Yes. For Direct-Plans, i.e. 529-plans offered directly by states with no financial advisor attached, Sootchy uses its proprietary algorithm to select and recommend the best plan for each user. Note that this is an ongoing process and is done not only for new plans but also for existing plans on Sootchy’s platform and also other third-party platforms during each plan’s “Annual Check-up”. If, for example, Sootchy determines that another 529 plan is materially cheaper or more tax-efficient than a user’s existing plan, Sootchy will seamlessly assist the user in relocating their investments into the superior plan in a process that takes less than a minute of the user’s time. The objective is to ensure our users are in the absolute best plan for them at every step of the way.
Users can “test-drive” their 529 plans even when the plan is not on Sootchy’s platform.
For Advisor Driven-Plans, i.e. 529-plans offered through financial advisors rather than directly through the states, Sootchy uses the same algorithm to pick the best Advisor Driven-Plan for the user. Sootchy then gives the financial advisor the option of selecting the user’s investment lineup themselves or using Sootchy’s proprietary risk tolerance questionnaire.