For what it’s worth I’d like to see some really quite dull but useful stuff.
Lessons from the Freetrade forum and my own usage of the app highlight the following:
(i) Evarvest should display dividend yield and latest/upcoming dividend data in the app from day 1 - this will negate the need for endless queries surrounding such events.
(ii) Integrate live pricing if you legally can showing the bid/offer spread - is a little more transparent and again reduces inefficiencies needing to answer queries surrounding pricing
(iii) Fractions from day 1 if you can. In-specie transfer from day 1. You’ll only get asked about it endlessly if you don’t.
(iv) Get your MiFID II Cost Disclosure front and centre and get it correct! So many providers are either not providing it or obfuscating it or getting it blanket wrong! This drives me crazy. If people are meant to use this data and base decisions on it then it follows that it should be correct.
(v) So, following point 4, get your KID/KIIDS linkage correct. Even today I try to buy an ETC from Share.com (yes, yes, I know… it’s a legacy account…I wish I could ditch it!) … and ALL their ETCs and some ETF KID document links are broken or missing! Regulatory failing ion the making.
(vi) Maybe a link in app to something like “tax consequences”… dull, I know but bare with me. So many people are caught out, for example, by non reporting ETFs or Property Income Distributions that having a link in app to the stock specific tax rules (pan European - complex, I realize) is probably kinder to the more novice investors.
(vii) An export to text, xls, googlesheet option. PLEASE - allow us to get out hands on the underlying data so we can do what we want with it in our spreadsheet of choice. An API would be much appreciated.
(viii) Get out in front of the inevitable US ETF queries. Just signpost it from day 1 that it’s probably a non starter.
(ix) Hire good people. With 20 years in the investment world I can honestly tell you your back office is not necessarily a commoditisedable operation. Shiny apps and good customer service are essential, yes. But so is the behind the scenes. Only today Freetrade seem to suggest a 15 to 30 day window for in-specie transfers. This is madness! It’s 2019. I had people doing it faster than this in 2002. It’s who you hire and how you invest in these people and processes. J’sus I’m sounding old!
Honestly I could go on forever. Best advice - see what Freetrade get right and get wrong.
I think I need to lay down.