Vinomofo Co-Founder and CEO Justin Dry says robo-advisors like Clover.com.au just make sense for digital savvy millennials
Online wine retailer Vinomofo Co-Founder and CEO Justin Dry says the best advice he would give young Australians on investing is to start.
The tech entrepreneur, who grew Vinomofo from the confines of his garage in Adelaide, to a multi-million dollar company with expansions in New Zealand, Singapore, and plans for a launch in the United States, encourages the digital savvy generation to embrace the money management solutions coming out of the growing Australian market for financial technology.
Being a proponent of tech that is ‘simple and easy to understand and use,’ Dry himself went to automatic investing platforms to manage some of his savings.
“I’ve been waiting for something like Clover.com.au to hit the Australian market for a long time,” he comments.
Automatic investment platforms, such as Clover, tap into the digital savvy millennial user, who prefer to delegate the responsibility of money management elsewhere to make more time for other valued activities and passions.
“The millennial cohort is ideal for platforms such as Clover,” says Co-CEO and Co-founder Sahil Kaura. “This generation grew up on tech and believe in its power to offer solutions to their problems in an effective, safe and cost-savings way.”
The adoption of fintech products is highest amongst young consumers. The 25-36 age cohort, is not only the digital generation, but also at a time in their lives where good financial advice is most needed to set them up for the future.
“I wish I had someone talk to me about finances when I was younger,” says Dry. “I did a lot of reading – lots of books, lots of magazines. I did a lot of research to try to understand it myself.”
A recent census by Fintech Australia highlighted the rapidly growing fintech market in Australia which has more than doubled since 2015; many anticipate that both the digital savvy and non-savvy investor will be using robo services within the next decade.
Dry isn’t surprised by the success of platforms such as Clover with the millennial demographic. “It removes the layers associated with traditional investing,” says Dry. “Platforms like Clover.com.au make investing accessible, easy and cost effective which means more money going back into your investment pool.”
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