Perth-based accounting and wealth management firm Knight Group has partnered with fintech financial services provider OpenInvest to launch a digital solution giving consumers a range of options to suit their investment needs.
Knight Direct will offer individuals access to six diversified investment portfolios managed by Knight Group. Consumers can access the facility directly via the firm’s website, with the minimum investment amount being $15,000.
According to Knight Group chief executive Simon Howard, the initiative was undertaken to allow more members of the public who cannot afford personal financial advice to access professional investment services.
“Personal advice requires a considerable amount of individual attention and a lot of document preparation, and, as a result, is a costly process not available to everyone. And yet we believe everyone would benefit from having experienced professionals in their corner. That’s why we’ve developed Knight Direct to enable everybody to access the professional investing expertise of the Knight Group team,” Howard noted.
The six portfolios available to individuals using Knight Direct cover four risk/return profiles, as well as one specifically designed to target diversified income and another to provide allocations in Australian shares.
Apart from the investment platform, Knight Group believes the facility will also provide a vehicle for people to improve their financial literacy.
“Based on the calls we get and the conversations we have, there is so much uncertainty about how to invest in a sensible way, diversifying one’s portfolio so as to manage risk. People are desperate to learn good investing habits so they can improve their and their family’s long-term wealth,” Knight Group director and investment committee head Jason Featherby said.
“The press is reporting there are 30,000 Australian investors trying to get their money out of collapsed crypto exchange FTX. That’s more than just a statistic; that money was earned through hard work and it’s a tragedy for so many ordinary Australians who just can’t afford to lose their savings,” Featherby added.
“Through Knight Direct we will help to explain to people that there is a right way to invest – via diversified portfolios – and thereby hopefully keep them safe from flashy but high-risk schemes and scams.”
OpenInvest head of distribution Ravi Verma said the partnership stemmed from the two organisations having aligned values.
“We tend to attract those progressive wealth management firms who share the same values we do, that are passionate about helping as many people in their community as they can,” Verma shared.
Last month, OpenInvest expanded its network by joining forces with Sydney-based portfolio manager Peak Investment Partners.
