Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

InvestNow customers vote with their cash

InvestNow customers vote with their cash, to the tune of over $50 million

In June, a little over 3 months since public launch, InvestNow rocketed to having more than $50 million being directly managed by clients using the new online investment service.

“Clearly customers are voting with their cash – and what better endorsement is there?” said Anthony Edmonds, founder of InvestNow. “Savvy Kiwis promptly grasped the benefits of our unique investment service, and joined up in big numbers to use InvestNow to manage their investment portfolios. We always expected InvestNow to be popular, and seeing this level of investment through InvestNow is the obvious proofpoint.”

Edmonds says there are a range of factors driving the popularity of InvestNow. “Firstly, investors love that they only pay the fees of the funds they select, and there is really strong interest in the Vanguard global share fund that has a management fee of just 0.20% per annum. Being able to invest as little as $250 is popular, as many funds on InvestNow were only previously accessible to large investors” says Edmonds.

Former RaboDirect General Manager, Mike Heath, works alongside Edmonds at InvestNow and says he loves seeing the different ways clients are using InvestNow. “We have retired CEOs, grandparents setting up portfolios for their grandchildren’s education, young people saving to buy first homes, and large established family trusts with significant assets, all using InvestNow’s online investment platform” says Heath. “I get as much as a buzz seeing someone set up their portfolio with $250, as I do when someone invests $1 million – InvestNow meets the needs of so many different types of investors, which is what I love about it”.

Edmonds is quick to highlight that people can open an account on InvestNow without any obligation to contribute money. “We get lots of people who initially open and account just to look around InvestNow. They then invest $250 to see how InvestNow works, and after that they will ramp up their investment and start building their portfolio.”

InvestNow is a non-advice online investment service targeting financially savvy investors, and currently offers 33 different investment options from managers such as Vanguard, AMP Capital and Fisher Funds, spanning all the major investment sectors.

“There are key points of friction for investors which InvestNow solves for our customers – such as removing the need to have their identities verified each and every time they establish a relationship with a fund manager, plus being able to access all their fund investments in one place”, said Edmonds.

InvestNow offers accounts for individuals, joint investors, family trusts and New Zealand businesses – all of which can have their accounts established online without the need to post in any paperwork.

“Individual accounts, which have proved to be the most popular to date, literally take two or three minutes to set up” said Heath. “Once customers have transferred money into InvestNow from their nominated bank account, they can start building their portfolios.

We have also numerous requests from customers to transfer their investments from another service provider or channel – something which are more than happy to facilitate”.

When pushed about what the future might hold for InvestNow, Edmonds is uncharacteristically playing his cards close to his chest. “We have some fantastic growth opportunities that we are keeping to ourselves for commercial reasons” he says. “Our focus moving forward will always be on empowering Kiwi investors to have the freedom to invest in what they want.”

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

DIY Law: Government Exempts Some Home Improvements From Costly Consents

Homeowners, builders and DIYers will soon have an easier time making basic home improvements as the Government scraps the need for consents for low-risk building work such as sleep-outs, sheds and carports – allowing the construction sector ... More>>

ALSO:

Media Awards: The New Zealand Herald Named Newspaper Of The Year, Website Of The Year At Voyager Media Awards

The New Zealand Herald has been labelled a “powerhouse news operation” as it claims the two biggest prizes – Newspaper of the Year and Website of the Year – along with many individual awards at the 2020 Voyager Media Awards Website of the ... More>>

ALSO:

ASB Bank: ASB Takes The Lead Again With New Low Home Loan Interest Rate

ASB has moved again to support its customers, cutting a number of home loan rates, including the two-year special rate to a new low of 2.69% p.a. Craig Sims, ASB executive general manager Retail Banking says the reduced rate will be welcome news for many ... More>>

ALSO:

Nathan Hoturoa Gray: The Problems With Testing And Case Statistics For Covid-19

To begin to understand disease transmission in a country requires adequate testing of your population with properly vetted, accurate tests. As the world struggles to find what 'adequate percentage' of the population is necessary, (estimates predict ... More>>

ALSO:

RNZ: Fletcher Building To Lay Off 1000 Staff In New Zealand

The construction company will cut around 10 percent of its workforce as it struggles with the fallout from Covid-19. More>>

ALSO:

Can Pay, Won't Pay: Cashflow Moves Urged

Government Ministers are asking significant private enterprises to adopt prompt payment practices in line with the state sector, as a way to improve cashflow for small businesses. More>>

ALSO:

Gordon Campbell: On Why We Should Legally Protect The Right To Work From Home

For understandable reasons, the media messaging around Level Two has been all about “freedom” and “celebration”, but this is not necessarily going to be a universal experience. When it comes to workplace relations, Level Two is just as likely to ... More>>

ALSO:


Telecoms: Spark Welcomes Spectrum Allocation And Prepares For 5G Rollout Over The Next 12 Months

Spark welcomes spectrum allocation and prepares for 5G rollout over the next 12 months Spark today welcomed the announcement of the direct allocation process of 5G spectrum, with the Company to be offered management rights to 60 MHz of 3.5 GHz ... More>>

ALSO:


Trade: Record Monthly Surplus As Imports Dive

Imports in April 2020 had their biggest fall since October 2009, resulting in a monthly trade surplus of $1.3 billion, Stats NZ said today. “This is the largest monthly trade surplus on record and the annual goods trade deficit is the lowest ... More>>

ALSO:


Media Blues: Stuff Chief Executive Buys Company For $1

Stuff chief executive Sinead Boucher has purchased Stuff from its Australian owners Nine Entertainment for $1.
The chief executive was returning the company to New Zealand ownership, with the sale is expected to be completed by 31 May.
"Our plan is to transition the ownership of Stuff to give staff a direct stake in the business as shareholders," Boucher said in a statement.... More>>

ALSO:

RNZ: Bar Reopening Night 'much, Much Quieter'

Pubs and bars are reporting a sluggish first day back after the lockdown, with the fear of going out, or perhaps the joy of staying home, thought to be a reason for the low numbers. More>>

ALSO:

Stats NZ: New Zealand’s Population Passes 5 Million

New Zealand's resident population provisionally reached 5 million in March 2020, Stats NZ said today. More>>

NIWA: Seven Weeks Of Clearing The Air Provides Huge Benefits: Scientist

Seven weeks of lockdown has provided evidence of how pollution can vanish overnight with benefits for the environment and individuals, says NIWA air quality scientist Dr Ian Longley. Dr Longley has been monitoring air quality in Auckland, Wellington ... More>>

ALSO:

Government: Tax Changes Throw Cash Lifeline To SMEs

A significant package of tax reforms will be pushed through all stages in Parliament today to throw a cash flow lifeline to small businesses. More>>

ALSO:

Statistics: Some Indicators Pick Up As New Zealand Moves Out Of Lockdown

New Zealanders moved around more in the main centres and used more fuel and power while weekly exports held up as the country left the COVID-19 level 4 lockdown, Stats NZ said today. COVID-19 data porta l, our new webpage, includes about 40 near-real-time ... More>>

ALSO:



University Of Canterbury: Astronomers Discover The Science Behind Star Bursts That Light Up The Sky

University of Canterbury (UC) astronomers are part of an international team that has revealed how explosions on the surface of a white dwarf star can increase its brightness by thousands or millions of times making it look like a new star. For ... More>>

RNZ: International Passenger Numbers At Auckland Airport Drop 95 Percent

Auckland Airport says international passengers numbers have dropped more than 95 percent in the first 20 days of April over the year earlier. More>>

ALSO: