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For non chileans, in the 'preguntas frecuentes' page, could you use CLP$ to distinguish it clearly from US$?
As far as I know, it's the same for other LatAm countries because "$" originates from the coat of arms of the Spanish Empire:
https://en.wikipedia.org/wiki/Dollar_sign#Pillars_of_Hercule...
Wow, congratulations! Happy to see a HN'er rocking the conservative boat of Chilean financial institutions! Though I feel like 1.19% is a bit too much: I'm currently using Renta4.cl for ETF IPSA from Itaú (CFMITNIPSA, 0.6%) and Interactive Brokers for Irish All-World ETF from Vanguard (VWRD, 0.25%).
Another I miss, and have to start tracking on my own is the fluctuations of my investment. I am a bit of a control freak and keep an spreadsheet with the percentage earned each day. It be great to have that info within the platform. Every time I show it to my friends they seem to trust the platform a bit more. That’s another... more data, easier it is to influence others to join.
Sorry if this seems like a feature request! :P
Wow, congratulations! Happy to see a HN'er rocking the conservative boat of Chilean financial institutions! Though I feel like 1.19% is a bit too much: I'm currently using Renta4.cl for ETF IPSA from Itaú (CFMITNIPSA, 0.6%) and Interactive Brokers for Irish All-World ETF from Vanguard (VWRD, 0.25%).
Regarding the IPSA ETF : 0.2% entry comission + 0.6% ETF Fee + 0.2% exit commission ...the 1.19% seems quite reasonable, besides your are buying an assets which has a quite poor risk return profile (if you buy a solid corporate debt fund you obtain broadly the same return but half the risk). I believe Fintual pricing seems reasonable for the benefits of having a more solid portfolio.
Anyway, I'm just picky because I have a choice. Meanwhile, the average person in Latin America definitely needs better instruments for investing. Best of luck to the team!
I have been in financial services strategy for quite a while now in various parts of the retail banking world and have been leading customer acquisition for both cards and retail banking in general. You're right - distribution is a big challenge but another big challenge is getting people to trust you with their money.
For me, you can either build the trust on your own (hard) or rely on your existing customers to help funnel the trust (i.e. referral schemes). Case studies, online calculators, customer videos speaking about the product, partnerships (have to be careful that this is a win-win) are some tactics you can think about.
Other questions for thought: - Does the government in Chile provide deposit guarantees? (i.e. if you go bankrupt, does the govt pay back the depositors a certain percentage?) - Can you convince people to move just a small percentage of their savings? Are you expecting people to use your platform for 100% of their investments or can you get people to consider you as part of their wider investment strategy? - Can your existing customers help in some way or form (i.e. referral scheme, communities, etc.)?
Wealthsimple is a great company that you can look to emulate as they do automated investments for Canadians.
Monzo is another great one. Based in the UK, their acquisition growth has been incredible with minimal marketing. Effectively, relying on word of mouth and a great product experience.
If you wanted to discuss more, happy to talk it through my experiences in Canada and the UK
I think this is great. Hispanic families in the US would also benefit highly from non-predatory financial products. I spent a few months learning about investing and tried my best to pass that knowledge on to my family but it was challenging communicating the value of savings. Hope you have great success in Chile and are able to expand to other markets.
I think this is great. Hispanic families in the US would also benefit highly from non-predatory financial products. I spent a few months learning about investing and tried my best to pass that knowledge on to my family but it was challenging communicating the value of savings. Hope you have great success in Chile and are able to expand to other markets.
In New Mexico Hispanic population frequents Indian Casinos. Both groups might better invest than waste time and money. I have tried to interest Hispanic and Native friends in investing in health care (Health Care Mutual funds avg. 16% over 40 yrs). The rate of diabetes in Native and Hispanic populationsis 30%. 40% of hospital costs is now in ICU for chronic disease. 1/3 State and US budget Medicare.
Passive funds have decades of experience selling low-cost products. In general, their awareness-raising focuses on bemoaining the compound effect of high fees - how paying 2% more in fees per annum can result in you having 60% less savings over a 40 year people, for instance. A lot of ETF funds here play a bit of an educational mission. They have regular commentaries and features on financial media, often around ‘dem…