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FirstStep - Sign up with Your Student Email and Receive The First 3 Months Free

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FirstStep - Sign up with Your Student Email and Receive The First 3 Months Free
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Store RepLmattfishaus on 08/03/2018 - 17:36 firststep.co (205 clicks)
Last edited 08/03/2018 - 17:38

Hey OzBers

I'm a co-founder of FirstStep, a mobile first micro-investing platform that helps you save money.

There are well published challenges of savings, investment and asset building for Australian millennials. So, we've made it our mission to help young Australians take control of their financial future and empower them to build wealth in a meaningful way.

For a limited time, FirstStep is offering students who download the FirstStep app and signup with their student email address 3 months free!

FirstStep Features:
1. Signup in minutes with as little as $1 for your first deposit
2. Choose a portfolio with meaningful investments that reflect your world view (for e.g. Tech, Ethical, Asia, Health)
3. Set a saving goal (e.g. your first home or rainy-day fund)
4. Reach your saving goal quicker by investing recurring deposits and spare change from everyday purchases
5. Enjoy life as FirstStep works in the background

Our website is: https://firststep.co
App Store: https://itunes.apple.com/au/app/firststep/id1139641100
Google Play: https://play.google.com/store/apps/details?id=co.firststep.a…

Disclaimer: As stated above, I am affiliated with FirstStep. We’d love to hear your thoughts if you have any ideas or feedback :) FirstStep is licensed to operate in Australia and is owned and operated by FirstStep Investments Australia Pty Ltd (ACN 612 834 947) — Authorised Representative of Primestock Securities Ltd, AFSL 239180. The Product Disclosure Statement (PDS) should also be obtained and considered before making a decision about a financial product.

Thank you

Financial Apple Investment Mobile App Android

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closed Comments

  • Master Bates on 08/03/2018 - 17:45
    +5

    Cost after the first 3 months

  • King Tightarse on 08/03/2018 - 17:49
    +5

    When you say "backed by: the university of Melbourne & The University of Sydney" You don't mean to imply or suggest that deposits are in any way guaranteed by those organisations, do you?
    And you have full authority to show their logos?

    • Store Repmattfishaus @ firststep.co on 08/03/2018 - 19:08

      Hi thanks for the response. FirstStep received grants from both the Melbourne Accelerator Program (MAP) and Incubate, an accelerator program out of the University of Sydney.

      • King Tightarse on 08/03/2018 - 19:50
        +3

        So a grant.
        I think "backed by" must be used very judiciously with financial products as it could easily be taken to imply financial backing

  • the-mal on 08/03/2018 - 17:54
    +7

    Checked out your Team page - I see a bit of consulting/marketing experience and a bunch of hobbies, and no investment/finance experience.

    When investing my money in a managed fund, the platform is the icing on the cake. I want to see solid financial credentials.

    Why on earth would someone pour their hard earned savings into an app? What investment and more specifically ROI credentials and history do you guys have?

    Edit:

    Also this is all marketing fluff:

    There are well published challenges of savings, investment and asset building for Australian millennials. So, we've made it our mission to help young Australians take control of their financial future and empower them to build wealth in a meaningful way.

    It tells me nothing meaningful. What do you actually do? Tangibly.

    • Store Repmattfishaus @ firststep.co on 08/03/2018 - 18:58

      Hi thanks for the response. I agree. When it comes to investing your money, we need solid financial credentials. That's why we have formed an investment committee with ASX listed partner Prime Financial Group and experienced fund managers to make investment decisions on behalf of our clients. We invest in exchange traded funds (or ETFs) and they are balanced to the risk profile you choose. All securities and cash are held by Australian Executor Trustees, a professional custodian for over 130 years. To add insight to our fund performance, our portfolios have returned in the past 6 months: +6.85% for Growth; +4.77% for Balanced and +3.23% for Defensive. We don't try to beat the market, we are passive fund managers who believe in frequent investing over the long term.

      In terms of what we do… we help you save and invest through a mobile app. After sign up, we automatically invest weekly contributions and spare change from everyday purchases and let you know how you are tracking against your saving goal. We're not from the old world of finance, we're a group of young technology professionals who have partnered with the best in finance to deliver a highly personalised wealth management experience.

      • the-mal on 08/03/2018 - 23:04
        +3

        That's why we have formed an investment committee with ASX listed partner Prime Financial Group and experienced fund managers to make investment decisions on behalf of our clients

        What's an investment committee mean? Does this mean you just pass the money on to Prime Financial and they provide the managed service?

        If that's the case is your app essentially a frontend for Prime Financial? Wouldn't it be cheaper for me to manage directly with Prime Financial since they're a B2C company as well?

        Not trying to be harsh, just trying to get through the marketing spin and onto what service you're actually providing.

        If you guys got incubator funding there must be an elevator pitch. What is it? No buzz words, no fluff, what problem is your product addressing (specifically your product, not Prime Financials products which are available directly without me giving you a cut).

        This feels like I'm giving my money to a little entrepreneurial app dev team who are saying "oh no, trust us, we'll give your money straight to these financial guys and just skim a little for ourselves".

        I'm missing the "why?".

        After sign up, we automatically invest weekly contributions and spare change from everyday purchases and let you know how you are tracking against your saving goal

        BT has provided this service for me for free for years. Scheduled small debits into a managed fund. And isn't savings goal a bit of a dangerous term here? I mean surely no financial advisor would tell you to put any money in a managed fund for less than 5 years. The market rides waves, a managed fund isn't for short term savings goals. It trends up, but it fluctuates a lot in the short term. Are many millennial looking at an app to track their 5+ year investments?

  • King Tightarse on 08/03/2018 - 17:58
    +2

    Government guarantee on deposits
    The Australian Government has guaranteed deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as your bank, building society or credit union. This means that this money is guaranteed if anything happens to the ADI.
    https://www.moneysmart.gov.au/managing-your-money/banking
    Google Play downloads 500-1000
    Not exactly an established financial institution.

  • arctan on 08/03/2018 - 17:58
    +4

    Is this similar to Acorn Investment? https://acornsau.com.au/

    • kelvinv on 08/03/2018 - 18:57
      +2

      Looks literally the same, even down to the fact that they have the same basic fees of $1.25pm or 0.275%pa. Which also shows that this isn't much of deal if you are saving only $3.75 over the 3 months.

  • pennypincher98 on 08/03/2018 - 18:00
    +2
    • Works for money
    • Gradually saves up
    • Puts it in an app
    • Hopes the fees aren't too much so money is actually saved and not lost
    • Wonders if the company even has any experience with financing and is just doing this as a bit of extra cash.
  • terrys on 08/03/2018 - 18:13
    +1

    People seem to like it on their ABC. I wonder how it would have been reported if it were still ours…

  • BigBrother on 08/03/2018 - 18:16

    Hey Matt, something is fishy here..

    • tpat on 08/03/2018 - 18:18

      Lol

  • PJC on 08/03/2018 - 18:43

    We like to see prices. Bargains have prices.

  • r0k on 08/03/2018 - 18:54

    How does this compete with Acorns?

    • kelvinv on 08/03/2018 - 19:01

      Looks like Acorns may be slightly cheaper, both have the same basic fees of $1.25pm or 0.275%pa but these guys tack on a few other fees.

    • Store Repmattfishaus @ firststep.co on 08/03/2018 - 19:24

      Hi thanks for your response. FirstStep is a personalised experience. We let you invest towards themes that are aligned to your world view. We offer four themes (Tech, Ethical, Asia and Health) and plan to release more options as they become available on the ASX. This is something Acorns does not offer. Our minimums are also lower, you don't need to get to $5 to invest, you can invest as little as $1 for your first deposit and 1 cent thereafter! My favourite part though, is the experience we give our customers. Our app is simple to use and we pride ourselves on service. We are always there to help you (just say hi in the app).

  • jwill7 on 08/03/2018 - 20:09

    Interesting concept!

    • sudarshanraman on 08/03/2018 - 21:18

      Hi all. I'm an user of acorns since the concept of regular small contributions was interesting to me. If I am not mistaken acorns is free for anyone with university id. Not completely sure if that's the case in Australia.

      • Nachotroncoso on 08/03/2018 - 22:01

        Can you give your opinion about it?

        • sudarshanraman on 09/03/2018 - 02:29
          +1

          Acrons is simple and well designed and has the benefit of a big user base in the usar. But the monthly charges are substantial if u have less than $1000 invested. I use it just to automate small savings eg 50 per week or. Month. They also introduced little acorns which can be used to save for your kids or for other purpose. Since they are like an index fund they pretty much follow the market.

        • Nachotroncoso on 09/03/2018 - 08:28

          @sudarshanraman:

          Awesome, thanks! :)

  • thedevil1987 on 09/03/2018 - 08:12

    This is pathetic. The "rounding up" funding only works if you have an account linked with one of the top 4 banks (CBA, Anz, nab and Westpac). There is no mention of this anywhere.

    I am with Bankwest. So i can only do regular and pay highers fees. They have in app chat which no responds too.

    They say you can close your account just by clicking on it in the app but i cant find it.

    At the moment i deposited $200 from my account but it hasnt beebn transferred yet (funds have been withdrawn). so i am waiting and will close my account as i see no benefit in this product.

    Lack of disclosure is worrying!

    • Store Repmattfishaus @ firststep.co on 13/03/2018 - 10:04

      Hi thanks for your comment. We're very sorry no one has responded to your chat, we usually respond within 2 hours !

      Right now, our roundups work for the big 4 banks (the disclosure is found on page 5 of our Product Disclosure Statement) but roundups will work for most banks, including Bankwest, as of April 2018.

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