I think since Freetrade is definitely going to be popular with the younger generations who are app centric but not necessarily super market savvy, some sort of collaboration with the Finimize.com folks might be something to think about?
That’s a nice, I really like what Finimize are doing.
But at some point they’re going to have to start making money (I’m not sure if / how they do at the moment?) & one of the obvious ways that they could do that would be to start recommending investment products. So I’m not sure whether Freetrade would want to promote a service that’s also promoting competitor’s products? Or maybe they wouldn’t mind - I don’t know
I’m interested in seeing the first Freetrade reviews in the Finimize app. Maybe some of the staff who already have the app could make a start?
I feel like the staff might be a little biased but that’s a really good idea, once the app’s available to everyone, it’d be great to see some reviews on their site!
Nothing a suitable disclaimer couldn’t solve
First time hearing about Finemize, having had a look at it seems like an interesting idea. However, I am not sure how reasonable it would be to partner up as freetrade does say on its website “Freetrade does not provide investment advice and individual investors should make their own decisions or seek independent advice…”
I do think that it should be a topic that is discussed. As freetrade is trying to be a low cost investing company, having investing advice with it would be costly to the company. What I do see happening in the future is that freetrade could possible have some type of advice and news for paying users most likely.
I believe their email list is pretty large, I’m not sure how popular the app is though. I love the bitesized summary at the end of every day!
From my understanding, they’ve partnered specifically with those three platforms in the UK based on popularity. They also use their own data to give a view of the average return you could get. There was no indication of planning recommendations based on sponsorship when I went the app launch. I think they want to be able to provide a neutral view as they want to be the one-stop app for all financial news. I guess once the Freetrade app is up and running, has enough traffic and people have had some time to get used to it, it may be worth a conversation with the Finimize team.
They really should allow user reviews for all credible outlets - as opposed to partner only - if they truly want to be a neutral ‘one stop shop’. However, I appreciate traction in terms of a sufficient mass of reviews per provider is a factor they must consider along with popularity.
Having taken some time looking at the app and the website I have to agree that I am not sure how they are making money currently. It seems strange that they are able to do what they are doing for free. I do wonder what they money making method is…
I buy into the idea of a digital ‘wealth management’/‘financial adviser’ - which was Finimize’s main focus when I met them originally, and I assume still is (unless anyone has heard differently??).
However, they seem to have deviated and now focus on their email content and price comparison model, which is a shame.
Maybe they ran too close to being what Monzo will aim to be as a financial control centre?
I’m not sure how Freetrade would be included on their but it certainly should be!