Mackay Private unveils digital investing feature

Mackay Private, a boutique wealth management firm, has announced the launch of its digital investing solution, Mackay Private Online, offering investors access to four investment portfolios and educational content.
The solution, delivered in partnership with Melbourne-based fintech investment platform, OpenInvest, aims to respond to the calls for professional investment help from people who cannot afford the costs of traditional bespoke private wealth management services.
“We regularly get referrals via our existing high-net-wealth clients, usually family and friends, many with much simpler needs than our private client base,” Sam Mackay, Principal Adviser and Co-Founder of Mackay Private.
“Or else, they are just getting started on their wealth-building journey. In both cases, the traditional face-to-face, personal advice service may simply not be necessary or economical. Like most wealth management firms, we generally have had to turn away these potential clients.
“Now, with our new digital solution, Mackay Private Online, everyone can find the professional investing help they need. Our minimum investment to get started is only $10,000.”
Will Mackay, Co-Founder of Mackay Private, also said that the wealth management industry can leverage technology to scale their business to serve a larger number of clients.
“We’re particularly pleased that we now have a simple and low-cost online offering for the children of our private clients, many just beginning to invest,” he said.
“In an environment in which young people are being inundated with advertisements telling them that share and crypto trading is fun and easy, we think it’s important that we provide a smarter, proven alternative: multi-asset class, diversified portfolios.
“The next generation is used to interacting with service providers online, so offering them our digital solution is the logical way for us to reach, build relationships with and serve these clients.”
Ravi Verma, Head of Distribution at OpenInvest, also said the number of high-end wealth management firms wanting their own digital investing solution to engage with younger clients has risen.
“With an estimated $1tr in wealth moving between generations over the next decade, it’s logical for wealth management firms to be engaging with the next generation now – not after they have built their wealth to what a firm might regard as their traditional threshold,” he said.
“If you’re not already engaging with them, it’s likely to be too late by then.
“We have designed the solution so that firms are not only managing client portfolios but providing valuable financial education as well.”
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