Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Neo Financial Launches a Wealth Management Platform for Retail Investors – Neo Invest
NEO Financial | Release | Apr 6, 2022
WINNIPEG, Manitoba & CALGARY, Alberta--(BUSINESS WIRE)--Neo Financial announced today that they are expanding their product line from spending, savings, and rewards, to reimagining investing with the addition of Neo Invest. Neo Invest will offer Canadians the first fully digital, actively managed investment experience that provides access to sophisticated investment solutions that the average retail investor would not typically have access to.
With many Canadians reported to not have enough savings to live comfortably throughout their retirement, creating opportunities for individuals to grow their wealth that are simple and accessible has become increasingly desirable. Neo Invest provides access to private wealth management, starting with as little as a $1 investment.
See: Tink Survey Report 2021: Open banking spending, investments and use cases
Banks and wealth management services in Canada often require individuals to have a net worth greater than $1M for these services, even though in 2019 the median annual income of Canadians was $37,800.
“We’re launching Neo Invest to democratize investing for all Canadians with a product that is simple to use and provides access to sophisticated investment solutions that most wealth managers don’t offer,” says Andrew Chau, Co-Founder and CEO of Neo Financial. “Historically, Canadians only have the option to invest through antiquated big bank products like mutual funds with high and hidden fees, online robo advisors offering basic products that only match the market and its volatility, and expensive private wealth managers that are not accessible to the average investor. With Neo Invest, we’re unlocking better investment opportunities and making investing possible for everyone.”
See: Fintech Card Space is Growing: Brim Financial, Float, Caary Capital, Jeeves, Neo Financial
Through Neo Invests partnership with OneVest, customers will get access to:
- Actively managed and institutional-style portfolios, managed by professional money managers that take advantage of changing market conditions with the objective of better returns with lower risk
- Access to alternative investments such as cryptocurrencies, real estate, infrastructure, hedge fund-like strategies, and more
- Ability to start investing with as little as $1 and get a complete, fully diversified portfolio
- Customized portfolios that are built and managed to a user’s unique goals, timelines, and risk comfort
- Automated investing that allows users to automatically schedule investments and direct deposits from other bank accounts
Neo Invest is available through the Neo website and mobile app, and can be funded through Neo’s recently relaunched Neo Money account, an everyday account that pays 1.3%* interest, or through direct deposit from another financial institution.
View the original release --> here
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