investment options Fifth Third Bank offers its clients.

Investment Choices
Supported Options	Unsupported Options
Stocks Mutual Funds Bonds ETFs	Options FOREX Futures Pink Sheets / OTCBB Real Estate Startups Marketplace Loans International Stocks Cryptocurrencies Treasury Bills

What is the minimum amount you have to invest to open an account with OptiFi?

The minimum amount to open an account with OptiFi is 5000.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.