Quick question for the freetrade team then a bit of rambling and thoughts for discussion.
Considering your main target market will be millennials and those new to investing (me being one of them) do you have plans to create compliant guidance/ marketing (not advice of course) to get people like me to understand: the process of investing, tax implications, risks involved, different charging structures, types of things that can be invested in?
Que the rambling!
As someone in a strategic role in the financial services industry (insurance but other parts of my company does investments) who should be able to understand investment concepts pretty easily the general information on the web is terrible and is a huge barrier to investing. God help the general public!
The freetrade teams writing style goes a long way in using simple language but it is still taking me a while to understand all the ins and outs and what I should be doing when I finally get a hold of the app.
With regards to tax the other thread in this getting started category was eventually very helpful, especially when @JamesGibson got involved and started asking the questions most relevant to me.
I guess what I am getting at is the forum is great but I am reading EVERYTHING as I don’t know what I don’t know and it’s all in different places.
In addition the long term future success of this app is reliant on non investors getting involved with low amounts (as you know the best way to get a piece of that huge wealth transfer in the not too distant future is to have us using your platform before it happens). Even in this early phase I think it will be hugely important to make sure the feedback is from not only people who are experienced in investing already (which I am seeing a lot of on the forums) but plenty from those with some pocket money (100’s or low 1000’s per year).
My tuppence (not that I know what a tuppence is as a millennial) is to get started on the big marketing challenge of explaining what will be for some a scary undertaking simply, accurately and compliantly.
Now that you have gotten FCA approval (and I have huge confidence in the apps ease of use) I think the biggest risk is public opinion and accusations of unethical encouragement of uneducated investors risking their money. Things that crowdcube has had to overcome in the past.
Some may think that the need for this is a little way away as it will just be a closed group for quite a while, but I think traction and publicity could come sooner and I wouldn’t want the freetrade team to be caught unaware.
Ramble over, interested to hear others thoughts and maybe some examples where people have seen investing explained practically and simply.