Do you plan to offer subscription-based access to other users' indices?
At this time no but if you have a index or strategy you want to see on Double please email me at founders@double.finance
Show HN: Double – Design and invest in your own stock index
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Re: Show HN: Double – Design and invest in your own stock index
#32> Double is only available to US residents. I would have loved to see that message on the Sign Up page before I enter my email address.
US Residents? What about US Citizens living abroad?
No unfortunately we do not currently support US citizens residing abroad. There are a few restrictions on opening an account, namely: must be 18 years old or older, has a U.S. social security number, a permanent U.S. residential address and phone number, and currently resides in the U.S.
Feel free to check back here for updates https://help.double.finance/en/articles/9457976-who-can-open...
Re: Show HN: Double – Design and invest in your own stock index
#33This is great, exactly what I was looking for, but how do I know I can trust you? I'm a bit hesitant to wire large amounts of money to a startup. Also, how do you make money?
Why trust us? 1. We're working with Apex Clearing, a large US Custodian with more than $100B of assets. Your account is in your name there. 2. We're well funded and backed by reputable investors (YC, Matrix, Youtube Cofounder, and many others). 3. We are registered with the SEC as an registered investment advisor. 4. I personally am in the process of transferring nearly my entire net worth onto the platform. We event…
Love 4.
Re: Show HN: Double – Design and invest in your own stock index
#34[dead]
Re: Show HN: Double – Design and invest in your own stock index
#35Several years ago, I worked at a company called Motif Investing that was conceptually similar this. It was marketed more as a "build your own ETF" kind of thing. You could assemble and weight up to 30 stocks in a "Motif" and manage it over time. We had some of the features you mention as well. I was happy with the product and enjoyed working their, but the business never really took off. I wish you the best in developing your company!
Re: Show HN: Double – Design and invest in your own stock index
#36Several years ago, I worked at a company called Motif Investing that was conceptually similar this. It was marketed more as a "build your own ETF" kind of thing. You could assemble and weight up to 30 stocks in a "Motif" and manage it over time. We had some of the features you mention as well. I was happy with the product and enjoyed working their, but the business never really took off. I wish you the best in develo…
Thanks. I know of and have always respected Motif.
Would love to chat about any hard learned lessons along the way if you're up for it - founders@double.finance
Re: Show HN: Double – Design and invest in your own stock index
#37This is cool. There is a lot of hesitation to move significant assets from my Charles Schwab brokerage account. That's going to be my main hurdle. I need to understand the safety, trust, trading mechanics, flexibility that I have with Charles Schwab, all of those things become very valuable when talking about high amounts for retirement purposes. I don't really know what you can do there to attract such clients? Will…
>> There is a lot of hesitation to move significant assets from my Charles Schwab brokerage account.
I'm incredibly double-minded about this. M1 offers essentially the same service and they do it very well. I've compared M1 vs Fidelity Basket Portfolio (which also offers yet almost the same service.) Here are my takes
- M1 is easy to use (mostly, though same super-strange UX choices)
- M1 is a pleasure to use
- M1 doesnt fail on the main features
- M1 Baskets of Baskets gets complicated, but understandably so.
- Fidelity is better in some ways as it allows trading anytime, not just on specific windows as M1 does (this can also be a downside for itchy fingers)
- Fidelity Basket Portfolios is broken 30% of the time. Their OWN buy function fails any time they cannot get a quote for any 1 member of the portfolio
- Fidelity: It is absolutely a headscratcher how, in 2024, Fidelity can have trouble getting quotes for liquid public stocks during market hours (e.g., the other day, their buy of an entire pie failed because they could not get quotes for "DVY" which is highly liquid
- M1 fails absolutely miserably on back-office functionality. Selling losing lots is almost impossible without major Excel wizardry since the accounting info is held separately in APEX
- M1 fails dangerously on things they should never fail on -- for example setting beneficiaries has been a 4-month journey and still remains unresolved. If you dont have a will, get prepped for Probate! Worse, the failure is a silent failure as it suggests on the UI that beneficiaries are set. You get different answers from different people and each wants to help you but runs from "complex" issues (in M1's case, they are designed to have a single account, so their backend features fail if you have multiple accounts (e.g., a RothIRA and a non qualified account.)
The dangerous, infuriating, and befuddling experience with setting beneficiaries on M1 lead me to stick to the majors (Schwab, Fidelity) because at least I can rest assured they have the basics solidly figured out. It also makes me very hesitant to go to startups for this sort of stuff
Re: Show HN: Double – Design and invest in your own stock index
#38It's what I want since I've been just DCA with recurring buys on Robinhood.
Let me know when you guys plan to hire.
Re: Show HN: Double – Design and invest in your own stock index
#39This looks very cool - but I'm hesitant to sign up without knowing how you make money. Is it PFOF? Transaction fees? Flat fee?
Typically an ETF takes a management fee of 0.1-0.5% of assets per year. I expect this build-your-own-ETF to do the same, with fees on the higher side.
They specifically say no AUM fee.
Re: Show HN: Double – Design and invest in your own stock index
#40This looks very cool - but I'm hesitant to sign up without knowing how you make money. Is it PFOF? Transaction fees? Flat fee?
We eventually will charge a monthly fee as described in our Form CRS, but we are waiving this fee for the time being. Eventually we plan on making money like Robinhood, M1 and other commission free trading pioneers. This means PFOF, Stock Lending, line of credit and other potential revenue sources. We are not currently offering these products. Please see our website for more details and our disclosures: https://doubl…
What will be the structure of that upcoming monthly fee?
I'm not interested in investing my time and money getting onboarded with a service unless I know the long-term fees are going to be amenable. If it said something like, "$15/mo and free for the first year" I would be on board.