SelfWealth announces new product offerings
Peer-to-peer investment start-up SelfWealth is preparing to launch two products at the end of this month aimed at addressing "the frustrations" that consumers face in financial advice today.
Known as SelfWealth INTELLIGENCE and TRADING, founder Andrew Ward said the two products are targeted at simplifying stock trading by allowing a larger number of investors to enter the market and take control of their investments.
"We're a peer-to-peer investing group that uses the intelligence of the community to construct portfolios for investors," Ward said.
"Fintech is all about challenging the current norm [and] the end consumer is the number one piece in the puzzle. When you focus on that, [you are] shaking up the high walls of the banking institutions and their million dollar profits.
Since its inception in 2013, SelfWealth confirmed that it has been concentrating on building up its core business, raising a total of $8.5 million in capital in the space of three years and a total of $480 million in funds reported on its platform.
SelfWealth INTELLIGENCE will allow members to define their investor profile and objectives, as well as automatically find successful traders with a similar profile.
Meanwhile, the SelfWealth TRADING tool is geared towards allowing members to buy and sell stock online at a lower cost, without charging any commission nor percentage fee.
With both products set to launch on March 29 this month, Ward said instilling a culture of innovation in his team has been key to helping drive growth and momentum.
Ward confirmed SelfWealth will also have new user interfaces that are currently slated for a launch in early April.
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
