Good question. Ethics would suggest that crowdfunders should probably voluntarily disclose any conflicting interests in a company that may bias their review. In practice, nobody really does unless you’re legally compelled to (which I don’t know if Trustpilot do) but they certainly don’t put any prominent disclaimers to say you should.
The cost of policing this anyway wouldn’t be worth it and if it’s tucked away in T&Cs more fool them. Investors hold such small %s that it’s effectively immaterial on an individual basis I would have thought.
Also, all these platforms know that companies with engaged investors/followings exist and it’s just par for the course really.
If you find anything in their T&Cs, I’d be interested to see it
That is a bit obscure for our cases though. Tom has significant ownership, over 5% at least, so it makes sense for him and his relatives not to get involved with Trustpilot reviews.
Whereas most other Freetrade, Monzo or any other crowdfunding investors’ ownership is so fractional that is would be misleading to call ourselves “owners”. That way, if I buy one share of S&P 500, I would own almost the entire world!
This. Trustpilot is welcome to further clarify, but we’ve been in touch with them, and they have not expressed any concerns about crowdfunding investors posting about their “Service Experience”. I personally never heard of anything related from any of our crowdfunded friends either.
We get a LOT of positive feedback via our customer service and through social media and emails, which we are very grateful for.
It would be great if our community wrote about Freetrade on Trustpilot!
The problem with highlighting this here is there is now a one star review on Trustpilot from someone who clearly isn’t interested in Freetrade’s app or its success, or isn’t even bothered with the facts
Just checked Trustpilot for Hargreaves Lansdown - their investment team is kept busy responding to the reviews and the overall ‘Poor’ rating they have doesn’t appear to deter investors from continuing to plough money into their accounts! Agree though, that blatant lies need to be addressed and corrected.
Investors may not go elsewhere because they don’t see or hear of the viable alternative. Visibility and trust garned by a well reviewed and highly rated alternative presents opportunity not only for prospective customers, but also for Freetrade in the long run as a challenger stockbroker.
Being part of the conversation is key to being disruptive and public reviews will help get the ‘brand’ out there imho.
Just not sure Trustpilot is the way to go - can’t say that it ever crossed my mind to check it out before I chose an investing platform.
Mention in the recent Telegraph article will probably do more to get the brand out there and I’m sure there will be more mentions as the app is rolled out to Android users and when the new tax year kicks off for people to invest in their new ISAs.
I see that you posted a nice 5 star review of Monzo - it shines out amongst all the one star reviews!
I understand where you’re coming from, but even though you may not check it others may consider it a factor, especially new investors.
For instance, here’s a recent comment by a staff member on the Monzo forum concerning Trustpilot reviews that prompted me on this topic:
The point is that all public facing things combine to make up an impression of the brand.
Example: someone may first hear of Freetrade by reading the Telegraph article and then think let me run a quick google search… up pops Trustpilot reviews and surely a good one is important given the early stage nature of the company.