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Tech & Science “People will wake up”: Meet the fintechs bringing social justice to superannuation

18:11  22 january  2020
18:11  22 january  2020 Source:   smartcompany.com.au

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“As inflation starts to erode their purchasing power, more and more people are going to want to wake up to the benefits of owning gold,” Schiff told Kitco News on the Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people

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Christina Hobbs et al. sitting posing for the camera: innovative super funds© Provided by Smart Company innovative super funds

As we reel in the wake of the banking royal commission, and the Aussie fintech trend continues to rage, we’re also seeing a swathe of new, innovative super funds springing onto the scene.

Rollit Wealth, for example, was created when founder Mark MacLeod discovered an underperforming fund had cost him $64,000 in savings. Spaceship allows members to choose the focus of their portfolio, and Zuper allows people to pick and choose their preferred investments.

There are also products such as GigSuper cropping up, which help self-employed and gig-economy workers to manage their super savings.

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You get what you get. As members of Congress, we have a responsibility to oversee what this White House and this administration is doing. And I can only hope that as the months go by, that the American people will wake up to the fact that our democracy is in danger,” Hirono told host Alisyn Camerota.

But, we’re also seeing the rise of a further subsector in the space: companies meeting the demands of ethical sentiment and dedicating themselves to investment for good.

The trend can be linked to something of a social awakening among the general population.

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Most people will not make this link, but it is evident what is happening, in this case, with the value of Sooner or later the creditors and the people will wake up to what’s happening to our money. The ramifications of these extensive manipulations could result in decades of mistrust and social unrest.

There’s an increasing trend of people spending their money with companies that align with their own core values, and steering clear of those that don’t.

This speaks to the mission of Verve Super — a fund created specifically for women in a bid to help close the gender super gap. Verve also focuses on ethical investment, avoiding fossil fuels, tobacco and gambling, and investing in healthcare, healthy food production and renewable energy.

It also only invests in companies that have at least one woman on their board.

There has been a lot of attention, historically, on other areas of economic equality between men and women, Verve co-founder and chief Christina Hobbs tells StartupSmart.

“Retirement savings is one of the final frontiers, where we’re not really seeing much movement.”

In the past few years, however, there’s been increased awareness of poverty among older women, and the super gap that exists no matter how wealthy an individual is. And that attention has driven action.

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I agree that the poeple must wake up and see their dictators for what they truly are. the time has come for freedom and prosperity in all of africa, It will take all africans to do it. Hey it is well written I love it and I hope that the people will wake up sooner rather than later.

“As inflation starts to erode their purchasing power, more and more people are going to want to wake up to the benefits of owning gold,” Schiff told Kitco News on the sidelines of the Vancouver Resource Investment Conference. In no event will Kitco be held liable for any indirect, special, incidental, or

Launched in December 2018, Verve Super now has more than 2,000 members — and about $70 million in funds under management.

“We’re tracking way above what we’d hoped,” Hobbs says.

And, the startup has seen “a huge surge” over the past month — something she partly attributes to people’s reaction to the bushfire crisis and related conversations about climate change.

“We’ve seen an enormous demand from people wanting to invest their money not in fossil fuels,” she says.

“We don’t see that slowing down. I think people are really waking up to what they can do to make a difference.

“How you invest your money is obviously a key decision.”

Engaging the disengaged

Just this week, Elevate Super also entered the market. Launched by fintech AtlasTrend, Elevate invests in companies that contribute to the UN’s Sustainable Development Goals, and uses a third party to analyse which businesses truly make the cut.

The fund then provides this data to members, allowing them to visualise where their money is going, and how it’s actually making a difference.

Kent Kwan, founder and chief of AtlasTrend, tells StartupSmart one of his aims is to get people to acknowledge and engage with the power of their superannuation funds.

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What will it take for an Awakening to "break through" his mind's fortress? I don't know, but I sense that his condition is representative of that of many people on I believe that's why politics worldwide have been so crazy lately. Humanity as a whole does want to wake up , is waking up, slowly, and we are

Our collective struggle will be difficult, but they will be standing with us when we emerge on the other side. Someone who has met all of the needs is assumed to be fulfilled and happy. As social creatures, they are programmed to to the dominant moral paradigm in their social environment.

They’re acknowledging their spending power; acknowledging their investment power is “the final piece of the puzzle”, he says.

“More and more people are now asking the question of what that money actually invested in,” he explains.

“That’s a lot of investing power that could be directed towards companies and industries that align more with their core values.”

Many Australians, particularly young Australians, are disengaged with their superannuation, as it’s not money that’s accessible to them anytime soon.

“It’s not really an asset that they value,” Kwan says.

But, in 2018, research from Nuveen found that some 92% of millennials care more about having a positive impact on society than about doing well financially.

a person standing in front of a group of people posing for the camera: Super fund© Provided by Smart Company Super fund

Elevate Super co-founders Kent Kwan, Jade Ong and Kevin Hua. Source: supplied.

For Kwan, there’s no reason they can’t have both.

“Building wealth for your superannuation, and building a sustainable future for Australia and the rest of the world … they really shouldn’t be mutually exclusive,” he says.

“While they can’t use it at this current point in time … it doesn’t mean it’s a meaningless asset,” he stresses.

“You can use that money to really help shape a positive future for Australia and the world, and still build your retirement nest egg.”

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An antiquated industry

The fact that these modern super funds speak to millennials is partly indicative of the stuffiness of the super industry of the past. Historically, it’s been the domain of middle-aged men in suits, and one where customer service or innovation hasn’t been front of mind.

“It’s an industry that has survived for a very long time by providing very little, because of the nature of superannuation being compulsory,” Hobbs says.

It also wasn’t a system built to support women, she notes. In fact, the financial services sector as a whole is still heavily dominated by men.

When you ask women how a superannuation fund should operate, “they would expect it to be ethical”, Hobbs says.

“They would expect these companies to be trustworthy and they would expect that their money is being invested similarly,” she explains.

“There’s a really big gap between what the expectations of people are, and of women are, and what is being delivered.”

This trust deficit in the whole financial services industry was largely brought to light via the royal commission last year.

And in the fintech space, that was “a real turning point”, Hobbs says, opening up opportunities for new financial providers to prove their points of difference.

It’s an opportunity they’ve jumped on. Several new digital banking players are jumping on anti-big-four sentiment and offering alternative consumer options, and 2019 saw fintech startups such as Airwallex and Athena bag enormous funding rounds, with the latter also securing unicorn status.

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People wake up anywhere from 3:00am-4:00am as that is when our world quiets/slows down and it becomes the easiest time for spirit to reach us and communicate with us. Spirit uses a lot of energy when they contact us in this dimension, so many spirits prefer to make contact when it doesn't take as

“People keep asking how will the people wake up ? – The moment that happens is when the banks fail, and they go to their ATM’s – They are going to be very angry. – They will believe these banks will have stolen their life savings. That’s when people will wake up in mass amounts.”

Are fintechs going far enough?

If nothing else, the royal commission highlighted problems in the ways some incumbents were acting, Kwan says. Often, those actions were far from being in the consumer’s best interest.

“That provided a lot of encouragement for some innovation in the industry to really take products to people that they actually want,” he says.

“We get a lot more transparency in other aspects in our lives,” he adds.

“People don’t feel they have that in financial services.”

For Kwan, transparency in finance shouldn’t be a nice-to-have. People shouldn’t have to ask their super provider how their money is being invested, or whether it’s being used in a way that’s aligned with their values.

“There should be readily accessible information that informs them of that,” he says.

“Whether the large incumbents do that well or not, I think that’s for each consumer to judge for themselves.”

That said, Hobbs argues some fintechs could be going further to change the status quo. People are paying attention to their finances like never before, and that comes with some responsibility.

“I don’t think the startup scene has really proved itself in terms of demonstrating better models,” Hobbs says.

“We’re still seeing a number of startup companies that have deployed, or continue to deploy, some of the really unethical practices of the old companies, but in a much more technology-savvy way.

“I truly think the only way for startup companies to succeed over the long term is to demonstrate themselves to be more trustworthy.

If you don’t demonstrate that, people will wake up to it,” she adds.

NOW READ: “My own superannuation was invested in weapons”: A Q&A with Christina Hobbs, co-founder of Verve Super

NOW READ: “Nudges and warnings”: ATO steps up super payments crackdown

The post “People will wake up”: Meet the fintechs bringing social justice to superannuation appeared first on SmartCompany.

What's a fintech? 43 insiders at powerful Wall Street firms, hot startups, and big investors weigh in on the buzzy but hard-to-define term. .
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