In anticipation of the fractional trading, any chance of implementing an investment plan where you pay in a certain amount every week/month and that gets invested in your selected stocks and weighting?
This would be a great way of building a predefined portfolio without continually having to buy certain fractional shares or putting small transactions through. Also in this scenario, you would naturally be indifferent to the live price and I would be more than happy to pay a monthly subscription for this (or you can include it in the isa subscription cost).
Also given you are so community focused, an ability to follow and publish portfolios might be good too. This would be conducive to long term portfolio aggregation and help prevent creating a short term trading mindset. I think you should publish warnings to users whom you feel might be going down that path.
To add some colour, I had applied for the revolut product development role for their share trading platform about 18months ago. They got me to put a fairly comprehensive case study together and then declined my application without commentary, in my eyes they can .
I’m 100% behind you guys and Monzo (you need to work on an integration with them too, like OakNorth and Mojo). I know that this has been suggested elsewhere.
I think the deep integration of services is important by companies that are focused on developing the right product. Also investors would trust Freetrade as platform fundementally more as it holds trading front and centre, unlike Revolt which seems to scrap at the markets it thinks it’s customers might be interested in. Reality is, once their customers get a flavour and want something superior, they will come in droves.
But for safe measure, Freetrade does need to match simply benefits of Revolt, ie. of holding cash in investment currencies and making sure fx transfers are done at zero cost.
I think this is included as part of the “Autopilot” feature that’s already in the roadmap. I used to use a similar feature with HL, it was actually the cheapest way to trade on HL because the commission was lower on regular savings
Thanks Dave and Jonny, that looks like it. As long as I can select my own portfolio and then continue to add using my own personal weighting, seems like it would hit the sweet spot. There is so much that can be done with this.
I totally agree with what Adam says, we want to stay away from Robo advising move more towards matching a portfolio to an individuals preferences. Including filters to isolate board diversity, their green footprint, ethical trading and even research spend as percentage of turnover would all help tailor a portfolio.
Robo advising is matching a portfolio to an individual’s preferences. I don’t think Freetrade should ignore this huge market opportunity, but should improve the offering. i.e. allow more preferences to be taken into account.
Revolut is looking to make their paid membership feature full like Amazon Prime. Amazon seems to be doing OK for itself by entering multiple markets & in China a single app dominates much of people’s lives. I think many would feel more comfortable sticking with the bank they use (and 6m others) rather than being one of the first 100k. Obviously it depends what happens over the next 12 months as Revolut is currently useless for anyone who prefers ETFs
Just because you say no, doesn’t mean it won’t happen. You see, the problem with your thesis, is that sure, Revolut might want to become the amazon of money. But the problem with Money Management companies, be they banks, insurance companies, forex brokers, stock brokers, etc, is that they are extremely dependent (perhaps way more so than other companies) on trust. Revolut has had a barrage of very bad news recently about its practices and its internal culture, and I know that this has ruined Revolut’s reputation and user trust.
Now is it possible that they can overcome it? Probably, people forget fast after all. But as things stand now, I know a lot of people who just don’t trust revolut to be anything other than a travel card - never mind a stock broker or a holding account.
Amazon has a bad rep as a tech employer (poor wlb, PIP to get rid of people) and is in the news a lot for factory workers complaining. Customers don’t care if it doesn’t affect their experience. Monzo has just told customers to change their pins, this (only slightly) affects user experience
Yes, but Amazon’s handling of its employees might be morally bad, but doesn’t affect you as a consumer in any (immediately obvious) way.
Monzo’s issue didn’t cause any loss to any of its clients - they were clear about it. It’s at most an inconvenience.
There’s countless stories in /r/ukpersonalfinance or Revolut’s own forums about them locking up accounts, providing bad service (even to premium account holders), etc. Everyone knows their customer support is legendarily bad. Their mishaps are actually affecting their clients, compared to both Monzo, and Amazon.
For a phone based app, with a terrible Customer Support, how many people do you think will entrust them with any valuable holdings?
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