New offensive by the 'roboadvisors' to win clients in the post-Covid recovery. The main companies in the sector are pressing downward commissions and investment minimums to make your products and services more attractive. Andbank's MyInvestor, has launched portfolios of index funds with the lowest fees on the market, while Finizens has reduced its barrier of entry by 90%, to 1,000 euros.
The coronavirus crisis has been a reality bath for the ‘roboadvisors’ and other ‘fintech’ related to savings. Half of the investors were not satisfied with the 'wealthtech' during the pandemic, according to Refinitiv, and as Miguel Camiña, co-founder and CEO of MiCappital recently recalled, in a interview for Bolsamanía, "Fintech companies have barely stolen market share from banks." A lost opportunity that now the main companies in the sector want to remedy by fast track.
MyInvestor, the neobank of Andbank Spain, has released four portfolios of index funds from Vanguard, iShares (BlackRock) and Amundi, products that until now were only available to professional investors and institutional investors. Available from 1,000 euros, the portfolios have the lowest commissions on the market, with a price management of 0.15% and custody of 0.15%, while the underlying funds have total average costs (TER). English) between 0.10% and 0.13%, depending on the portfolio. Thus, the maximum annual cost for the client fluctuates between 0.40% and 0.43%, well below of similar products that are commercialized in the market.
"In a simple way, clients can invest in a highly diversified product, managed by professionals and adapted to their needs," says Gabriela V. Orille, co-CEO of MyInvestor. The neobank, which is also participated by El Corte Inglés Seguros, AXA and several ‘family offices’, has named the four risk profiles of these portfolios as Classical, Pop, Indie and Rock, which modulate exposure to the stock market and fixed income. In a matter of minutes, the client has to carry out a preliminary online test to determine the portfolio that best suits their needs, objectives and tolerance to volatility. "MyInvestor wants to contribute to the financial education of investors not only by training them, but by bringing them suitable products," stresses the directive.
Finizens has also taken a step forward by reducing the minimum amount required to participate in their investment plan index fund portfolios, from 10,000 to 1,000 euros, which is equivalent to a 90% reduction. In this way, "with an economic context of concern and uncertainty in the face of recession forecasts, the firm wants to support investors in efforts to deal with the crisis caused by the coronavirus pandemic," it said in a statement. However, the measure has "temporary" character.
RESPONSE TO THE BANKING ACCELERON
“We have been able to provide a solid and sustainable response to the needs of thousands of investors, bringing our exclusive indexed management model closer to any heritage,” emphasizes Giorgio Semenzato, CEO and co-founder of Finizens. The Spanish 'roboadvisor' provides service to more than 8,300 clients.
The ‘roboadvisors’, the investment neobanks and the ‘fintech’ of savings are getting their batteries after seeing the acceleration that traditional banking and the insurance sector have hit in the field of passive management low cost ’. A few weeks ago, Bankia stoked the passive management war with its new range of Bankia Index funds. Before her entities like Popcoin (Bankinter), CaixaBank, BBVA or Mutuactivos, from Mutua Madrileña, they had already promoted this type of funds.
The total expenses of the funds and passive portfolios of these banks move between 0.19%, in the case of the fund on the Dow Jones of Mutua, and 1.53%, in reference to the universal class of the new range Bankia Index. Popcoin's portfolios charge 0.62% and CaixaBank's new Smart Allocation portfolios stand at 0.70% annually.
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