Victoria Devine, also a financial adviser and director of Melbourne advice, accounting and finance broking firm Zella, will launch the She’s on the Money investment platform this week.
The platform, which is marketing itself as an affordable option for retail investors, is a white-labelled product operated by investment platform provider Six Park.
Ms Devine commented her platform will target an underserved demographic in investment, women. Many of them, she added, are already using savings and investments apps, but the number one question among them remains where to invest.
“Women are highly motivated to invest, but there’s a lot of uncertainty out there and that’s when we realised there’s a massive problem and a huge gap in the market,” she said.
“There are so many platforms encouraging people to pick stocks, but doing it yourself requires time and experience; it’s not the way for most people to build their wealth and I want to give my community more support than that. But the cost of getting financial advice – particularly as you are building your wealth – is simply too expensive for many of my community.”
The podcast host recently was named in the Forbes 30 Under 30 list.
She believes she has an opportunity to sway a generation’s financial literacy and wealth position.
“I was once turned away from a financial adviser and I know what it feels like to feel financially lost and like you’re missing out on services and opportunities that the wealthy take for granted,” Ms Devine said.
“That’s why taking this step to be part of the solution is so important. As financial advisers we all need to work together to help people. Different clients have different needs and different business models can meet all of those needs.
“We need to stop worrying about the competition, stop seeing technology as a threat and saying it’s too hard to address the advice gap and throwing our hands in the air.”
Great ideas, but no way to make profitable while adhering to all the layers of compliance and regulations. So she is either going to go broke or break the law.
Is this the same Zella business that has had on their website “Our new website is launching soon” for at least the last 6 months?
I saw it as pending around 12 months ago.
Behold the advice future! 2 years advising and already has all the solutions. An MBA and Kaplan DFP and no association membership. And a one stop shop with vertically integrated products to boot. Well done ASIC.
So basically no advice but charging for advice.