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13-02-2020, 11:02 AM
#4491
Member
It could be a case of the retail IT platform being too expensive to manage, maintain and improve for very little benefit to them (assuming the percentage of money coming from retail investor was at most 20% and going downhill)
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13-02-2020, 11:36 AM
#4492
Member
Originally Posted by Toukshare
It could be a case of the retail IT platform being too expensive to manage, maintain and improve for very little benefit to them (assuming the percentage of money coming from retail investor was at most 20% and going downhill)
Although you'd imagine they'd be locked into the IT system for the next 5+ years.
AML would be costly to enforce. Imagine they'll save that. Plus less queries; and new accounts to set up.
But suprised about HM lack of spine. Sell a line to push their own status, and when the going gets tough, they find their "new friends" - the very ones they intended to disrupt in the first place
Last edited by leesal; 13-02-2020 at 04:07 PM.
Reason: typo
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13-02-2020, 11:47 AM
#4493
Member
the very ones they intended to disrupt in the first place
So you think maybe those "new friends" just gradually bought up the place. Invested a bit more each year, and a bit more, and then turned round and said "get rid of those pesky retail investors, and we'll go back to being the members-only club that we've always been"?
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13-02-2020, 12:00 PM
#4494
Member
Originally Posted by Toukshare
So you think maybe those "new friends" just gradually bought up the place. Invested a bit more each year, and a bit more, and then turned round and said "get rid of those pesky retail investors, and we'll go back to being the members-only club that we've always been"?
More like, HM intention right from the outset was to "become big".
How that was achieved didn't matter. Rationalise the motive post-hoc.
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13-02-2020, 02:06 PM
#4495
Member
Zagga
Originally Posted by Toukshare
CageyB, I just got the same email from Harmoney
So that's it - the end. As a newish investor (started August last year), thanks for nothing, HM. Anyone got any alternative apart from the Lending Crowd?
Look at zagga.co.nz. Not that many loans and the one at the moment is not that attractive. But very good communication and good security.
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13-02-2020, 04:07 PM
#4496
Member
Originally Posted by leesal
Although you'd imagine they'd be locked into the IT system for the next 5+ years.
AML would be costly to enforce. Imagine they'll save that. Plus less queries; and new accounts to set up.
But suprised about HM lack of spine. Sell a lie to push their own status, and when the going gets tough, they find their "new friends" - the very ones they intended to disrupt in the first place
Just phoned them up and asked about getting reclassified as a wholesale investor... need $10m for that lol
But had a good talk to them. Reason I got is low value retail investors are simply not economical to serve. Too much admin required answering queries, phone calls, IT etc
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13-02-2020, 04:23 PM
#4497
Originally Posted by alistar_mid
But had a good talk to them. Reason I got is low value retail investors are simply not economical to serve. Too much admin required answering queries, phone calls, IT etc
That really does make sense. If you can get on the platform with $50 loans or whatever the amount is that would be generating bugger all revenue for Harmony but the costs would still be as large if not larger than dealing with more experienced investors. Sad but it is the reality.
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14-02-2020, 11:29 AM
#4498
Member
Originally Posted by alistar_mid
Just phoned them up and asked about getting reclassified as a wholesale investor... need $10m for that lol
But had a good talk to them. Reason I got is low value retail investors are simply not economical to serve. Too much admin required answering queries, phone calls, IT etc
Cheers for the infor alistar.
Would it not be more reasonable if HM had looked for a solution to accommodate the investors. Arrange for a 3rd party to setup a managed fund; or a scheme through an institution?
Were the investors not part of the journey, over the past 7 years?
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14-02-2020, 11:41 AM
#4499
Originally Posted by leesal
Cheers for the infor alistar.
Would it not be more reasonable if HM had looked for a solution to accommodate the investors. Arrange for a 3rd party to setup a managed fund; or a scheme through an institution?
Were the investors not part of the journey, over the past 7 years?
I guess as has happened often with shares and financial (non-real estate) investment in NZ - individual investors are cannon fodder or just the means to an end.
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14-02-2020, 11:41 AM
#4500
Member
Originally Posted by Cool Bear
Look at zagga.co.nz. Not that many loans and the one at the moment is not that attractive. But very good communication and good security.
Hi Cool Bear. Been with Zagga for a year but never invested. How frequent do the loans come up?
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