For today’s profile we have Andrew Ward of SelfWealth, an Australian owned and operated online community for investors.
Our questions are in bold.
– – – – –
Who are you and what’s your background?
My name is Andrew Ward. I joined the financial services industry over 25 years ago and have held positions at companies such as Colonial First State, RetireInvest, AMP, St George Bank and Commonwealth Private.
I am the founder and Managing Director of SelfWealth, Australia’s first online investment solution that enables members to compare themselves to like- minded investors and the market and use this knowledge to improve their portfolio performance. I am passionate about improving the level of financial literacy in Australia and created SelfWealth as a tool for self-directed investors to achieve better portfolio performance.
I hold a Bachelor of Economics degree from Sydney University, as well as a Diploma in Financial Services (Financial Planning).
What is your job title and what are your general responsibilities?
I am the Founder and Managing Director of SelfWealth. The beauty of a start-up is every day is different. Day to day activities can range from meeting as many people as I can to absorb and learn as much as possible, speaking to journalists and working with my team to grow the business.
Can you give us an overview of your business?
SelfWealth is built on a simple truth that through collective intelligence you can achieve better results. SelfWealth is a dynamic, always-on social investment network of likeminded investors with a proven wealth-growing track record. It allows you to outperform the stock market and buy and sell shares at the lowest possible price.
Members can follow each other and measure their performance against like-minded investors and the market. With access to the best industry reporting and analytics, Members can create their own portfolio and follow the portfolios of other like-minded investors.
In real terms, that proven track record to date equates to our SW200 index outperforming the ASX200 by an astonishing 17%.
SelfWealth is the response to an outdated, traditional method that doesn’t keep up with the new, sharing economy.
It works because it allows people to trade more than just shares. It allows them to trade knowledge. And in the stock market, that’s the most important commodity there is.
SelfWealth TRADING has the lowest cost per trade of any trading solution in Australia. It allows SelfWealth members to buy and trade shares online at a fee of just $ 9.50 per trade. This low, flat fee is always the same regardless of the value or size of the trade. The process for signing up is quick and easy, with no paperwork or wet ink signatures required.
SelfWealth Ltd is an Australian owned and operated company established in 2012.
SelfWealth is licensed under the Corporations Act to provide general financial product advice and deal in a financial product.
Our Australian Financial Services Licence number is 421789.
Tell us how you are funded.
SelfWealth has raised approximately $8.5 AUD to date and has 59 shareholders most of which are high net worth individuals. Corporate investors include Australasian Wealth Investments and most recently Pitt Capital.
Why did you start the company? To solve what problems?
SelfWealth originated from the belief that Australia’s current investment model is flawed with Financial planners, Fund Managers and Administration platforms each demanding a share of fees from the investor. I believe paying higher fees and commissions if you have more to invest is an unfortunate legacy in the Australian Financial system. SelfWealth has created a unique solution, which empowers self-directed investors.
Who are your target customers?
SelfWealth is for those who want to increase their investment portfolio return, whether the portfolio is within a Self-Managed Superannuation Fund (SMSF) or simply a personal portfolio. It enables investors to cut out percentage based fees from brokers, financial planners and fund managers.
Who are your target customers? What’s your revenue model?
Most of our Members are self-directed investors, SMSF trustees and online traders.
If you had a magic wand, what one thing would you change in the banking and/or FinTech sector?
Removal of the % sign traditionally associated with fees and commissions for financial services and vertically integrated models.
What is your message for the larger players in the Finance industry?
Put the customer first
What phone are you carrying and why?
iPhone 6, I like Apple products and Steve Jobs was a visionary I admired.
Where do you get your industry news from?
AFR, Financial dailies (digital and print) and networking.
Can you list people you rate from the FinTech sector that we should be following on Twitter?
@hardeepw Founder and CEO of innovative investing site called Motif
@yoniassia Founder and CEO of eToro.com
Can you suggest the name of an Angel Investor or VC that might be interested in being profiled?
Ben Heap, H2Ventures
What’s the best FinTech product or service you’ve seen recently?
Motif Investing – Motif is an online brokerage built on thematic portfolios.
– – – – –
If you would like to receive email updates whenever we publish, sign up to our Newsletter. You can unsubscribe at any time and we will never use your email for anything else.
If you’ve any suggestions for hot FinTech companies (startup, or established ventures) that we should be profiling, or have an opinion piece to offer, or a FinTech related event you’d like to tell us about, have a look here for more details.