By agustinf - 2 days ago
Showing first level comment(s)
Apparently not for Brasil yet, but definitely a product we need here. I would use something like it, but the only option in the space is a new startup (https://oiwarren.com/) with horrible UX (every form emulates a natural language chat bot, which makes muuuch longer to fill out simple fields that a regular <form> would take seconds).
Other than that, only brokers with very user-unfriendly online interfaces.
Easy, simple, wealth management is very much needed in here. I hope you do well enough in Chile to consider a expansion here.
soneca - 2 days ago
dannygarcia - 2 days ago
Though I feel like 1.19% is a bit too much: I'm currently using Renta4.cl for ETF IPSA from Itaú (CFMITNIPSA, 0.6%) and Interactive Brokers for Irish All-World ETF from Vanguard (VWRD, 0.25%).
ivm - 2 days ago
A lot of ETF funds here play a bit of an educational mission. They have regular commentaries and features on financial media, often around ‘demistifying investing’ and always talk to how passive is so much better than active+fees.
I’ve often been shocked at how low the level of financial literacy is amongst even highly educated people. The standard passive marketing pitch appeals to them because it’s so much less opaque than active approaches.
I’ve long wanted to do something similar in South Africa. I think the key is ease of setup and building in scheduled contributions. If your customers are putting in a set amount each month then your revenue grows year on year even if your market share stalls.
scrappyjoe - 2 days ago
My thought is people are averse to fees - but there needs to be a bit more of an impetus for someone to switch to your platform. Will you be using ETFs to gain exposures? If so, a lot of the marketing could be focused on diversity of investment or saving for retirement.
A lot of the reason the robo's have taken off is that some provide "fractional ownership". So you can invest as little as $1. There is some legal and compliance issues you would need to iron out in your home country. The "Acorns" approach is a good one in my opinion. Helps you get many small accounts quickly.
Ultimately, performance is what a lot of people go by. You need 5 years. Once you have 1 though - with 7% fees - you can easily start showing expense ratio drags on portfolios...
anonu - 2 days ago
I have been in financial services strategy for quite a while now in various parts of the retail banking world and have been leading customer acquisition for both cards and retail banking in general. You're right - distribution is a big challenge but another big challenge is getting people to trust you with their money.
For me, you can either build the trust on your own (hard) or rely on your existing customers to help funnel the trust (i.e. referral schemes). Case studies, online calculators, customer videos speaking about the product, partnerships (have to be careful that this is a win-win) are some tactics you can think about.
Other questions for thought: - Does the government in Chile provide deposit guarantees? (i.e. if you go bankrupt, does the govt pay back the depositors a certain percentage?) - Can you convince people to move just a small percentage of their savings? Are you expecting people to use your platform for 100% of their investments or can you get people to consider you as part of their wider investment strategy? - Can your existing customers help in some way or form (i.e. referral scheme, communities, etc.)?
Wealthsimple is a great company that you can look to emulate as they do automated investments for Canadians.
Monzo is another great one. Based in the UK, their acquisition growth has been incredible with minimal marketing. Effectively, relying on word of mouth and a great product experience.
If you wanted to discuss more, happy to talk it through my experiences in Canada and the UK
tixocloud - a day ago
Overall very impressed though! Awesome to see this sort of stuff launching in markets outside of the US.
bbrunner - 2 days ago
Another I miss, and have to start tracking on my own is the fluctuations of my investment. I am a bit of a control freak and keep an spreadsheet with the percentage earned each day. It be great to have that info within the platform. Every time I show it to my friends they seem to trust the platform a bit more. That’s another... more data, easier it is to influence others to join.
Sorry if this seems like a feature request! :P
kemeny - 2 days ago
primodemus - 2 days ago
Just wanted to write here to congratulate you and your team. I've been following what you guys have been doing for many, many years, and you have never ceased to impress me.
Since I've been living here in San Francisco, I've gotten quite into personal finance and retirement investment. I've wondered many times why my family there in Chile can't have access to some of the tools available here. Having read your post and done a bit of research the reasons seem pretty clear to me.
Thanks for working on such a meaningful solution, I've already recommended it to several family members.
Good luck to you and the team, and if I can help with anything don't hesitate and reach out :)
MrGando - 2 days ago