Australia’s social network for investors, SelfWealth, has announced a launch of its new flat fee brokerage solution complementing its social network.
The company started its investment community through an exclusive partnership with BGL Corporate Solutions, a supplier of self-managed superannuation fund (SMSF) software and said it saw a significant take up through BGL’s, cloud SMSF administration software, Simple Fund 360.
SelfWealth founder and managing director, Andrew Ward, said: “After launching our community, by popular demand we realised the next step was giving them the ability to execute those investment decisions within our software, hence we needed our own brokerage solution.”
He added that it had to be a solution with a strong value proposition to help prise investors away from the large institutions which resulted in introduction of a flat fee service.
According to the company, the members could now watch what, why, when, and how other investors traded and tracked their performance, with full anonymity for a flat fee of $9.50 per trade, with no commissions or additional fees.
BGL managing director, Ron Lesh, stressed that SelfWealth was a natural fit for BGL’s simple fund 360 SMSF administration solution.
“We know the vast majority of SMSFs do not have a financial adviser. This is where SelfWealth can help to fill the gap and provide our clients with the ability to follow the best investors in the crowd to improve their portfolio performance,” he added.
The SelfWealth community has thousands of investors with over $1 billion in assets with the split 60/40 between SMSF and non-SMSF investments.
