Six Park waives management fees for new investors
Online investment provider Six Park is temporarily reducing its minimum investment threshold and waiving investment management fees to encourage more Australians to invest.
The firm would drop its minimum investment from $10,000 to $5,000 until the end of August and waive fees on new accounts for the first three months.
Six Park’s co-chief executive, Pat Garrett, said the rebound in the stockmarket was prompting more people to consider investing.
It had already seen a quarter of existing clients top up their portfolios during the period.
“Six Park was founded to give more Australians a pathway to financial wellbeing, so it is important to us to react to the current landscape in a way that reflects our core ethos.
“With the ability to now have multiple accounts per user, existing clients can take advantage of the lower entry point and use Six Park to achieve more, setting up different investment ‘buckets’ to meet different timeframes and goals."
However, the Australian Securities and Investments Commission (ASIC) warned this week about retail investors who were chasing the markets. It said there had been a sharp increase in the number of new retail investors – up by a factor of 3.4 times – as well as marked increase in re-activated dormant accounts.
“We found that some retail investors are engaging in short-term trading strategies unsuccessfully attempting to time price trends. Trading frequency has increased rapidly, as has the number of different securities traded per day, and the duration for holding the securities has significantly decreased: indicating a concerning increase in short-term and ‘day-trading’ activity,” the regulator said.
AUTHOR
Laura Dew
Recommended for you
The struggle to recruit specialist expertise in alternative asset classes means senior analyst salaries are surpassing $200,000 as fund managers compete for talent, observes Kaizen Recruitment.
TWC Investment Management, which launched in September, has unveiled a long-only equity fund targeting global wealth creator stocks.
As thematic ETFs gain popularity among advisers, research houses have told Money Management of their unique challenge to rate these niche products and assess their long-term viability.
Magellan Financial Group’s chief financial officer and chief operating officer Kirsten Morton is set to depart from the asset manager after more than a decade.
