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SoFi Roth & Brokerage Balances Are Not Current

MikeZ

My SoFi accounts started flaking out on the balance accuracy a few days ago. Transactions appear current, but balances are several days old.

I've reset the connections several times, linked to existing, linked as new, but so far nothing will coax the balances to update.

Any suggestions would be appreciated. Thanks.

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Comments

Coach Jon

Hello @MikeZ,

Thanks for reaching out! To clarify your issue further, is it just the account balance that is off? What is the current account balance in Quicken Simplifi compared to the balance on the bank's website? Are pending transactions currently being counted toward your balance in Quicken Simplifi? If your bank already does, and Quicken Simplifi is double-counting, you can easily disable this feature. https://support.simplifi.quicken.com/en/articles/4202003-how-to-resolve-balance-discrepancies#h_2e8aae213d

Additionally, it may take 4–6 hours for pending transactions to appear in Quicken Simplifi after they show up on your bank’s website. If you notice pending transactions in Quicken Simplifi that have already cleared with your bank, Quicken Simplifi may not have matched them to the cleared version. Check your Transaction Activity for duplicate cleared transactions. If found, we recommend deleting the pending ones.

Let us know!

-Coach Jon

MikeZ

Accounts are

1 roth ira

1 brokerage

The balances for both are several days old and not the closing balances. Transactions are current for both.

My understanding is that Simplifi gets the balances and transactions separately, without trying to reconcile transactions to calculate the balance.

Also, the balances displayed under the accounts in the left nav are different than the balances displayed in the investments page itself - and they're both wrong.

Vanguard and Empower are both okay.

Coach Jon

Hello @MikeZ,

Thanks for the reply. The balance shown for connected investment accounts in the Account List is provided by your financial institution and may vary based on when the account was last refreshed and when share prices are updated. In contrast, the balance in the Investments tab reflects the market value of your holdings using the most recent share price data. We do have an idea post that you may be interested in voting for here that requests more consistent balances across the application:

https://community.simplifimoney.com/discussion/6556/investment-balances-should-be-consistent-across-the-app

As for the issue of the balances themselves not updating with these accounts for several days, I know you stated that you already reset your connections before, but I would see if these steps for establishing a fresh connection by making the account manual and re-linking work to resolve the current issue. The instructions to do that are:

Make all of the accounts with the bank manual by following the steps here.
Once you see the account(s) listed in the Manual Accounts section under Settings > Accounts, go back through the Add Account flow to reconnect to the bank.
If the connection is successful, carefully link the account(s) found to your existing Quicken Simplifi account(s) by following the steps here.

Let us know how this goes!

-Coach Jon

MikeZ

The balances in the investments page, with Portfolio selected, are within a dollar of actual balance.

Under Balances, they're off buy $10s of dollars, and still different than what's displayed in the accounts list.

So I did all you asked and then some, but to no avail. The balances don't budge. Maybe they'll be different tomorrow. We'll see.

Thanks

Coach Jon

Hello @MikeZ,

Thanks for the response. As I mentioned previously, the balance between the Account List and the Investments tab will be different. The real issue is the balances themselves not updating at all. Can you verify if the balances were able to be updated as of today? If not, can you supply the following information?

The name of the account in question, as it appears in Quicken Simplifi.
The name of the account in question, as it appears on the bank's website.
A fresh screenshot of the balance for the account in Quicken Simplifi.
A screenshot of the balance displayed on the bank's website for comparison.

We will also need logs to be sent:

Log in to the Quicken Simplifi Web App.
Select Profile from the left-hand navigation bar.
With the Profile menu open, hold down the Option key for Mac or the Alt key for Windows, and then click Send Feedback.
Leave all boxes checked, add a brief description of the issue, and then click Send.

-Coach Jon

MikeZ

I understand you want to help, but I fundamentally disagree with how Simplifi handles investment accounts.

As I said, just get the transactions and the balance. Don't try reconciling transactions to calculate the balance - just use the balance provided by the brokerage - it is accurate.

When I select transactions, display them.

When I want the balance, display it.

It doesn't need to be any more complicated than that and you'll have much happier users.

Yes, this would be a change, but a necessary one. Stop trying to be the brokerage.

So, until Simplifi changes this, I'm not going to worry about the mismatched and inaccurate balances. Simplifi simply does this wrong.

Also, the daily need to update the total cost for each holding is absolutely ridiculous. Something else I'm simply not going to do. Why in sam hill would anyone do that??? The app is supposed to make my life easier, not harder.

As I said, I appreciate your attempt at helping, but this is a serious design flaw and should be fixed.

Coach Jon

Hello @MikeZ,

I can certainly understand where you are coming from. The idea post I linked previously in this thread may definitely be something you would want to vote for, considering it is requesting more consistent investment balances. We also have the following idea post that requests the ability to choose simpler investment tracking than what is currently utilized in Quicken Simplifi, if this interests you.

https://community.simplifimoney.com/discussion/10982/simple-vs-complete-investment-tracking

I apologize that we were not able to find a resolution for your issue, but if you do change your mind, be sure to let us know so we can continue troubleshooting.

-Coach Jon

MikeZ

It appears that Simplifi is simply a day behind the brokerage, or it seems that way.

SRC54

I've noticed that balance updates for my Fidelity Investments can lag too. Usually the balance for yesterday will be right by mid-morning. Updates in Market Value lag even more and will update in the afternoon. And then of course, at 330 CT the markets close again, and it starts over for the next day. I can depend on it maybe on the weekends.

My balances and the market value are using within a few cents on weekends. Interestingly, because of how Quicken Classic computes the market value, they are different from what Simplifi says even on weekends, but only by a few cents.