Freetrade in the news šŸ—žļø

Freetrade Chat šŸ”„
146

Major news! :rotating_light:

5 Likes
147

Major credentials :dart:

One of Monzoā€™s former directors of product, Duncan Leslie, has joined Freetrade as VP of product to lead the fee-free stockbrokerā€™s development.

Before his role at Monzo Leslie spent 15 years in senior roles at stockbroking giant Hargreaves Lansdown.

11 Likes
148

Good luck @Duncan

149

Must admit Iā€™m less interested in the Monzo side and more much more interested in the HL side.

13 Likes
150

I agree wholeheartedly with this comment :wink: great news

151

My Freetrade stock value must be going through the roof recently :grin:

152

Monzo wonā€™t mind too badly. HL will be far more alarmed. I do wonder how their internal meetings are going at the big boys as each day they must think at what point do we concede that weā€™re going to be losing if we donā€™t change something. I wonder if they have already created the model to a point they know at what point their profits will be maximised by leaving a huge cut in their stock charges to the last possible minute before too many jump ship. They might mock and laugh with all their massive millionaire clients and a bunch of millennial upstarters most of which still donā€™t own a house or have paid off a mortgage clients at FT. I think their fall will happen far sooner than they think. I wonā€™t invest in them for that reason.

6 Likes
153

HL average client age is 40+ I remember

average balance is 70K

you are essentially talking about what makes these people to exit HL completely and move their wealth to Freetrade

quite a big ask thought not impossible

lots of Brits donā€™t touch their brokers that often so trading commission is not something they get bothered

that platform fee of 45bps HL charges is the big dollar. I still donā€™t get why people exactly get in return for that 45bps. HL does have a very very low churn rate

2 Likes
154

Indeed. He was only there for 6 months according to LinkedIn. So itā€™s the HL side thatā€™s more significant.

HLā€™s app is really good. But their website still feels very retro.

155

Thanks everyone - happy to be on board! :muscle:

49 Likes
156

nice addition maybe :o I donā€™t see the point in Monzo but many people seem to do it so apparently like the product

157

You donā€™t see the point in Monzo?

Go on, indulge me some more?

3 Likes
158

The investment choice offered by HL is impressive - virtually every fund, share or ETF you could think of, some of which with a discounted charge.

2 Likes
159

11 posts were split to a new topic: USPā€™s in banking

160

Is it just me or Monzo missed the trick by providing a stock & shares options for their customers? Bigger slice of the market for Freetrade then.

161

There were talks at one point of some kind of Freetrade tie up. Donā€™t know what happened in the end though.

1 Like
162

Thatā€™s interesting, thatā€™s news to me. I personally think Monzo are stuck for quite some time now and having Freetrade as a partner wouldā€™ve been a good opportunity for them. Freetrade could benefit as well however I think boat has sailed. Especially since Monzo looks towards US expansion and Freetrade towards EU.

163

Definitely read it somewhere but canā€™t find it atm.

Sort of mentioned here. @Peter might know better as afaik it was his thread that prompted the discussion.

165

There were some rumours of some form of tie up between Monzo and Freetrade a while back - and I think some folk even found reference to Monzo when tearing down the Freetrade app. I think that is all in the past and came to nothing, though.

More generally, I set out my thoughts on how Monzo and Freetrade might work together here. But this quote from @Duncan in the latest article seems to suggest that this isnā€™t a direction that Monzo wants to go on right now. (If accurate, I think thatā€™s a great shame, but it is what it is):

ā€œFundamentally thereā€™s a big opportunity in the investment market,ā€ Leslie (pictured) told AltFi .

ā€œIt was something I was passionate about at Hargreaves, but it was difficult to enact that vision. Monzoā€™s plans changed, a while back they were clear they wanted to become the financial hub in peopleā€™s lives, but that doesnā€™t seem to be the case any more.ā€

166

I guess Monzoā€™s biggest ambition is US now.

All these financial hub initiatives sound good on paper, but to switch energy provider or choose a broker inside Monzo app? I myself wonā€™t like that. Apps need to specialise in what they do. Starlingā€™s marketplace strategy sounds good on paper but I never actually use it because I find the UX confusing or bloated

2 Likes