Financial adviser and fund manager, Simon Wu, has launched an online investing service, SWU Online Invest, to help close the advice gap.
The service would give mass market Australian investors access to four diversified investment portfolios.
Wu, who founded SWU Group, had over 35 years’ experience in the industry and was founding chair of Premium Wealth Management.
Wu said: “Personal financial advice provides a wonderful outcome for clients, however, increased regulatory obligations imposed on financial advisers in recent years means the costs of traditional ongoing personal advice services has gone up dramatically, making it increasingly unaffordable to most Australians.
“We needed a digital solution to reach everybody else- those wanting to obtain professional investing expertise from a trusted provider, for a lower cost, via a few simple clicks.”
The portfolios would be managed by Jonathan Wu, fund manager at Premium China Funds Management, and be delivered via a partnership with Melbourne-based fintech platform Openinvest.
Paul Harding-Davis, an investment committee member at SWU Online Invest and chief executive of Premium China Funds Management, said: “The past two years have seen a massive increase in the number of people investing in the stockmarket via cheap trading apps. Unfortunately, it’s extremely difficult to invest sensibly that way- and the barrage of ads telling people that share trading is fun and sexy don’t help.
“History shows that the only smart way to invest is via professionally-managed, diversified portfolios and that’s what SWU Online Invest offers.”