Fintech stocks to win from booming market of independent financial advice
Listed investment platforms that benefit from the move towards independent financial advice are among the few winners from the Financial Services Royal Commission. The Commission’s shocking revelations on bank culture and financial-advice standards will surely strengthen the move towards independent financial advice – a trend that has been underway since 2013 Future of Financial Advice (FOFA) reforms. More financial advisers will move away from bank-aligned distribution channels or large wealth-management firms and work for themselves. More customers, concerned about bank ethics, will favour financial advisers who demonstrate genuine independence. Also, advisers will need to look for new ways to grow their business through technology. They’ll need tools that help them […]
CoinSpot opens personal NEO/GAS wallet addresses for users
Australian NEO fans might have something to look forward to with CoinSpot introducing individual user wallets for NEO and GAS.
Millennials pouring their money into new low-fee investment products
More than 1,400 Australian millennials have, in the last month, put money into Spaceship’s new investment products, which are ‘fee-free’ for low balances of $5,000 or less, the nation’s specialist investment manager for younger people announced today. The result underscores the enormous untapped demand younger Australians have for simple, and engaging, investment products that are different to those designed for their parents and grandparents. Spaceship founder & CEO, Paul Bennetts, said today the company had developed two ultra-low fee products for the ‘online’ generation aged 18-44 years old, and they were discreetly made available to the market in late April. In the first four weeks, 1,412 customers signed up and […]
OnMarket forges partnership with Listcorp
IPO and equity crowdfunding portal OnMarket have teamed together with investor relations platform Listcorp to assist newly listed ASX companies with the ongoing challenge of communicating and promoting themselves to investors. OnMarket CEO Ben Bucknell said “OnMarket has now helped over 70 companies list on the ASX. We are pleased to announce that we’ve recently entered into an agreement with Listcorp to help these companies better communicate with investors throughout Australia. “The fundamental benefit that both Listcorp and OnMarket are providing to Australia’s retail investors is access. OnMarket provides retail investors direct access to IPO and equity crowdfunding opportunities, and Listcorp provides retail investors access to much needed information about […]
Artificial intelligence to become commonplace at instos
About 60% of Northern Trust’s Australian-based institutional investment clients believe meaningful adoption of artificial intelligence will occur within the respective businesses over the next two years. Local instos are more bullish on AI than Singapore and Hong Kong-based clients, the global custodian notes, saying the Asia Pacific counterparts anticipate adoption happening in two to five years. Half of Australian clients surveyed also noted high-level stakeholder engagement and counter-party co-operation as vital to financial services’ adoption of blockchain. The findings come from surveys conducted at Northern Trust client events in the first quarter of 2018. Northern Trust head of market advocacy and innovation research, Asia Pacific, Danielle Henderson said as the […]
Prospa float reveals a new world of online business financing
Online small business lender Prospa is set to hit the ASX on June 6 with a market capitalisation of $576 million. It’s a lofty valuation for a relatively new business lender with a net loan book of $200 million and a statutory net profit in the 2017 financial year of just $1.2 million. But the number – settled after an institutional book build for Prospa shares last Thursday – points to the aggressive growth aspirations for the Sydney-based group, which is raising $146 million in an initial public offering fully-underwritten by Macquarie Capital and UBS. In its prospectus filed with the corporate regulator on Monday morning, Prospa said it expects to originate […]
Pensioners prime market for robo-advice
There is considerable opportunity to provide robo-advice to pensioners seeking affordable, accessible and personalised advice, according to GlobalData. The company’s 2017 Life & UK Pensions Survey found that 63 per cent of individuals accessing financial advice used it to discuss pensions, which usually was through visiting online platforms that provided automated advice. GlobalData pointed to the cheaper fees and ability to engage with services more frequently through robo-advice as key to its appeal to pensioners. Insurance analyst for GlobalData, Danielle Cripps, said that pension providers should look to robo-advice to offer assistance on not just saving for retirement, but also helping people at and in retirement. To read more, […]
Prospa books open, offer size reduced
Macquarie and UBS’s equities desks have started beating the drum for ASX-aspirant Prospa. The brokers opened Prospa’s IPO bookbuild on Thursday morning, with news the offer size had been reduced. Some of the online small business lender’s existing shareholders have cut the size of their selldown. Prospa is now seeking to raise $141 million to $147 million, according to terms sent to fund managers. The first $100 million is pegged for the company while $41 million to $47 million represents the shareholder selldown. It had initially been targeting up to $60 million for the selldown. The price was retained at $3.04 to $3.83 a share, as was the targeted market capitalisation […]
